The recent XRP monthly escrow unlocks have been a headache for the XRP price, with the community demand b for a Ripple burn. This bearish situation with the XRP price has ignited discussions about whether a Ripple burn should be initiated for the tokens stored in escrow, as doing so could lower supply and potentially boost the XRP price. Meanwhile, a new DeFi innovation, WallitIQ (WLTQ) is shaking the market as the next-level AI-powered crypto wallet.
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The Ripple escrow unlocks of its XRP holdings have triggered sentiments about a potential Ripple burn to fuel an increase in the XRP price. The community is contemplating if a Ripple burn specifically initiated for the tokens held in escrow could induce a shift in dynamics for the XRP price.
Chief Technology Officer (CTO) of Ripple, David Schwartz recently addressed these calls, by suggesting that a traditional Ripple burn can’t trigger a surge in the XRP price. However, he added that Ripple could create a similar effect by “blackholing” the escrow tokens, so they go back into circulation.
The main issue with the monthly escrow unlocks is that it increases the circulating supply of XRP, which potentially causes a downward pressure on the XRP price. In other words, preventing more monthly unlocks through a Ripple burn could potentially boost the XRP price. Though it would require consensus among Ripple’s validators and potential protocol adjustments.
At the moment the XRP price is holding in a weekly price range of $0.5022 – $0.5322. It reflecting a stagnant position in the past few days. However, there might be a turn in XRP price if a Ripple burn is initiated or if there is a complete halt of the monthly escrow unlocks.
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WallitIQ (WLTQ) presale and community:
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