#XRP , one of the market's most renowned cryptocurrencies, has seen a stunning increase in its daily burn rate, generating discussion about its ability to go on a bull run.
The expert believes that the cryptocurrency, which is now trading below $1, will reach $100 in the near future and has supplied evidence.
The increase in XRP's daily burn rate has piqued the crypto community's curiosity. The entire supply of XRP was 99,988,863,851 only a month ago. Nevertheless, it has now fallen to 99,988,616,835, a decrease of 247,016 XRP.
With the total supply of XRP reducing by 247,016 in only 30 days, corresponding to an average of around 8,233 XRP burnt every day, the scene is set for a possible rising trend that might lead to a considerable increase in the value of XRP.
As compared to prior months' numbers, the current 247,016 burnt
$XRP marks a huge rise. This development has spurred crypto aficionados to speculate on the possibility of additional growth and if it may propel XRP's value to previously unheard-of heights.
The increasing burn rate and associated decrease in XRP supply has caused a frenzy among investors. That shows the prospect of a positive trend, with the burn rate possibly increasing even more as billions of dollars flood into the cryptocurrency market.
A deeper dig into the variables behind the increased burn rate yields significant information, as Neil Hartner, a Software engineer at Ripple, shed light on the matter, attributing the rise to the deletion of XRPL accounts, since a deleted account equals two XRP burnt.
Hartner especially mentioned Poloniex, a large cryptocurrency exchange that recently terminated 85,566 obsolete XRPL accounts. This move alone resulted in the destruction of 171,132 XRP.
The notion of XRP hitting $100 per token gets traction as the burn rate rises and the supply of XRP decreases.
Although some may be skeptical of such a big assertion, the steady rising trend in the burn rate gives a convincing case if it continues on this scale.
The rising
#burn rate and the termination of XRPL accounts by major exchanges reflect the changing face of the crypto industry. Investors and fans are keeping a careful eye on these developments, anticipating the future value of XRP and the possible benefits it may offer.
Notwithstanding these changes, the current trading price of XRP is $0.4883, with a market capitalization of more than $25.5 billion.