A renowned crypto influencer has recently shared a bullish expectation for XRP, suggesting that the asset has the potential to hit $100 as the XRP daily burn rate surges.
XRP Burn Rate Spikes: $100 Per Coin?
24HRSCRYPTO, a pseudonymous crypto analyst, who has been tracking XRP burns for the past months, has revealed that there has been a significant surge in XRP tokens burned per day in the past month. Accordingly, community members are optimistic that this rise in burn rate would likely play a positive role in making the XRP price surge.
In a series of tweets, the analyst announced that the total circulation of XRP was cut down from 99,988,863,851 to 99,988,616,835 within the last 30 days. This means that 247,016 tokens were destroyed at an average rate of 8,233 XRP daily.
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Comparing these with the burn data from previous months, a consistent increase in burns is evident. However, the latest 247,016 XRP burned represent more than double of XRP destroyed over the past month, per 24HRSCRYPTO’s updates. Notably, the average incineration was about 2,800 XRP per day five months ago.
While noting that daily burns in the coming months may go higher to about 5,000 or 7,000 XRP, he said a decrease in burn rate is bound to reduce if XRP’s price skyrockets. Owing to this, the analyst said $100 per XRP is inevitable. He wrote: “That number can change to 5k, then 7K per 24HRS as the trillions flow in. However this number will DECREASE when the value of XRP goes up, so $100 per XRP is inevitable.”
🚨 THIS IS HUGE! MASSIVE SPIKE IN DAILY BURN RATE 🚨 30 days ago, #XRP's total supply was 99,988,863,851 👉🏻today the total supply is 99,988,616,835 (247,016 XRP burned and gone forever in 30days) about 8,233 a day – which goes perfectly with the below 24HR burn rate. That number… https://t.co/OipXjajMnx
— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) July 4, 2023
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Ripple Engineer Joins the Conversation
Neil Hartner, a software developer with valuable intel concerning the driving force of the massive burn rate, revealed that the deleted XRPL accounts are responsible for the increase in the XRP burn rate.
In his tweet, he noted that each account deletion burns up to two XRP. Hartner made a reference to Poloniex, a leading crypto platform that recently cleared off 85,566 outdated XRPL accounts. As a result, over 171,132 XRP tokens were taken out of circulation.
Following these hefty burns, XRP could see its value soar as several experts forecast. While many investors are eager to see this happen, others continue to share their skepticism about the potential of XRP. On the whole, one of the underlying factors that could influence the market price of XRP is its ongoing court case involving Ripple and the U.S SEC.
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