Over 47 Billion XRP Tokens May Be Burned! - Kakiforex.com - Financial Market Media No. 1 in the World Over 47 Billion XRP Tokens May Be Burned! Over 47 Billion XRP Tokens May Be Burned!

April 26, 2021

Over 47 Billion XRP Tokens May Be Burned!

 Ripple CEO Brad Garlinghouse doesn’t seem to be pushing the idea of ​​burning XRP coins if that’s the will of the majority of the community.


The statement was made in a recent Thinking Crypto interview that touched on the topic of ‘SEC Ripple Lawsuit, XRP, ODL, CBDCs, Bitcoin’ on April 21st.


Garlinghouse believes what is good for the growth of the XRP ecosystem, there is no reason for him to deny: "I have not outlined anything and I think what is appropriate for the XRP ecosystem will be considered by Ripple later."


Based on XRPArcade data as of April 22, there are 47.8 billion XRPs locked in Ripple escrow.



That means nearly $ 66 billion; its gross estimate reaches 105% of the supply cycle or 47.8% of the total supply.


Burning XRP in large quantities is nothing new. At the end of 2020, Ripple CTO David Schwartz acknowledges that network nodes, validators and communities can join together to burn the coin and Ripple has no right to stop the decision.


"If the majority of this community wants change, then the minority cannot do anything," he explained.


Coin burning is normal in this sector as it is capable of slowing the rate of inflation or reducing the total supply of coin cycles, including allocating substantial incentives to investors.


At the time of writing, XRP is trading at $ 1.16, jumping over 10% in 24 hours. The crypto market today is exhilarating with each recording positive movement except Dogecoin (DOGE) slipping over 3% to $ 0.2 and Monero (XMR) slipping over 4% to $ 373.22.