There are growing rumors on social media that Ripple is going to burn 10% of its total XRP supply within the next 48 hours. In a short post, an X user CryptoGeek, said that “Global burn of XRP begin in 48 hours with the supply expected to shrink 10% causing $125.98 overnight!”
“The second major burn is happening for the XRP Ledger. I mean, last time it happened, over 13.9 million XRP was permanently destroyed from the XRP Ledger.” He also said, “The last time it happened, the burn of XRP at that scale… price went from $0.006 to $3.27 overnight.” He also referenced a chat from 2017 to support this claim and called the current event “massive.”However, is this true?
According to XRPscan, about 13,989,615 XRP has been burned so far. That burning is a result of small fees accumulated on each transaction and not due to any large burn event. XRP token burning occurs automatically whenever someone uses the XRP Ledger.
Moreover, XRP has a total supply of 100 billion tokens, according to CoinGecko. Burning 10% would mean eliminating 10 billion XRP, which is over 700 times larger than the amount burned in the entire history of the XRP Ledger so far. Based on current burn rates, it would take centuries to reach a 10% reduction in supply.
Also, XRP doesn’t burn tokens or buy them back the way some other cryptocurrencies do. XRP’s burn process is simple and built into how the network works. Each transaction includes a tiny fee that gets permanently removed, helping stop spam and keep the system clean.
The above-mentioned speculations arose from a post by RealFi that claimed buring 10% of REALFI token supply on XRP Ledger. The mention of token burn and XRP Ledger in the same sentence led to the confusion around Ripple burning XRP.
Also Read: XRP ETF Deadline Nears! How Will It Impact XRP Price?
