As a recent Messari report outlined, the XRP Ledger (XRPL) showcased notable progress during the first quarter of 2024. The decentralized public blockchain, which facilitates the transfer of XRP, fiat currencies, and other digital assets, has demonstrated substantial activity. XRP Ledger Burn Rate Slows Amid Low Fees During Q1 2024, XRP, the native token of the XRPL, secured its position as the sixth largest cryptocurrency by market capitalization, reaching $34.1 billion (currently $29M). Despite a slight price decrease, XRP’s circulating market cap witnessed a 1.3% growth quarter-over-quarter (QoQ). Related Reading: Forget Fear, Embrace Greed? Bitcoin Soars As Sentiment Turns Red Hot The XRPL employs a deflationary mechanism by systematically burning transaction fees. This process exerts downward pressure on the total supply of XRP, which stands at 100 billion tokens. Since the inception of the XRP Ledger, approximately 12 million XRP have been burned. However, the low burn rate during Q1 can be attributed to the network’s relatively low transaction fees (less than $0.002 per transaction). Additionally, 1 billion XRP is released from escrow to Ripple each month, with any unutilized tokens being ..
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