14,083,391 XRP All-Time High: Whats Behind It?

XRP has just recorded a major milestone, with total XRP burned reaching an all-time high of 14,083,391 XRP, according to data from XRP Scan. This new record comes as the XRP price gains bullish momentum, attracting interest in the cryptocurrency community.

The XRP burn mechanism is a fundamental component of the XRP Ledger (XRPL) design. Every transaction on the network incurs a small fee, which is permanently destroyed or burned to combat spam and maintain the networks long-term integrity.

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XRP price topped $3 on Monday in a seven-day rise from July 9. According to Santiment, the surge coincides with a major increase in network growth (new wallets created), which might have contributed to the increase in burns. XRP also attracted retail interest.

XRP sees heavy trader interest

Santiment, in a recent tweet, stated that XRP is trending due to extensive discussions about its role and future on the cryptocurrency market, including Ripples launch of RLUSD on the XRPL, debates on its value and long-term potential, and comparisons with other major cryptocurrencies.

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Furthermore, XRP has seen significant price surges nearing all-time highs, with analysts predicting potential rallies in response to positive market conditions and regulatory developments.

Investors are closely monitoring XRPs market behavior and relationship with Bitcoin, reflecting both optimism and skepticism about its place in crypto portfolios.

XRP price prediction

The XRP price was up 2.36% in the last 24 hours to $2.95 and up 27% weekly. The headline target remains $3.00, with accumulation zones near $2.85 suggesting positioning ahead of a potential volatility spike.

As ProShares XRP Futures ETF nears its July 18 launch, institutions appear to be rotating positions aggressively around key thresholds.

Failure to hold $2.88 might unwind the recovery structure and lead to a retest of $2.82. Support at $2.85 holds the floor; resistance at $2.93 sets the barrier. A break in either direction might trigger momentum.

A decisive breach above $3.00 would likely trigger a move toward $3.40 and then $4.