XRP price is drowning to the lowest possible levels since a couple of days.
Due to the negative environment around XRP, many believe the asset will dump further.
The billions of the tokens in Ripple’s XRP is expected to save XRP from getting wrecked.
Will XRP Price go to Zero or Bounce Back
Ripple is currently in dire straits nowadays as the SEC and the crypto market both are going negative for XRP. The SEC had sued Ripple for illegally selling 1.3 billion XRP tokens and with this news outspread in the crypto space, XRP price also touched the lowest level with the biggest red candle of the year.
There was a massive selling pressure mounted which pulled back the price from $0.3 to less than $0.21 within a matter of a few hours. However, the XRP price is now rebounding with a tiny green candle, but it is still not sufficient to recover yesterday’s losses.
Apart from the SEC and the negative market sentiments, the delisting of XRP from some of the platforms also fueled the XRP price plunge. The price no matter is attempting very hard to touch the surface of the water and save from drawing, but the XRP community still believes the Ripple will overcome the negativity and XRP price will touch $5 soon.
Are Burning Escrow‘s XRP coins imminent?
Ripple needs to analyse the need of the hour and act likewise to save XRP going to the rock bottom levels. XRP price had struggled to get pushed to the highest levels after maintaining within the same levels from past one year.
But what can Ripple do to regain the lost momentum so that the XRP price will revisit the highest levels?
A crypto analyst named JOKER(ALL IN CRYPTO) suggested a total of three options to the Ripple CEO Brad Garlinghouse.
- Fight with SEC and come out victoriously
- Move Ripple base to some other country
- Burn the 50 billion XRP tokens present in Ripple’s escrow.
Fighting with the SEC could be a good option but as mentioned by the analyst, it will take 2 to 3 years. The company, however, has the option of relocating to another country as it was thinking about it from well before.
Or else, the Ripple can burn 50 billion XRP tokens which it has stored in its Escrow storage. This will automatically bring down the maximum supply and hence pump the XRP price.
It would be interesting to know the future moves of Ripple to save XRP from drawing in the ocean of cryptocurrencies.