May 28, 2024

The recent rumors of a large-scale 41.9 billion XRP burn have ignited considerable interest in XRP as the Ripple community speculates on the potential effect on the token’s price.

However, while there has not been any official statement from XRP’s team regarding the supposed burn transactions, the increased speculations have been reflected in XRP’s price.

XRP has increased by 1.4% in the last 24 hours, trading at $0.494 as of 9:04 a.m. EST, Oct 16, according to data from CoinGecko

Nonetheless, XRP remains down by more than 1% in the last seven days, with a 5.7% price decline in the past 14 days. 

Potential Impact of Ripple’s Rumored Token Burn on XRP Price

Ripple, XRP’s parent company, has a large amount of XRP tokens, about 41.9 billion, in escrow. Every month, the company releases 1 billion XRP from this escrow. But most people worry that Ripple’s vast XRP holdings threaten the token’s price. They fear Ripple could release so much at once, causing the XRP price to drop.

However, a recent rumor in the crypto community suggested that Ripple intends to burn all the tokens in escrow. Should this occur, it will reduce the amount of XRP in circulation, potentially impacting the market price.

This rumor started on the X social media platform via the account @realXRPwhale on Oct 10. This speculation has ignited a response from community members. Also, news outlet posted the same rumor, further intensifying the speculation. According to the fake article, this move is due to XRP’s underperformance in the market. 

Despite not being legitimate information, the article has attracted massive engagement within the community. But Ripple has never confirmed or denied rumors about getting rid of all the tokens they keep in escrow. 

However, this isn’t the first time people have talked about it. This might happen, as Ripple’s CTO, David Schwartz, hinted at it in an interview in 2021.

Also, recall that in 2020, Ripple’s CTO, David Schwartz, expressed himself in a similar discussion. Schwart states that the XRP holders can lock or destroy their tokens. However, validators cannot, as any attempt could stall the entire XRP network.

Despite the fake news, Ripple’s native asset, $XRP, has gained momentum in the last 24 hours. Nonetheless, the daily chart below will provide detailed information on the XRP price trajectory.

XRP Price Analysis – Testing SMA Indicators with MACD Signals

The recent price action of XRP has been intriguing, as it tested both the 20-day and 50-day Simple Moving Averages. Although XRP approached these levels, it retracted slightly below, suggesting a potential struggle to maintain upward momentum.

Furthermore, the fading of the red histogram bars in the Moving Average Convergence/Divergence indicates a diminishing bearish momentum and may signal the beginning of an uptrendHowever, note that the MACD is a lagging indicator, so it’s crucial to monitor subsequent price movements for confirmation.

Key XRP Price Levels

In the recent chart, Ripple XRP shows a promising upward trend after a minor dip, making strides toward a significant resistance level at $0.55. Should the coin successfully breach this level, an additional resistance point at $0.66 indicates the potential for further gains.

However, it’s crucial to note that failure to surpass the $0.55 resistance could lead to a downturn. The coin might retreat, potentially dropping below the support level at $0.459 and, in a worst-case scenario, even testing the $0.41 mark. 

Ripple XRP Potential Alternative

>>>Visit Meme Kombat Presale<<<

Meme Kombat is a new meme coin entering the crypto market in the last quarter of 2023. But it’s not just a meme coin; it offers a gaming platform where users can earn tokens by battling in fun arenas. Interestingly, players can stake their $MK tokens flexibly.

The entire system of Meme Kombat operates on the Ethereum blockchain. Inside the game, famous meme coin characters engage in battles. Meme Kombat is in its presale phase and has already raised more than $540,000. Their native token, $MK, is sold at $0.1667 each.

Meme Kombat Exciting Features

The play-2-earn meme coin is unique due to its new ways of having fun. Investors and individuals can use the native tokens to play games on the platform. Meanwhile, note that there’s also a possibility of losing some $MK tokens at the game.

This feature makes Meme Kombat more appealing and could attract more investors. In addition, the platform provides different ways of playing the games, making it easier for everyone to enjoy.

Furthermore, the project offers a staking platform that enables investors to earn passive income. Currently, the staking platform offers a sweet annual yield (APY) of 112%. Interestingly, this APY is higher than popular coins like Ethereum, which gives holders only 4% APY for staking their ETH.

Given its real-life utilities and presale performance, the coin could record massive gains when it goes live. Therefore, potential investors should visit Meme Kombat’s official site before it ends.

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