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Major Decrease in XRP Burn Rate Amid Market Uncertainty

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by Giorgi Kostiuk

2 hours ago

Recent price fluctuations for XRP have led to significant declines in key metrics for the cryptocurrency, including its burn rate and payment volume.

Decrease in XRP Burn Rate

Over the past day, XRP's burn activity has decreased by 25.96%. On August 4, 2,442 XRP were burned as transaction fees, but this number fell to 1,808 XRP on August 5.

Drop in XRP Payment Volumes

The number of XRP payment transactions has also dropped to 727,329, marking a two-month low. This downturn coincides with a general decline in activity on the XRP Ledger.

Outlook for XRP

Despite the current price fluctuations and decline in burn activity, investors remain optimistic about XRP's prospects, particularly with the potential SEC ETF launch. It is predicted that if XRP can maintain momentum above $3.10, it could move above the $3.55–$3.65 range.

The decrease in XRP's burn rate and payment volumes serves as a concerning signal, but the cryptocurrency's outlook remains positive in light of the anticipated ETF launch.

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