XRP Ledger just hit a significant deflationary milestone, with the total XRP burned surpassing 14 million. The newly reached 14 million XRP burn milestone is the highest on record, indicating ongoing on-chain activity and steady growth in network usage.
Unlike other cryptocurrencies that rely on halving mechanisms or caps, XRP employs a built-in burn system where a small amount of XRP is destroyed with every transaction. This design aims to reduce spam on the network and, over time, slowly decrease the total supply.
According to the most recent count from XRPScan, a total of 14,003,265 has been burned, highlighting continued usage within the XRPL ecosystem.
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While the price hasn’t yet responded in a major way, such milestones contribute to the narrative of XRP as a maturing asset with active on-chain activity.
According to Santiment, XRP Ledger has recently demonstrated significant growth, both in terms of usage and important stakeholders, with the number of interacting XRP addresses averaging over 295,000 per day, compared to a usual daily average of 35,000 to 40,000 over the previous three months. For the first time in the asset’s nearly 12-year history, there are now over 2,700 whale and shark wallets holding at least 1 million XRP.
Can XRP price keep up?
According to CoinMarketCap data, XRP was trading at $2.13 as of this writing. With XRP trading above $2, it is more than three times higher than its base price before the rapid increase in November 2024, and investors who accumulated earlier are sitting on over 300% returns.
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However, a twist occurred: According to Glassnode, early holders began realizing profits at a rate of $68.8 million per day, indicating a wave of distribution.
If this trend continues, XRP might go to $2, an important support level to watch. If the $2 level cracks, XRP might fall below $1.61.
On the contrary, if buying pressure returns to the market and the price turns up from the current level, breaching the 50-day SMA at $2.27, it indicates that XRP may remain within the range for some time. A break above $2.65 might kickstart a fresh uptrend for the XRP price.
