XRPL Transactions Increased by 24%, XRP Burn Remains Limited

The total number of transactions on the XRPL network increased by approximately 23.9% to around 2.1 million. The number of successfully completed transactions reached 1.6 million, marking a 15.7% increase. The number of transactions per ledger rose by 24.6% to 103.33, while payment transactions increased by 31.5% to 708,100. The amount of XRP burned on the network was measured at 337.2, slightly above the 30-day average. However, with tens of billions of XRP in circulation, the burn amount is not expected to have a significant impact on supply. The burn data is monitored as an indicator of real usage on the XRPL. The price of XRP has declined from the horizontal range between $1.40 and $1.45 to around $1.30. During selling pressure, the price approached $1.27 and fell below the $1.35 level. A strong support zone continues to form between $1.27 and $1.30. The price needs to reclaim $1.35 before returning to the $1.40 to $1.45 range. While the increase in network activity is viewed positively, the current burn amount is not at a scale to affect XRP supply on its own.

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