XRP BURNS OVER $30M IN TOKENS!

IS THIS THE START OF A MAJOR SUPPLY SHOCK?

There's been no confirmation of $30 million in XRP tokens being burned recently. However, XRP did experience a 100% spike in burned tokens one day, with over 4,600 XRP destroyed. To put this into perspective, XRP's current price is around $2.26, and its market capitalization stands at $128.64 billion.

Recent Developments:

-XRP Burn Rate: The burn rate doubled recently, but analysts believe the impact on XRP's price remains modest. The burn mechanism is designed to destroy small amounts of XRP with each transaction, gradually reducing the total supply over time.

XRP Ledger Activity:The recent burn surge is attributed to a temporary spike in usage rather than a sustained trend, signaling increasing utility and demand for the Ripple exchange infrastructure.

ETF Prospects:There's growing optimism around an XRP spot ETF approval, with analysts predicting a high chance of approval. This could potentially draw billions in institutional capital.

Legal Update: The ongoing SEC vs. Ripple case has seen a joint motion to pause the appeal process, allowing room for a possible settlement. A resolution could pave the way for a long-anticipated Ripple XRP ETF and ease broader regulatory pressure on Ripple crypto services .

Potential Price Impact:

Supply Shock: Some analysts predict a potential supply shock could drive XRP's price to $3, especially if more bridges are established and XRP burning increases due to growing adoption.

Key Price Levels:XRP is currently trading near the $2.08 mark, with a key bearish trend line forming near $2.13. A breakdown below $2.00 could lead to a decline toward $1.92 or $1.84, while a breakout above $2.20 might open the door for a retest of the $2.35-$2.50 range .#USChinaTradeTalks #CryptoCharts101 #xrp $XRP