- Following the bridge’s introduction, XRP holder count and token volume on Coreum have significantly risen, indicating growing interest.
- Community speculation varies, with some predicting price increases due to potential XRP supply decreases and enhanced utility.
The Coreum Network has seen a substantial increase in the volume of XRP tokens on its platform, with figures showing a 2703% rise within a two-week span. This development has sparked discussion among the XRP community regarding its potential influence on the cryptocurrency’s market value.
Over 1,600,000+ $XRP are living on the @cosmos ecosystem using the XRPL Coreum Bridge.
Supercharge your XRPL-native assets today.
🌉: https://t.co/slbv3wKNS5#GoSolo #BridgeToTheCore pic.twitter.com/5RTRGYRMys
— Sologenic (@realSologenic) April 8, 2024
A statement from Sologenic on platform X highlighted the significant influx of XRP tokens into the network. Within a fortnight, the quantity of XRP tokens present on Coreum experienced a surge of 2703%, culminating in a total of 1.6 million tokens.
This sudden rise in XRP tokens has drawn attention from the global XRP community, leading to speculation regarding the future price direction of the digital currency.
More about: Ripple’s XRP Trading Surges 75% During Bitcoin Halving – $1 Price Prediction for Q2
The rise in the amount of XRP tokens found on the Coreum platform is due to the creation of a new bridge. This bridge connects Coreum to the XRP Ledger (XRPL), making it easier to transfer XRP and other assets between the two networks. As a result, users benefit from improved compatibility between these systems and more straightforward access to transferring assets.
Since its deployment on March 12, before Coreum’s public unveiling on March 20, the bridge has experienced a surge in usage. According to available data, the count of XRP holders rose by 2287%, reaching a total of 191 users.
In tandem, the total volume of XRP tokens transferred via the bridge hit 57,191, establishing Coreum as a preferred platform for conducting XRP transactions.
Coreum’s blockchain explorer shows a total of 1,614,243 XRP tokens are currently held in 464 different addresses within the Coreum network. This figure is a 2703% rise in the number of XRP tokens recorded since March 22, indicating a notable increase in transactions or interactions taking place on the Coreum network.
Related: XRP Price Prediction: Expert Forecasts $12 Amid Ripple’s Stablecoin Market Focus
A considerable quantity of these tokens, specifically 1.2 million from the overall 1.6 million XRP, has been allocated to liquidity pools on the Pulsara decentralized exchange, which is built on Coreum.
This increase in XRP tokens on Coreum has led to various opinions within the XRP group. Some members are discussing the potential for a reduced supply of XRP, which might influence the currency’s market price.
Wow! Y’all that I was playing when I said there would be an #XRP Supply Shock!
This is just the start of bridges, DeFi and XRP being locked up! Also, as activity picks up, more XRP is being BURNED! 🔥 https://t.co/hr3wQf0qjS— Zach Rector (@ZachRector7) April 9, 2024
Analyst Zach Rector underscored the possibility of such a supply shock, foreseeing it as an outcome of enhanced bridge connections and increased XRP burning driven by higher adoption and on-chain activity levels.
While a segment of the community anticipates that a decrease in XRP supply might push its price upward, others view this trend as a positive step towards amplifying XRP’s utility and presence within the wider cryptocurrency market.
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The current price of Ripple (XRP-USD) is $0.612293, showing a decrease of $0.006023 (-0.97%) from the previous close. Today’s trading range for XRP is between $0.602058 and $0.615606.
