Ripple has been in the news for some undesired reasons of late, especially due to the ongoing case pitting the company against the US SEC. However, that hasn’t stopped Ripple’s crypto, XRP, from blossoming, although it hasn’t gained by much compared to other top cryptos like Bitcoin and Ethereum.
For years now, members of the XRP community have called out Ripple for stalling its price by flooding the market with millions of XRP unlocked from escrow every month. Some have even called for an XRP fork to put a stop to Ripple’s meddling. Now, there seems to emerge a new angle that could solve this burning issue and possibly send XRP price skyrocketing.
Ripple Wouldn’t Stop A Coin Burn
During a recent interview hosted by Thinking Crypto, Ripple CEO Brad Garlinghouse affirmed the possibility of a new era for XRP. When asked if the locked XRP could be burned, the CEO said that he was welcoming workable opinions on how to solve the impasse, adding that he doesn’t rule out any possibility.
This scenario was entertained way back in December by Ripple’s CTO David Schwartz while responding to a tweet in a thread. According to the CTO, Ripple wouldn’t act against a community resolution to burn the XRP coins in escrow.
No Dumping Of XRP
Brad following that assertion with an even more colorful opinion, saying that it would be counter-productive for Ripple to dump the locked XRP into the market. It goes without saying that such action would gravely degrade the token’s price and possibly instigate a serious exodus of users from the XRP ecosystem.
At the moment, Ripple holds around 47 billion tokens worth roughly $64 billion. These coins are locked in an XRP Escrow set to gradually release them for sale in the market. Notably, the XRP in escrow is slightly more than the 45 billion XRP already circulating in the market.