- The XRP burn total surpassed 14 million as rising transactions drove new network records this week.
- The XRP price increased 27% in one week, supported by strong network growth and retail wallet expansion.
- Institutional interest surged ahead of ProShares’ XRP Futures ETF launch scheduled for July 18.
The total amount of XRP burned has surpassed 14,083,391 coins, marking a record high, according to the latest data from XRP Scan. This milestone reflects a surge in transaction activity across the XRP Ledger, where a small fee is destroyed with each transaction to reduce spam and uphold network integrity.
XRP’s recent price rise appears to align closely with expanding network activity. Santiment data highlights an increase in new wallet creation, indicating heightened interest and adoption. This growth may have contributed directly to the recent uptick in coin burns, as more transactions flow through the network.
Price action consolidates near resistance
XRP’s price rose 2.36% in the past 24 hours, reaching $2.95 and climbing 27% over the last seven days. The cryptocurrency briefly touched $3.00 earlier this week, signaling bullish momentum. Current market dynamics show accumulation near $2.85, with resistance forming at $2.93. These price levels have become critical as traders position for a potential move.
The imminent issuance of the ProShares XRP Futures ETF on July 18 has attracted the interest of institutions. It has caught people near some of the major price barriers and resulted in some institutional traders turning around positions in anticipation of market turbulence. Analysts indicate that an extended trade over the level of $3.00 has the potential to lead XRP to levels of $3.40 and may go further to levels of $4.00 given support by the full market.
Retail investment is held high
The dynamics of social media and discussions and the interjection of the retail traders have again brought interest in the XRP community recently. The release of a stablecoin, RLUSD, on the XRP ledger by Ripple has further sparked interest with the ability to have additional use cases and the comparison rate with the rest of the predominant cryptocurrencies.
The relationship between XRP and Bitcoin and the reaction to regulatory change are also of close interest to market analysts. This has seen the altcoin perform in recent times, causing excitement and uneasiness as prices rally with speculations set in. The level of support that is considered important in order to sustain the trend is at 2.85.
