Recent data shows that the XRP burn rate has reached a record high, coinciding with a rise in cryptocurrency prices.
XRP Burn Rate Hits Record
According to the latest data from XRP Scan, the total amount of XRP burned has surpassed 14,083,391 coins, marking a record high. This milestone reflects a surge in transaction activity across the XRP Ledger, where a small fee is destroyed with each transaction to reduce spam and uphold network integrity.
Price Dynamics of XRP
XRP's price rose 2.36% in the past 24 hours, reaching $2.95 and climbing 27% over the last seven days. The cryptocurrency briefly touched $3.00 earlier this week, signaling bullish momentum. Current market dynamics show accumulation near $2.85, with resistance forming at $2.93.
Institutional Investment Interest
The imminent issuance of the ProShares XRP Futures ETF on July 18 has attracted institutional interest. This has caused some institutional traders to turn around positions in anticipation of potential market turbulence. Analysts suggest that an extended trade over the level of $3.00 could lead XRP to levels of $3.40 and possibly beyond with support from the overall market.
Overall, the increase in burn rates and rising prices indicate positive trends for XRP, and institutional interest is also influencing the market.
