$XRP Faces Price Dip Amid Sharp Decline in Token Burns
๐ XRP dropped by 2.88% in the past 24 hours, sliding from $3.1028 to $2.94, as the burn rate plummeted by 25.96% โ falling from 2,442 to 1,808 XRP, per XRPSCAN data.
๐ Why Itโs Significant:
XRPโs deflation model depends on burning tokens through network fees. A drop in burn rate reflects lower activity and diminished pressure on supply, raising concerns about network strength.
๐ธ Additional Insights:
Payment activity on the XRP Ledger dropped to a two-month low, with just 727,329 transfers, signaling reduced engagement across the platform.
๐ Market Forecast:
Though price action is shaky, bullish traders are watching for a rebound toward $3.55โ$3.65 โ if XRP can hold key support. Still, momentum has weakened across the chain.
๐ Key Points Recap:
๐จ 26% drop in burn rate
๐ 2.88% price decline from recent high
๐ Payment activity at 2-month low
๐ Potential upside if resistance holds: $3.55โ$3.65
โ ๏ธ Stay cautious, XRP community โ on-chain signals suggest a slowdown.
