XRP Burning Fees Increased by 147% on October 30

The amount of XRP burned through transaction fees on the XRP Ledger reached 1.644 on October 30. This increase indicates that the automatic burning mechanism, linked to transaction activity on the network, has regained momentum. The XRP Ledger permanently removes a small amount of XRP from circulation with each transaction. So far, a total of 14,423,678 XRP has been burned, which corresponds to approximately 0.014% of the total supply. In October, the price of XRP fell by 15.86%, marking its first monthly loss since July. The cryptocurrency market exhibited weak performance in October. Binance reported a loss of $6.3 billion in customer assets, covering approximately 90% of the value of stolen crypto assets. Third-quarter data indicated growth in the XRP ecosystem; the amount of stablecoins increased by 25.2% to $1.03 billion, and global net inflows of XRP ETP rose by 39.6% to $355.3 million.