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XRP’s Supply And Market Cap Tanked, Is It a Coin Burn Or Technical Glitch?

XRP Circulating Supply Dropped!

XRP price spike to some extent during the trading hours that pushed the price above $1.6. However, the price experienced a slight pull back since then, yet maintained successfully above the levels.

Amidst the rally, the circulating supply dropped all of sudden by 10 billion from 45 billion to 35 billion. Moreover, the market capitalization also encountered a drop from $72 billion to $55 billion within minutes. 

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However, some speculated it to be a technical glitch, yet if it was to be true, then the circulating supply and market cap would have been updated. Moreover, a similar chart was viewed on coinmarket cap and on the popular exchanges like Coinbase, Binance, etc. Hence the chances of a coin burn accelerate, that might have led to a price surge. 

Also Read: How To Pay Using Ripple: Top Companies Accepting XRP

XRP Price May Surge Above $2

Ripple’s XRP price in recent times has experienced a roller coaster ride from smashing the highest levels close to $1.9 and lowest levels close to $1. The XRP community despite certain pull backs remains highly bullish on XRP price. 

It is noticed that the XRP price rallies each time when there is an update on the Ripple-SEC lawsuit. Moreover, if it turns in the favour of Ripple, then the price may be impacted and rally towards the north. The price may swing as high as $2 as predicted by an analyst, Galaxy, however, forming a new ATH may be still a long way to go.

Overall, let the drop in the circulating supply be a technical glitch or a possible coin burn, the XRP price is expected to surge high. With less coins in circulation, the price may rally higher and higher to reach the ATH at the earliest.

Also Read: Will Elon Musk Shill Dogecoin Price With His SNL Event?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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