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XRP Burn Hits Major Milestone, Can The Burns Propel Price To $1?
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XRP Burn Hits Major Milestone, Can The Burns Propel Price To $1?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ripple cassino

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The total number of XRP tokens burned just recently hit a major milestone. This has raised questions as to how much impact these burns can have on the value of the XRP tokens in circulation. Interestingly, Ripple’s CTO David Schwartz recently made some comments in this regard as he weighed in on whether or not XRP burns could affect the token’s value. 

12 Million XRP Now Wiped Out Of Circulation

Data from the XRP Scan shows that just over 12 million XRP tokens have now been burned and wiped out from circulation. This figure represents just 0.012% of XRP’s total available supply, which now stands at over 99.9 billion. Considering the magnitude of tokens still available, it is hard to imagine that the tokens burned so far can have so much impact on the token’s price.

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It is also worth mentioning that the 12 million XRP burned so far is a cumulative total of all the tokens that have been wiped out from circulation since they were premined. As such, these tokens have been burned at separate times and not necessarily on a large scale. With this in mind, that could explain why the XRP community is calling for burns of Ripple’s XRP holdings. 

Ripple currently has over 40 billion XRP in escrow. Burning a significant portion of these tokens could have more effect on the token’s price than the 12 million burned so far. However, Ripple’s CTO David Schwartz doesn’t believe that this would yield “any real benefits.” He also alluded to how Stellar burning 55 billion XLM tokens in 2019 didn’t have much impact on the token’s price. 

XRP price chart from Tradingview.com

Token price falls below $0.6 | Source: XRPUSD On Tradingview.com

Ripple’s XRP Holdings Might Not Be The Problem

Talks about Ripple burning or at least disposing of a significant portion of their XRP holdings continue to spring up in the XRP community. This is because of accusations that the crypto firm is responsible for XRP’s stagnant price based on the belief that they continue to dump their tokens on the market.   

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These allegations, however, seem unfounded, considering that it has been reported that Ripple’s XRP sales do not have an impact on the token’s price on crypto exchanges. If anything, the crypto firm somehow provides stability to the ecosystem as they are known to perform buybacks at different periods. 

Ripple burning their escrowed tokens is also not an easy task, as Ripple’s CTO seemed to suggest in his latest remarks. It has been said in the past that Ripple will likely need the approval of validators to carry out these burns. 

A former Ripple Director had previously mentioned that Ripple could simply disable the master key on the destination account that receives these escrowed funds. However, there are no assurances that this could achieve the same purpose as the tokens being wiped out from circulation. 

Featured image from Crypto News, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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