Ripple has carried out one of the most significant burnings of RLUSD tokens since the stablecoin's launch. This move aims to boost demand and open up new opportunities for crypto investors within the blockchain-based digital payment network.
According to Ripple stablecoin data, the network destroyed 12 million RLUSD tokens on Tuesday, April 22nd. This operation aims to reduce the token’s excess supply, creating scarcity to drive demand. Moreover, the transaction facilitated inter-chain liquidity bridging, underscoring the strategic significance of this initiative for the ecosystem.
Following the token burn, RLUSD trading volume surged by over 200%, surpassing $102.96 million. The token’s market capitalization now stands at $294.07 million, with 294.04 million tokens in circulation. This combined action, alongside the crypto market recovery, also led to a price surge for XRP.
The integration of the RLUSD stablecoin into Ripple’s payment network highlights the growing significance of this digital asset among users. Experts predict RLUSD may capture 50% of the stablecoin market capitalization and achieve several short-term milestones.
The future of cryptocurrency is constantly evolving, and each strategic move like this shapes the international financial landscape. With the destruction of 12 million RLUSD tokens, Ripple demonstrates its ability to boost demand and foster adoption of its stablecoin within the crypto ecosystem. Informed investors should closely monitor Ripple’s forthcoming initiatives in the months ahead.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
