XRP Burn Rate Skyrockets, Crypto Analyst Predicts $100 per XRP
In a recent series of tweets, prominent crypto analyst and influencer 24HRSCRYPTO has sent shockwaves through the XRP community by revealing a staggering increase in the daily burn rate of XRP. This surge in burning activity has led the analyst to boldly predict that XRP could surge to $100 per token shortly.
Just 30 days ago, the total supply of XRP stood at 99,988,863,851, but it has now dropped to 99,988,616,835, indicating a reduction of 247,016 XRP. This translates to an approximate burn rate of 8,233 XRP per day. The burn rate has displayed consistency over the past month, hinting at a potential upward trend.
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🚨 THIS IS HUGE! MASSIVE SPIKE IN DAILY BURN RATE 🚨 30 days ago, #XRP's total supply was 99,988,863,851 👉🏻today the total supply is 99,988,616,835 (247,016 XRP burned and gone forever in 30days) about 8,233 a day – which goes perfectly with the below 24HR burn rate. That number… https://t.co/OipXjajMnx
— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) July 4, 2023
Analysts have an eye on XRP
The analyst has been diligently tracking the burn rate of XRP for at least five months, providing regular updates to the community. During this period, the average daily burn rate was around 2,800 XRP. However, the recent figures show a substantial increase, with 247,016 XRP burned in the last period—a figure more than double the previous month’s average.
The analyst believes that as trillions of dollars flow into the market, the burn rate could further escalate, reaching even higher values daily. Nevertheless, it is worth noting that the burn rate is expected to decrease as the value of XRP rises. This observation has led the analyst to confidently assert that XRP reaching $100 per token is inevitable.
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Neil Hartner, a senior staff software engineer at Ripple working on On-Demand Liquidity (ODL), shed light on the cause behind the increased burn rate. Hartner explained that a significant portion of the burn resulted from XRP Ledger (XRPL) account deletions, with each deletion incinerating two XRP. Notably, Poloniex, a leading crypto exchange, contributed to the burn rate by deleting 85,566 outdated XRPL accounts.
This is mostly the result of XRPL account deletions. Each account deletion burns 2 XRP. In June 2023, Poloniex alone deleted 85,566 old XRPL accounts which burned 171,132 XRP. They have finished deleting accounts. https://t.co/07M1IpGkYw https://t.co/cA5mVUVbGR
— Neil Hartner (@illneil) July 5, 2023
XRP Community Buzzing as Daily Burn Rate Increases Exponentially
The XRP community is abuzz with excitement and speculation following these revelations. Investors and enthusiasts eagerly await further developments and monitor the burn rate as it continues to shape the future trajectory of XRP’s value.
Disclaimer: The information presented in this news article is based on social media posts and tweets from crypto analyst 24HRSCRYPTO and Neil Hartner, a senior staff software engineer at Ripple. Investors and readers are advised to conduct their research and exercise caution when making financial decisions.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
