Analyst Says XRP Will Reach $100, Here’s Why

Scott Matherson

1 year ago

3 mins read

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XRP, one of the prominent cryptocurrencies in the market, has witnessed a remarkable surge in its daily burn rate, sparking speculation about its potential to go on a bull rally.

Crypto analyst and influencer 24HRSCRYPTO is one of those who have put forward an extremely optimistic outlook for the XRP cryptocurrency. The analyst says that the altcoin, which is currently trading below $1, will reach as high as $100, and has provided reasons.

XRP’s Daily Burn Rate Surges, Fueling Speculation of $100 Token Value

24HRSCRYPTO unveiled an astonishing increase in XRP’s burn rate through a series of tweets that captivated the attention of the XRP community.

The surge in XRP’s daily burn rate has been a topic of great interest within the crypto community. Just a month ago, the total supply of XRP stood at 99,988,863,851. However, it has now dropped to 99,988,616,835, indicating a reduction of 247,016 XRP.

🚨 THIS IS HUGE! MASSIVE SPIKE IN DAILY BURN RATE 🚨 30 days ago, #XRP‘s total supply was 99,988,863,851 👉🏻today the total supply is 99,988,616,835 (247,016 XRP burned and gone forever in 30days) about 8,233 a day – which goes perfectly with the below 24HR burn rate. That number… https://t.co/OipXjajMnx

— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) July 4, 2023

With the total supply of XRP decreasing by 247,016 over the course of just 30 days, equivalent to an average of approximately 8,233 XRP burned per day, the stage is set for a potential upward trend that could lead to a significant appreciation in XRP’s value.

In comparison to the figures observed in previous months, the recent 247,016 burned XRP represents a significant increase. This development has prompted crypto enthusiasts to question the potential for further growth and whether it could drive XRP’s value to unprecedented heights.

The increased burn rate and the subsequent reduction in XRP’s supply have sparked a wave of excitement among investors. It suggests the possibility of a bullish trend, with the burn rate potentially rising even further as trillions of dollars flow into the crypto market.

XRP price trending above $0.47 | Source: XRPUSD on TradingView.com

Senior Ripple Engineer Shares Insight

A deeper dive into the factors driving the heightened burn rate reveals valuable insights as a Software engineer at Ripple, Neil Hartner, shed light on the situation, attributing the surge to the deletion of XRPL accounts as a deleted account equals two XRP burned.

Hartner specifically highlighted Poloniex, a leading crypto exchange, which recently deleted a staggering 85,566 outdated XRPL accounts. This action alone contributed to the burning of 171,132 XRP.

As the burn rate accelerates and the supply of XRP dwindles, the prospect of XRP reaching $100 per token gains traction.

While some skeptics may question the validity of such a bold claim, the consistent upward trend in the burn rate provides a compelling argument if it continues at such a scale.

The continuous rise in the burn rate and the deletion of XRPL accounts by prominent exchanges reflect the evolving landscape of the crypto market. Investors and enthusiasts are closely monitoring these trends, eagerly anticipating the future value of XRP and the potential rewards it may bring.

Amidst these developments, XRP’s current trading price stands at $0.4883, with a market valuation exceeding $25.5 billion.

Featured image from iStock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

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