13M XRP Burnt Since Inception, Analyst Notes Key Events That Could Boost Ripple’s Position

Share This Post

13M XRP Burnt Since Inception, Analyst Notes Key Events That Could Boost Ripple’s Position

The post 13M XRP Burnt Since Inception, Analyst Notes Key Events That Could Boost Ripple’s Position appeared first on Coinpedia Fintech News

According to data from XRPScan, 13,014,042.56 XRP have been incinerated since inception. While this figure might be small relative to the circulating supply of XRP, it underscores the protocol’s development and its placement for the future.

As per the XRPScan data, the protocol has closed 92,036,034 ledgers with exactly 203,630 payments. XRP Ledger has raised its appeal in various ways over the past year, one of which depends on its subsequent mainnet amendments and upgrades.

Ripple Aims For The Stablecoin Market

Notably, the XRP community pictures Ripple Labs’ RLUSD stablecoin to be the most important product. Notably, Ripple aims to compete in the stablecoin market, where Tether’s USDT and Circle’s USDC currently dominate.

The firm has continued to test RLUSD stablecoin on the XRP Ledger and Ethereum. The test features minting, burning, and transfers, which are essential for the efficient operation of a stablecoin.  XRP Ledger has proved to have the necessary conditions that will drive the stablecoin’s growth allowing it to give a tough fight to its competitors. 

Analyst Highlights Key Events

A popular crypto community figure, Luke Thomas, has recently outlined key events that could strengthen Ripple and XRP’s position in the financial sector. He believes that Trump’s victory at the White House could influence some of these potential events.

Thomas believes the US government will establish clear regulations for stablecoins under Trump, which will allow Ripple to launch its highly anticipated stablecoin, RLUSD. Although Ripple has teamed up with some top exchanges to distribute RLUSD, the project is still waiting for its regulatory approval.

He speculates that top asset management firms like BlackRock will soon submit applications for spot XRP ETFs. He compared them to BlackRock’s Bitcoin ETFs, which have gained a lot of institutional interest.

Notably, Asset managers like Bitwise, Canary Capital, and 21Shares have already submitted proposals for XRP ETFs. Furthermore, Grayscale has applied for regulatory approval to turn its multi-asset trust, which includes XRP, into an ETF.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ripple Price Analysis: XRP Price Waves Pattern Hints A $1 Retest?

The post Ripple Price Analysis: XRP Price Waves Pattern Hints A $1 Retest appeared first on Coinpedia Fintech News Story Highlights Ripple price achieves a new yearly high at $07354 24-hour volume

Ethereum Whale Earns Over $4 Million In 9 Days!

The post Ethereum Whale Earns Over $4 Million In 9 Days! appeared first on Coinpedia Fintech News With the rising price volatility in the cryptocurrency market, the whales are exchanging different

A Whale Transfers 2,000 BTCs To Binance Today!

The post A Whale Transfers 2,000 BTCs To Binance Today! appeared first on Coinpedia Fintech News A whale with 8,000 BTC ~$699 million has reportedly made a transfer today During this transfer, it

Bitcoin and Ethereum ETFs Rake in Nearly $1 Billion in a Single Day

Tuesday saw a nice windfall for spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs), with nearly $1 billion flowing in, according to the latest data from sosovaluecom Crypto ETFs on

Justin Drake Unveils ‘The Beam Chain’: A Vision For Ethereum Final Design

In a significant development for the Ethereum (ETH) ecosystem, researchers propose redesigning the network’s consensus layer, aiming to enhance scalability, decentralization, and security 

Dogecoin Positioned to reach $1 as Trump Returns to White House, But This Cheap $0.07 will reach there Before DOGE

As we enter the last months of 2024, the bitcoin market is seeing an interesting boom; various altcoins draw major interest from institutional as well as retail investors Two tokens positioned for