The Coreum Network has become the focal point of attention in the cryptocurrency sphere as the number of XRP tokens on its platform experiences an unprecedented surge.
In just two weeks, the volume of XRP tokens on Coreum has skyrocketed by a staggering 2703%, leaving the XRP community buzzing with speculation about its potential impact on the coin’s price dynamics.
According to an update on X from Sologenic, the influx of XRP tokens onto its network has been remarkable. Within two weeks, the total number of XRP tokens on Coreum has surged by an astounding 2703%, reaching a remarkable tally of 1.6 million tokens.
This sudden surge has caught the attention of XRP enthusiasts worldwide, prompting them to delve deeper into its implications for the future trajectory of the digital asset.
The Role of the New Coreum and XRPL Bridge
A pivotal factor contributing to the surge in XRP tokens on Coreum is the introduction of a new bridge between Coreum and the XRP Ledger (XRPL). This bridge facilitates seamless movement of XRP and other assets between the two networks, providing users with enhanced interoperability and accessibility.
Since its launch on March 12, the bridge has witnessed exponential growth in usage, with entry initially restricted before Coreum’s public launch on March 20. Notably, the number of individuals holding XRP has surged by an impressive 2287%, totalling 191 users. Concurrently, the total number of bridged XRP tokens has soared to 57,191, underscoring the growing prominence of Coreum as a preferred platform for XRP transactions.
Data from Coreum’s blockchain explorer paints a vivid picture of the surge in XRP tokens on the network. As of the latest figures, a staggering 1,614,243 XRP tokens are held by 464 addresses within the Coreum ecosystem. This represents an exponential 2,703% increase in XRP tokens since March 22, signalling a remarkable uptick in activity within the Coreum ecosystem.
Notably, a significant amount of these tokens, approximately 1.2 million out of 1.6 million XRP, are now situated in liquidity pools on the Coreum-based decentralized exchange Pulsara.
Implications and Speculation in the XRP Community
The sudden surge in XRP tokens on Coreum has elicited diverse reactions within the XRP community, with members speculating on its potential impact on the coin’s price dynamics.
Well-known pundit Zach Rector highlighted this in a response to Coreum’s revelation. He emphasized that his earlier prediction of a potential XRP supply shock could come true. He believes this will happen as more bridges are established and the burning of XRP increases, driven by the growing adoption and subsequent increase in on-chain activity.
Wow! Y’all that I was playing when I said there would be an #XRP Supply Shock! This is just the start of bridges, DeFi and XRP being locked up! Also, as activity picks up, more XRP is being BURNED! https://t.co/hr3wQf0qjS
— Zach Rector (@ZachRector7) April 9, 2024
While some foresee a potential shortage of XRP tokens resulting from the increased activity on Coreum, leading to upward pressure on its price, others view it as a positive development that could enhance the utility and availability of XRP in the broader cryptocurrency landscape.
Ripple XRP Price Analysis
Ripple’s XRP has shown a significant resurgence in the last 7 days, surging by 6.5% to hit $0.64. As per CoinGecko’s latest data, it is currently trading around $0.62, positioning itself as one of today’s top performers in the cryptocurrency market.
Other metrics related to XRP, like its market capitalization, have also shown an upward trend, surpassing the $35 billion mark for the first time since March 26.
Some analysts anticipate that XRP’s significant uptrend might begin this month, driven by the imminent trial between Ripple and the US Securities and Exchange Commission (SEC), as well as the upcoming Bitcoin halving event. A favourable outcome in the legal dispute could propel the asset’s price to the coveted $3 price. Meanwhile, the BTC halving, slated for the end of the following week, has historically foreshadowed a substantial rally across the cryptocurrency market.
