The XRP community is increasing the amount of work it puts into the burning of tokens in an attempt to limit the amount of the digital asset that is currently in circulation. The cumulative amount of tokens that have been burnt has reached a new all-time high, marking a new milestone that has been reached as a result of the persistent burning.
In excess of twelve million XRP were burned.
In accordance with the information that can be seen on the XRPScan website, the total quantity of XRP coins that have been destroyed up to this point has surpassed the 12 million. At the present pricing of the market, this indicates that the community as a whole has transferred more than $6.8 million worth of tokens to the address designated for burn.
In spite of the fact that this number can seem to be substantial, it is really rather little when compared to the total number of tokens that are available. With just 12 million tokens in circulation thus far, the maximum supply of XRP is hardly making a dent, with the maximum supply now resting at 99,987,995,691. The maximum supply cap for XRP is 100 billion.
Additionally, this quantity of tokens that have been burnt indicates that just 0.012% of the overall supply has been destroyed up to this point. In comparison to other cryptocurrencies, such as Shiba Inu and FLOKI, which have had more than fifty percent of their token supply assigned to burn addresses, this is a negligible amount.
That being said, the burn number provides a glimpse into the manner in which investors on the blockchain are doing their business. The reduction of the overall supply of XRP is indicative of a dedication to improving the value of the digital asset, despite the fact that burns are not the primary focus of the typical investor in XRP.
We have surpassed 5 million active accounts.
On the XRP Ledger, the burn rate of the XRP coin is not the only indicator that has just set a new all-time high. Other metrics have also reached new highs. The blockchain got off to a rousing start in the year 2024, when the total number of active accounts surpassed the desired threshold of 5 million. As this article is being written, the total number of active accounts represents 5,007,658, indicating that the asset's interest returns have been steadily increasing over time.
In light of the fact that it is anticipated that the asset would be among the alternative cryptocurrencies that might be approved for a Spot ETF following Bitcoin, this comes as a surprise. Ripple, on the other hand, continues to face accusations of price suppression from the community. This is particularly true when considering the fact that the cryptocurrency company is holding a significant chunk of the XRP supply in its escrow account.
David Schwartz, the Chief Technology Officer of Ripple, has addressed the claims of price suppression on X (which was once known as Twitter). He claims that the company's holdings of XRP have not undergone any substantial changes, and that they have not been selling off coins in an effort to bring the price down.