XRP burn rate jumps 147% in October while token price falls 15.86%

XRP, the digital asset native to the XRP Ledger, has recorded a sharp rise in its burn rate toward the end of October, data from XRPScan showed. On October 30, 1,644 XRP were permanently removed from circulation through transaction fees, marking a 147% surge in daily burn activity. The XRP Ledger, a decentralized blockchain network designed for fast and low-cost payments, employs an automatic deflationary mechanism. Every transaction processed on the network incurs a fee paid in XRP. Unlike some blockchains that occasionally distribute burned tokens back to stakeholders, XRP burns are mandatory and irreversible, permanently reducing the coin’s supply.

Source: CoinTurk News