{"id":566556,"date":"2023-12-22T18:00:12","date_gmt":"2023-12-22T18:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=566556"},"modified":"2024-06-11T10:59:17","modified_gmt":"2024-06-11T10:59:17","slug":"ripple-burn-40-billion-xrp","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple-burn-40-billion-xrp\/","title":{"rendered":"Former Director Says Ripple Can Burn 40 Billion XRP In Escrow, How Will This Affect Price?"},"content":{"rendered":"

The possibility of <\/span>Ripple<\/span><\/a> \u2018burning\u2019 its <\/span>escrowed XRP funds<\/span><\/a> has come up for discussion. This development could become a major talking point as the <\/span>XRP community<\/span><\/a> continues to clamor about XRP\u2019s tepid price action.\u00a0<\/span><\/p>\n

Can Ripple Burn Its Escrowed XRP Funds?<\/h2>\n

In a <\/span>post<\/span><\/a> on his X (formerly Twitter) platform, former <\/span>Ripple<\/span><\/a> Director Matt Hamilton suggested a way in which Ripple could potentially \u2018burn\u2019 its XRP holdings in escrow lockups. He stated that Ripple could disable the master key on the destination account, which usually receives these escrow funds.\u00a0<\/span><\/p>\n

Related Reading: Solana Headed To $100? Here\u2019s What\u2019s Driving The Growth<\/a><\/div>\n

Hamilton believes that this achieves the same purpose for which tokens are burned, considering that they become inaccessible to anyone when they are released from escrow. His statement formed part of a larger discussion among some members of the XRP community on what to do with the escrowed funds if there was a need to get rid of them.\u00a0<\/span><\/p>\n

Crypto sleuth Mr. Huber<\/span><\/a> had also weighed in on the discussion as he <\/span>stated<\/span><\/a> that Ripple can\u2019t burn these escrowed funds as the decision isn\u2019t theirs to make. Ripple will <\/span>apparently<\/span><\/a> need the approval of validators on the <\/span>XRP Ledger<\/span><\/a> before they can make such a move.\u00a0<\/span><\/p>\n

From the discussion, one could see that they were alluding to the escrowed funds possibly being <\/span>encoded on the XRP Ledger<\/span><\/a>. As such, Ripple will need the permission of these validators to alter the code and burn those funds. However, Hamilton\u2019s comment was more focused on Ripple burning these funds by simply disabling access to the destination account.\u00a0<\/span><\/p>\n

\"XRP<\/p>\n

Bulls maintain control of price | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
Ripple Burning Escrowed Funds And Its Significance<\/h2>\n
Ripple burning their escrowed funds is something that could easily pique the interest of the XRP community. This is true, especially considering recent talks about Ripple deliberately <\/span>suppressing XRP\u2019s price<\/span><\/a>. As such, there could be shouts for Ripple to burn some of these tokens to show its commitment to XRP\u2019s growth.<\/span><\/p>\n
Related Reading: Shiba Inu Eyes $0.00002 As Shibarium Marks Momentous Milestone<\/a><\/div>\n
However, from all indications, this isn\u2019t a straightforward process, and there is no guarantee that it will affect XRP\u2019s price. At some point in the discussion, <\/span>XRP YouTuber Moon Lambo<\/span><\/a> alluded <\/span><\/a>to the fact that Ripple\u2019s XRP holdings aren\u2019t part of those in the open market. It has also <\/span>been reported<\/span><\/a> that Ripple\u2019s XRP transactions do not impact prices on crypto exchanges.\u00a0<\/span><\/p>\n
Therefore, there is the likelihood that Ripple burning their XRP holdings (the escrowed funds in particular) might not impact XRP\u2019s price on the open market. Ripple probably knows this, and that is why they haven\u2019t made such a move. Instead, to provide stability to XRP, they return most of their <\/span>unlocked tokens to escrow<\/span><\/a>.\u00a0<\/span><\/p>\n
Featured image from Watcher Guru, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The possibility of Ripple \u2018burning\u2019 its escrowed XRP funds has come up for discussion. This development could become a major talking point as the XRP community continues to clamor about XRP\u2019s tepid price action.\u00a0 Can Ripple Burn Its Escrowed XRP Funds? In a post on his X (formerly Twitter) platform, former Ripple Director Matt Hamilton suggested a way in which Ripple could potentially \u2018burn\u2019 its XRP holdings in escrow lockups. He stated that Ripple could disable the master key on the destination account, which usually receives these escrow funds.\u00a0 Related Reading: Solana Headed To $100? Here\u2019s What\u2019s Driving The Growth Hamilton believes that this achieves the same purpose for which tokens are burned, considering that they become inaccessible to anyone when they are released from escrow. His statement formed part of a larger discussion among some members of the XRP community on what to do with the escrowed funds if there was a need to get rid of them.\u00a0 Crypto sleuth Mr. Huber had also weighed in on the discussion as he stated that Ripple can\u2019t burn these escrowed funds as the decision isn\u2019t theirs to make. Ripple will apparently need the approval of validators on the XRP Ledger before they can make such a move.\u00a0 From the discussion, one could see that they were alluding to the escrowed funds possibly being encoded on the XRP Ledger. As such, Ripple will need the permission of these validators to alter the code and burn those funds. However, Hamilton\u2019s comment was more focused on Ripple burning these funds by simply disabling access to the destination account.\u00a0 Bulls maintain control of price | Source: XRPUSD on Tradingview.com Ripple Burning Escrowed Funds And Its Significance Ripple burning their escrowed funds is something that could easily pique the interest of the XRP community. This is true, especially considering recent talks about Ripple deliberately suppressing XRP\u2019s price. As such, there could be shouts for Ripple to burn some of these tokens to show its commitment to XRP\u2019s growth. Related Reading: Shiba Inu Eyes $0.00002 As Shibarium Marks Momentous Milestone However, from all indications, this isn\u2019t a straightforward process, and there is no guarantee that it will affect XRP\u2019s price. At some point in the discussion, XRP YouTuber Moon Lambo alluded to the fact that Ripple\u2019s XRP holdings aren\u2019t part of those in the open market. It has also been reported that Ripple\u2019s XRP transactions do not impact prices on crypto exchanges.\u00a0 Therefore, there is the likelihood that Ripple burning their XRP holdings (the escrowed funds in particular) might not impact XRP\u2019s price on the open market. Ripple probably knows this, and that is why they haven\u2019t made such a move. Instead, to provide stability to XRP, they return most of their unlocked tokens to escrow.\u00a0 Featured image from Watcher Guru, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":566575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894,88655,83363],"tags":[3680,17209,4531,88570,83637,13172,89506,10972,78763],"class_list":["post-566556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","category-ripple-2","category-xrp","tag-ripple","tag-ripple-news","tag-xrp","tag-xrp-burn","tag-xrp-news","tag-xrp-price","tag-xrp-price-performance","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nFormer Director Says Ripple Can Burn 40 Billion XRP In Escrow, How Will This Affect Price?<\/title>\n<meta name=\"description\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Former Director Says Ripple Can Burn 40 Billion XRP In Escrow, How Will This Affect Price?","url":"http:\/\/uniquehot.com\/news\/ripple-burn-40-billion-xrp\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ripple-burn-40-billion-xrp\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ripple-XRP.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ripple-XRP.jpeg?fit=1063%2C607"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ripple","ripple news","xrp","xrp burn","xrp news","xrp price","xrp price performance","xrpusd","xrpusdt"],"dateCreated":"2023-12-22T18:00:12Z","datePublished":"2023-12-22T18:00:12Z","dateModified":"2024-06-11T10:59:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Former Director Says Ripple Can Burn 40 Billion XRP In Escrow, How Will This Affect Price?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple-burn-40-billion-xrp\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple-burn-40-billion-xrp\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Ripple-XRP.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Ripple-XRP.jpeg?fit=1063%2C607\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ripple\",\"ripple news\",\"xrp\",\"xrp burn\",\"xrp news\",\"xrp price\",\"xrp price performance\",\"xrpusd\",\"xrpusdt\"],\"dateCreated\":\"2023-12-22T18:00:12Z\",\"datePublished\":\"2023-12-22T18:00:12Z\",\"dateModified\":\"2024-06-11T10:59:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/12\/Ripple-XRP.jpeg?fit=1063%2C607","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/566556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=566556"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/566556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/566575"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=566556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=566556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=566556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}