{"id":555449,"date":"2023-10-15T14:03:50","date_gmt":"2023-10-15T14:03:50","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=555449"},"modified":"2024-06-11T08:13:48","modified_gmt":"2024-06-11T08:13:48","slug":"how-ripples-rumored-token-burn-could-affect-the-xrp-price","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/ripple\/how-ripples-rumored-token-burn-could-affect-the-xrp-price\/","title":{"rendered":"How Ripple\u2019s Rumored Token Burn Could Affect The XRP Price"},"content":{"rendered":"

XRP has struggled to regain bullish<\/span><\/a> price momentum this month, with the crypto going on <\/span>six days of red candle close<\/span><\/a> last week. The XRP community appears to be feeling the effects of this lack of momentum, as speculations have begun to circulate about a potential catalyst for the next XRP price surge.<\/span><\/p>\n

Related Reading: What To Expect This Month For XRP Price According To Historical Data<\/a><\/div>\n

Word on the street now is that Ripple plans to burn the 41.9 billion XRP tokens they have <\/span>locked up in escrow<\/span><\/a>. Although this hasn’t been confirmed yet, some say this move could send the value of XRP skyrocketing.<\/span><\/p>\n

The Potential Impact Of A Full Escrow Token Burn<\/h2>\n

Ripple, the company behind the XRP cryptocurrency, <\/span>currently holds billions of XRP in escrow<\/span><\/a>. As of the time of writing, Ripple has 41.9 billion XRP locked up, with 1 billion XRP <\/span>released from escrow<\/span><\/a> each month. This huge stockpile of XRP has led to criticism that Ripple could flood the market at any time and crash the price.\u00a0<\/span><\/p>\n

However, rumors are swirling that Ripple may burn all of the XRP in escrow, potentially spiking up the price of XRP. If Ripple eliminated all of the escrowed XRP, it would significantly decrease the total supply of XRP and could positively impact the market price.\u00a0<\/span><\/p>\n

The rumor was started on social media X by the account @realXRPwhale and has elicited<\/a> a response from community members. Although unverified, the account posted the update of Ripple, burning the “50 BILLION $XRP.”\u00a0<\/span><\/p>\n

While some have shown enthusiasm regarding the price effect if this happens, others have dismissed<\/a> it as just a baseless rumor.\u00a0<\/span><\/p>\n

\"Ripple
XRP’s price trends to the downside on the daily chart. Source: XRPUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

What\u2019s Next For XRP?<\/h2>\n

Ripple has never acknowledged or refuted rumors that it will destroy all of its tokens held in escrow, but this is not the first time that such a rumor has emerged suggesting that the technology company will do so. But the possibility of this happening is not completely out of the question, as Ripple CEO Brad Garlinghouse mentioned <\/span>in a 2021 interview<\/span><\/a>.<\/span><\/p>\n

Other factors that could drive up XRP prices include major partnerships by Ripple and a clear outcome of the <\/span>ongoing case with the US Security and Exchange Commission<\/span><\/a>. However, one thing that’s going so well is <\/span>the increased recognition of XRP<\/span><\/a> after a US judge declared that the token isn\u2019t a security.\u00a0<\/span><\/p>\n

Related Reading: Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin<\/a><\/div>\n

At the time of writing, XRP is trading at $0.4863 and is within a range as it looks to break above $0.5. According to an analyst, the price of XRP could get a boost from a blooming altcoin season if <\/span>Bitcoin’s dominance continues to decline<\/span><\/a>. Research has shown that October has <\/span>historically seen more losses than gains<\/span><\/a> for XRP.<\/span><\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

XRP has struggled to regain bullish price momentum this month, with the crypto going on six days of red candle close last week. The XRP community appears to be feeling the effects of this lack of momentum, as speculations have begun to circulate about a potential catalyst for the next XRP price surge. Related Reading: What To Expect This Month For XRP Price According To Historical Data Word on the street now is that Ripple plans to burn the 41.9 billion XRP tokens they have locked up in escrow. Although this hasn’t been confirmed yet, some say this move could send the value of XRP skyrocketing. The Potential Impact Of A Full Escrow Token Burn Ripple, the company behind the XRP cryptocurrency, currently holds billions of XRP in escrow. As of the time of writing, Ripple has 41.9 billion XRP locked up, with 1 billion XRP released from escrow each month. This huge stockpile of XRP has led to criticism that Ripple could flood the market at any time and crash the price.\u00a0 However, rumors are swirling that Ripple may burn all of the XRP in escrow, potentially spiking up the price of XRP. If Ripple eliminated all of the escrowed XRP, it would significantly decrease the total supply of XRP and could positively impact the market price.\u00a0 The rumor was started on social media X by the account @realXRPwhale and has elicited a response from community members. Although unverified, the account posted the update of Ripple, burning the “50 BILLION $XRP.”\u00a0 While some have shown enthusiasm regarding the price effect if this happens, others have dismissed it as just a baseless rumor.\u00a0 What\u2019s Next For XRP? Ripple has never acknowledged or refuted rumors that it will destroy all of its tokens held in escrow, but this is not the first time that such a rumor has emerged suggesting that the technology company will do so. But the possibility of this happening is not completely out of the question, as Ripple CEO Brad Garlinghouse mentioned in a 2021 interview. Other factors that could drive up XRP prices include major partnerships by Ripple and a clear outcome of the ongoing case with the US Security and Exchange Commission. However, one thing that’s going so well is the increased recognition of XRP after a US judge declared that the token isn\u2019t a security.\u00a0 Related Reading: Road To $1? Analyst Forecasts 1,500% Price Rally For Dogecoin At the time of writing, XRP is trading at $0.4863 and is within a range as it looks to break above $0.5. According to an analyst, the price of XRP could get a boost from a blooming altcoin season if Bitcoin’s dominance continues to decline. Research has shown that October has historically seen more losses than gains for XRP. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":594,"featured_media":555451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[6664,3680,4531,13172,15883,16289,78763],"class_list":["post-555449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-crypto","tag-ripple","tag-xrp","tag-xrp-price","tag-xrp-price-analysis","tag-xrp-price-prediction","tag-xrpusdt"],"acf":[],"yoast_head":"\nHow Ripple\u2019s Rumored Token Burn Could Affect The XRP Price<\/title>\n<meta name=\"description\" content=\"The XRP price has struggled to regain bullish price momentum this month, with the crypto going on six days of red candle close last week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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