XRP Burns Surge 100%: What’s Driving the Movement?

A significant spike in XRP transactions has been observed recently, with over 4,600 tokens burned within a single day – twice the average burn rate observed this month. While this increase is noteworthy, its overall market impact remains relatively modest. Currently, XRP is hovering just below a descending resistance trendline around $2.08, supported by the 200 EMA which has served as a vital defense point in recent weeks. Despite consolidating, XRP hasn’t decisively shifted to a new trend direction, evidenced by its continued price range restriction between $1.95 and $2.24.