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- XRP Ledger records a historic closure of 92 million ledgers and a successful burnt of 13 million XRP tokens, causing scarcity in the market and improving efficiency.
- An analyst has predicted that the asset could establish strong support at $1 and proceed to hit $6.4 in this cycle.
The XRP Ledger (XRPL) reaches a significant landmark as it burns 13 million XRP tokens. According to the data shared by crypto enthusiast Amelie, more than 92 million ledgers have also been closed successfully. Meanwhile, more than 160k payments have been facilitated with 369k transactions recorded. Not just that, 483 accounts have been created on the ledger, and the Transaction Per Second (TPS) has currently reached around 17.28 tx/s.
WOW! 💥#XRPL HAS REACHED A NEW MILESTONE: 13 MILLION XRP BURNED (TOTAL) AND 92 MILLION LEDGERS SUCCESSFULLY CLOSED! 🏆 pic.twitter.com/mAsuH96U8u— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) November 10, 2024
Researching the closed ledger, we discovered that each ledger comprises a collection of validated transactions. In this case, the higher count indicates that there has been a sustained use for different purposes including token issuance, payment, and decentralized finance activities.
XRPL Burn Mechanism
XRPL’s deflationary model was introduced with the Automated Market Maker (AMM) feature primarily built to provide liquidity and burn XRP tokens, as we reported in April. Explaining this, a key figure in the XRP community known as Panos Mekras disclosed that the new AMM leads to the burning of 2 XRP. Fascinatingly, this burn rate is considered higher than the standard minimum transaction cost. He also confirmed that the token is inherently deflationary with 12 million of the total supply burnt as of April.
Instead of the standard minimum transaction cost of 0.00001 XRP, “AMMCreate” must destroy at least the incremental owner reserve amount, currently 2 XRP. This is the same special transaction cost as AccountDelete transactions. Since each AMM instance involves an AccountRoot ledger entry, an AMM ledger entry, and a trust line for each token in its pool, an AMMCreate transaction requires a much higher than usual transaction cost to deter ledger spam.
Delving Deeper into XRP Price Behavior
Looking at other metrics, we observed that the number of XRP accounts has reached a 7-month high.
Analysts believe that this significant surge is due to the rise in whale activities that saw about 500 million XRP accumulated in two weeks. In October, for instance, renowned analyst Ali Martinez hinted that a whale had scooped 40 million XRP in two days.
Following this report, XRP has surged by 10% in the last 24 hours and 26% in the last seven days to trade at $0.64. Meanwhile, the asset is significantly down from its all-time high of $3.8.
Interestingly, crypto analyst EGRAG CRYPTO believes that the asset could soon enter a phase called the “$1.10 Ignition Stage.”
According to him, XRP could likely establish strong support around this level and make an upward surge to $6.4.
XRP – JUST DO IT! The $1.10 Ignition Stage. Key Targets:$13 – Logarithmic measured move and $6.4 -Non-logarithmic measured move. In both scenarios, $1.10 is our launchpad! Once we get a solid weekly close above $1.10 and confirm it as strong support, we can say goodbye to the $1 mark for good! XRPArmy–STAY STEADY & STRONG, WE WILL DO IT.
For a popular analyst identified as Amonyx, the asset could surge to $25 in the next bull cycle.
