Analyst predicts XRP to hit $100 with reasons.
XRP, one of the prominent cryptocurrencies in the market, has experienced a significant increase in its daily burn rate, leading to speculation about its potential for a bullish rally.
Crypto analyst and influencer 24HRSCRYPTO is one of those who have presented an extremely optimistic outlook for the XRP cryptocurrency. The analyst believes that the altcoin, currently trading below $1, will reach as high as $100, and has provided reasons for this prediction.
XRP’s Daily Burn Rate Surges, Fueling Speculation of $100 Token Value
24HRSCRYPTO revealed a significant increase in XRP’s burn rate through a series of tweets that caught the attention of the XRP community.
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The surge in XRP’s daily burn rate has been a topic of great interest within the crypto community. Just a month ago, the total supply of XRP was 99,988,863,851. However, it has now decreased to 99,988,616,835, indicating a reduction of 247,016 XRP.
🚨 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 30 days) 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
With the total supply of XRP decreasing by 247,016 in just 30 days, equivalent to an average of approximately 8,233 XRP burned per day, the stage is set for a potential upward trend that could lead to a significant increase in XRP’s value.
Compared to previous months, the recent burning of 247,016 XRP represents a significant increase. This development has prompted crypto enthusiasts to question the potential for further growth and whether it could drive XRP’s value to unprecedented heights.
The increased burn rate and the subsequent reduction in XRP’s supply have sparked excitement among investors. It suggests the possibility of a bullish trend, with the burn rate potentially rising even further as trillions of dollars flow into the crypto market.
XRP price trending above $0.47 | Source: XRPUSD on TradingView.com
Senior Ripple Engineer Shares Insight
A deeper analysis of the factors driving the increased burn rate reveals valuable insights. Neil Hartner, a software engineer at Ripple, shed light on the situation, attributing the surge to the deletion of XRPL accounts, as each deleted account results in two XRP being burned.
Hartner specifically highlighted Poloniex, a leading crypto exchange, which recently deleted a staggering 85,566 outdated XRPL accounts. This action alone led to the burning of 171,132 XRP.
As the burn rate accelerates and the supply of XRP decreases, the possibility of XRP reaching $100 per token gains traction.
While some skeptics may question the validity of such a bold claim, the consistent upward trend in the burn rate provides a compelling argument if it continues at this scale.
The continuous rise in the burn rate and the deletion of XRPL accounts by prominent exchanges reflect the evolving landscape of the crypto market. Investors and enthusiasts are closely monitoring these trends, eagerly anticipating the future value of XRP and the potential rewards it may bring.
Amidst these developments, XRP’s current trading price stands at $0.4883, with a market valuation exceeding $25.5 billion.