The XRP supply on Coinbase has plummeted by 90% over three months, leading to speculation about potential price increases. However, no official confirmations support a target of $10.
Decline of XRP Supply on Coinbase
The XRP supply on Coinbase has significantly decreased by 90% over the past three months. This drop has led to speculation about possible price movements, though there have been no official confirmations. Involved entities include Ripple Labs, Inc., responsible for maintaining XRP, and Coinbase, Inc., a major U.S. exchange. There have been no public remarks from either party's top executives.
Community Reaction to XRP Scarcity
The declining XRP supply might create localized scarcity on Coinbase. However, there are currently no formal economic or institutional changes that support or indicate a significant price increase. Community discussions on platforms like Reddit and Twitter show mixed reactions. Many individuals are enthusiastic, but skepticism remains about XRP reaching $10 amid a lack of tangible triggers.
Past Events Suggest Limited XRP Price Growth
Past events, including SEC-related halts and liquidity fluctuations, saw moderate price shifts without resulting in a dramatic rise. These incidents provide context, suggesting limited chances for a steep increase. Current market analytics predict XRP's price to remain between $3 and $4.5. Market and regulatory conditions have yet to support the alleged potential for a '$10 XRP super squeeze.'
Thus, while the significant decline in XRP supply on Coinbase has sparked speculation about price increases, such speculations lack substantial backing. Without official commentary and economic changes, assumptions remain at the level of unproven rumors.
