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Analyst Says XRP Supply Shrinking, Predicts Next Big Move is ‘Only a Matter of Time’
A recent analysis has revealed that the supply of Ripple’s native cryptocurrency, XRP, on centralized exchanges has remained largely consistent throughout 2024, defying the trend seen in other major cryptocurrencies like Bitcoin and Ethereum. This observation has led some analysts to predict a potentially explosive move for the asset.
According to data, the reserve of XRP on Binance, one of the largest crypto exchanges, has not experienced the same steep decline as other coins. While it did experience a slight dip in November, the supply is now growing rapidly towards the 3 billion mark, mirroring its previous volume throughout the year.
In contrast, other notable cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu have seen significant drops in their available supplies on exchanges. For instance, SHIB’s tokens decreased from 167 trillion to 134 trillion over the past year. Similarly, Ethereum’s supply dropped by about 11% from its initial figure of 20.66 million ETH, before experiencing a small recovery.
These trends raise questions about the impact these declines may have on their respective markets and overall sentiment.
Source: thecryptobasic.com
