The XRP Ledger (XRPL) has set a new milestone, permanently burning a record 14,083,391 XRP tokens. This significant burn, destroying transaction fees, underscores heightened network activity and reinforces blockchain security protocols as demand grows.
The native token XRP surged past the $3.00 threshold this week, driven by robust interest from both institutional and retail traders. Sentiment was further bolstered by the successful launch of Ripple’s RLUSD stablecoin, enhancing utility within the broader XRP ecosystem. Currently trading around $2.95, analysts identify $2.85 as crucial support and $2.93 as immediate resistance; a decisive move above $3.00 could potentially propel prices towards $3.40 or even $4.00.
Market volatility and strategy planning are expected as the July 18 launch for ProShares’ XRP Futures ETF nears. This instrument expands exposure routes and heightens scrutiny of price action.
Ongoing dialogues between Ripple and regulatory bodies, coupled with emerging regulatory clarity for digital assets, remain pivotal factors for XRP’s sustained price discovery and integration into mainstream financial services.