Bitcoin

The XRP Ledger blockchain experienced a remarkable surge in XRP token burning yesterday, marking a level of activity unseen since mid-January. According to reports from Binance, Ripple holds approximately a few billion XRP, which is kept in escrows and does not contribute to the token’s circulating supply.&nbsp; The XRP burn 
According to data from XRP Scan, an impressive 6,721.92 XRP were burned as commissions, marking a notable 104% increase compared to the previous day.
This surge in burns coincides with a <a href="https://news.todayq.com/only-40-bitcoin-left-btc-rally-drains-major-exchanges/" target="_blank" rel="noopener noreferrer nofollow">rally</a> in the price of the popular token. Throughout this week, the price of XRP has surged by over 17%, showcasing a strong performance on its weekly price chart.&nbsp;
Despite a temporary setback experienced earlier yesterday, where a wave of selling briefly erased nearly 9% of its gains but buyers swiftly regained control, propelling the price back up to $0.624 per token. As of now, it is priced at $0.635.
In a related development Ripple holds approximately 40.1 billion XRP, which is kept in escrows and does not contribute to the token’s circulating supply. Each month, the company releases 1 billion tokens from escrow, with a portion reserved for its treasury reserves and potential sales, reported Binance 6 hours ago.
On a broader outlook, the global market cap now stands at a staggering $2.39 trillion, reflecting a 2.41% surge in the past day. Over the last 24 hours the total trading volume in the crypto sphere reached $107.42 billion, marking a 20.28% uptick. And last but not the least,&nbsp; Bitcoin continues to dominate with a current market share of 52.42%, witnessing a modest increase of 0.48% within the day. This isn’t just a coincidence&nbsp; 
The surge in XRP burn activity is not coincidental, it directly results from measures implemented to <a href="https://news.todayq.com/shiba-inu-jumps-34-will-shib-destroy-another-zero/" target="_blank" rel="noopener noreferrer nofollow">protect</a> the XRP Ledger from spam and denial-of-service attacks. Each transaction on the network imposes a small cost in the form of XRP, a mechanism intended to discourage malicious actors from overwhelming the system.&nbsp;
As network activity rises, so does the transaction cost, making it prohibitively expensive to disrupt the network intentionally or inadvertently.
The intimidating growth in XRP burn activity underscores increasing demand and enthusiasm for the crypto. With prices climbing and market sentiment optimistic, investors and enthusiasts are actively seizing the opportunity, leading to higher trading volumes and transaction fees.
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XRP token burn surge amid market rally; soars 17%

Todayq News

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