XRP $5 coming true?

Coinbase burns XRP in the most unusual move ever

Exchange Coinbase is burning XRP in what is considered the most sophisticated or unusual move ever.

In late May, Coinbase relisted XRP after Judge Analisa Torres ruled token sales on exchanges did not constitute an investment contract.

According to information from onchain monitor XRPScan, the exchange burns a portion of the fee (20 XRP) whenever there is an internal transfer.

While it is difficult to predict the exact reason for the token burn, XRPScan notes that it appears the intention was to empty the wallet when making the transfer. Coinbase is paying too much in gas fees because wallet reserves dropped to 10 XRP a few years ago.

The community is reacting to this unusual move by Coinbase, arguing that the gas overpayment is helping XRP more than the exchange.

Meanwhile, XRP has remained relatively stagnant this month, despite ambitions to reverse June's negative trend over the past decade as bulls eye a lasting price recovery that could help the coin retesting the year-to-date high of $0.88.