13M XRP Burnt Since Inception, Analyst Notes Key Events That Could Boost Ripple’s Position

According to data from XRPScan, 13,014,042.56 XRP have been incinerated since inception. While this figure might be small relative to the circulating supply of XRP, it underscores the protocol’s development and its placement for the future.

As per the XRPScan data, the protocol has closed 92,036,034 ledgers with exactly 203,630 payments. XRP Ledger has raised its appeal in various ways over the past year, one of which depends on its subsequent mainnet amendments and upgrades.

Ripple Aims For The Stablecoin Market

Notably, the XRP community pictures Ripple Labs’ RLUSD stablecoin to be the most important product. Notably, Ripple aims to compete in the stablecoin market, where Tether’s USDT and Circle’s USDC currently dominate.

The firm has continued to test RLUSD stablecoin on the XRP Ledger and Ethereum. The test features minting, burning, and transfers, which are essential for the efficient operation of a stablecoin.  XRP Ledger has proved to have the necessary conditions that will drive the stablecoin’s growth allowing it to give a tough fight to its competitors. 

Analyst Highlights Key Events

A popular crypto community figure, Luke Thomas, has recently outlined key events that could strengthen Ripple and XRP’s position in the financial sector. He believes that Trump’s victory at the White House could influence some of these potential events.

Thomas believes the US government will establish clear regulations for stablecoins under Trump, which will allow Ripple to launch its highly anticipated stablecoin, RLUSD. Although Ripple has teamed up with some top exchanges to distribute RLUSD, the project is still waiting for its regulatory approval.

He speculates that top asset management firms like BlackRock will soon submit applications for spot XRP ETFs. He compared them to BlackRock’s Bitcoin ETFs, which have gained a lot of institutional interest.

Notably, Asset managers like Bitwise, Canary Capital, and 21Shares have already submitted proposals for XRP ETFs. Furthermore, Grayscale has applied for regulatory approval to turn its multi-asset trust, which includes XRP, into an ETF.