Analyst Says XRP Next Big Move Is Coming, States Major Catalyst

Steph Is Crypto (@Steph_iscrypto), a prominent crypto analyst on X, recently shared some intriguing data about XRP’s diminishing supply. This sparked debate within the cryptocurrency community and prompted a closer examination of the token’s circulation patterns and potential price implications.

Steph’s recent analysis is based on CryptoQuant data. It shows that XRP’s price trajectory could experience significant upward movement due to what he perceives as supply constraints.

Despite the token’s recent bearish performance, Steph maintains an optimistic outlook. He suggests the increasing demand and supposed supply reduction could trigger substantial price appreciation. He stated, “The next big move is only a matter of time.”

However, a detailed examination of XRP’s supply metrics reveals a more nuanced situation. While the token’s maximum supply remains fixed at 100 billion, the actual reduction in circulation has been relatively modest.

Although other experts have weighed in on the asset’s supply dynamics, current data indicates that only 13,275,691 XRP tokens have been permanently removed from circulation through burning mechanisms, leaving the total supply at approximately 99.986 billion tokens. This minimal reduction challenges assertions about significant supply constraints driving future price movements.

Exchange Reserve Patterns Show Stability

An analysis of XRP holdings on major cryptocurrency exchanges provides additional context. Throughout 2024, XRP’s presence on centralized exchanges has remained relatively stable, contrasting sharply with the declining exchange reserves observed in other major cryptocurrencies.

A look at Binance, the largest cryptocurrency exchange, reveals that XRP reserves dropped from 3.14 billion to 2.79 billion between November and December 16. However, these levels are now returning to the 3 billion mark, consistent with the average holdings maintained in most days of 2024.

Supply Patterns of Other Cryptocurrencies

The stability of the XRP’s exchange reserves becomes particularly noteworthy when compared to the declining patterns observed in other major cryptocurrencies. Bitcoin’s exchange reserves decreased substantially from 3.07 million to 2.42 million BTC this year.

Similarly, Ethereum’s exchange presence has fluctuated, dropping from 20.66 million to 18.6 million before settling at approximately 19 million tokens. Shiba Inu has also demonstrated a significant reduction in exchange reserves, declining from 167.34 trillion tokens last December to 134.4 trillion.

Is XRP About to Surge?

Despite the data suggesting stable supply levels, numerous market analysts maintain bullish predictions for XRP. Most of their predictions depend on other factors, not current supply metrics. While supply dynamics remain a crucial consideration, they represent just one component, and external factors might play a more significant role.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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