XRP Healthcare Ceases XRP To XRPH Swap Facility Amid Supply Crunch, What’s Happening?
Release: 2024/05/27 21:25 Reading: 496
,XRP Healthcare, a platform where healthcare connects with blockchain, XRPL (XRP Ledger), recently announced their plans to discontinue the XRP to XRPH swap facility by June 7th or upon exhaustion of their allocated XRPH Swap facility tokens' supply. This move, driven by the unprecedented demand for XRPH tokens amidst a limited supply of only 100 million tokens, has sparked significant attention within the global crypto community.
XRPH serves as the native token for XRP Healthcare, enabling users to acquire a range of healthcare products and services through the platform's decentralized marketplace. However, upon the announcement's release, XRPH's value witnessed a sharp decline.
A Deeper Dive into the Report
This decision, as outlined in a press release, represents a strategic move. It emphasizes the critical need to preserve the finite supply of XRPH tokens on exchanges and the XRP Healthcare Prescription Savings Card App, accessible on both Android and iOS.
XRPH holders can utilize these tokens to purchase healthcare-related products and services across 68,000 pharmacies, including Walmarts, CVS, Walgreens, and others, potentially saving up to 80% on prescriptions and medications, with each card usage deducting $1.00 worth of XRPH tokens.
Significantly, XRPH possesses a finite supply of just 100 million tokens. According to CoinMarketCap data, the circulating supply at the time of writing stood at $70,708,715 XRPH. This further underscores the growing adoption of the healthcare-based token on the XRP Ledger. As the project gains traction, the depletion of the supply is an impending reality.
Kain Roomes, CEO and Founder of XRP Healthcare, stated, "Suspending the swap facility is a crucial measure to ensure the long-term integrity and scarcity of XRPH tokens. By Blackholing the issuing account, we align with industry best practices to safeguard the value of our tokens for our users."
Blackholing entails prohibiting the issuing account from generating additional tokens, effectively freezing the supply.
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XRPH's Decline
Despite the aforementioned decision's intended purpose of creating token scarcity and enhancing its value, the price movement has taken a different direction. XRPH has experienced a noticeable pullback, plummeting to $0.0482, marking a 6.24% loss over the last 24 hours. The token's 24-hour trading volume has declined by 7.57% to $288,818, accompanied by a 6.24% dip in its market capitalization to $3,408,185.
In parallel, it's noteworthy that XRP, the native token of XRPL, was trading at $0.5295, representing a 0.87% drop within the past day.
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The post XRP Healthcare Ceases XRP To XRPH Swap Facility Amid Supply Crunch, What’s Happening? appeared first on CoinGape.
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