Ripple Can't Burn Escrowed XRP Without Validator Consensus: Claver
Ripple's 32 billion XRP held in escrow has raised concerns about its potential burning, but crypto commentator Jake Claver says that's not possible. The XRP Ledger is based on decentralized validator consensus, which requires a 80% agreement among validators to make any changes.
According to Claver, Ripple operates three of the 35 trusted validators and cannot single-handedly burn the escrowed tokens. He cited an example of a recent vote to update the XRP Ledger v3.2.0 after its June 15 release.
Ripple's CTO Emeritus David Schwartz also weighed in on the topic, stating that burning XRP would not have a positive impact on the price. In February 2024, Schwartz rejected the idea of burning XRP from escrow every month to support the XRP price, saying it had 'no real effect' on the XLM price.