Ripple Starts Burning RLUSD Hard – 2 Million Stablecoins Scorched in One Go

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As a seasoned analyst with years of experience under my belt, I find myself intrigued by Ripple’s recent move to burn 2 million RLUSD stablecoins. This is a strategic step that demonstrates Ripple’s commitment to their asset and the XRP community’s faith in it. The private beta phase of RLUSD has been ongoing since August, and the community’s enthusiasm is palpable.

Excitement within the XRP community surged following a significant destruction of RLUSD tokens carried out on Wednesday, marking the first major token burn after the company produced a massive 42 million stablecoins in recent times.

This action was carried out during RLUSD’s ongoing private beta test, which began in early August. The locking of two million stablecoins produced by Ripple into an unredeemable wallet on the blockchain prompted a surge of comments from the XRP community, expressing their excitement and urging Ripple to persist with testing their latest asset.

Ripple burns 2 million stablecoins

Just yesterday, I noticed a significant event in the crypto world: Approximately 2,000,000 units of RLUSD stablecoins were destroyed or “burned” from the RLUSD Treasury on the X platform within the last 24 hours. This reduction in supply could potentially impact the market dynamics of Ripple’s stablecoin.

This past week, I observed that Ripple destroyed roughly 400,000 units of their USD-pegged stablecoin (RLUSD) in four separate instances. Prior to initiating this sequence of token burns, Ripple had minted several batches totaling 42 million coins.

One large one held approximately 10 million RLUSD, while the rest were close to 6 million stablecoins apiece.

Huge burn. Finally kicked it into 5th gear!

— Devin (@Dev_Dimmadome) October 9, 2024

Lately, the authentic Ripple account has urged XRP users to remain cautious as fraudsters are circulating claims that RLUSD is now accessible, enticing people to purchase it or connect their wallets to a site for this purpose.

RLUSD is still in a private beta, the company reminded the XRP army.

193 million XRP on the move

Over the last two days, a significant sum of XRP – approximately 193 million units – has been shifted in multiple sizeable transfers, as per blockchain investigator Whale Alert’s findings.

Over the last 48 hours, the previously mentioned resource noted four significant transactions of XRP. Two portions amounting to 21,160,000 and 19,070,000 XRP were sent to the exchanges Binance (Bitso) and Bitstamp respectively. The value of these XRP packages was approximately $11,052,822 on Bitso and $10,107,880 on Bitstamp.

100 million units of Ripple (XRP), worth approximately $53,057,020 at the time, were moved anonymously from one digital wallet to another in a transaction. Earlier today, it’s puzzling that 52 million XRP, equivalent to roughly $27,373,243, mysteriously departed from the Bybit cryptocurrency exchange.

Over the last week, significant XRP transfers, possibly due to increased whale activity, have occurred. During this period, XRP, which ranks seventh in market capitalization, has been fluctuating sideways and has stayed within the $0.52 price range since October 3.

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2024-10-10 11:13