XRP Healthcare, a platform where healthcare meets blockchain, XRPL (XRP Ledger), recently announced that it plans to cease the XRP to XRPH swap facility as soon as June 7th or when its allocated XRPH Swap facility tokens’ supply goes dry. Coming as a mover to tackle the unprecedented demand for its XRPH tokens in the midst of a finite supply of only 100 million tokens, this decision has garnered noteworthy interest across the global crypto community.

XRPH is the native token of XRP Healthcare, which can be used to purchase a stockpile of healthcare products and services via the platform’s decentralized marketplace. However, XRPH’s value witnessed a steep plunge upon the news surfacing in the market.

A Closer Look Into The Report

According to a press release, this decision is a strategic move. It underscores the importance of preserving the finite supply of XRPH tokens on exchanges and the XRP Healthcare Prescription Savings Card App, which is available on Android and iOS.

Holders of XRPH can use these tokens to buy healthcare-related products and services across 68,000 pharmacies encompassing Walmarts, CVS, Walgreens, and others for up to 80% savings on prescriptions and medications in return for $1.00 of XRPH tokens each time the card is used.

It’s worth noting that XRPH has a finite supply of only 100 million tokens. Per CoinMarketCap’s data, the circulating supply as of writing totaled $70,708,715 XRPH. This further underscores the gradual growth in the adoption of the healthcare-based token on the XRP Ledger. As the venture continues to gain popularity, a time when the supply experiences a dry stock spell isn’t far away.

Kain Roomes, CEO and Founder of XRP Healthcare stated, “Halting the swap facility is a crucial step in ensuring the long-term integrity and scarcity of XRPH tokens. By Blackholing the issuing account, we are aligning with the best practices in the cryptocurrency space to maintain the value of our tokens for our consumers.”

Blackholing refers to the process wherein the issuing account is prohibited from creating any more tokens, leaving the supply still.

Also Read: Top 5 Reasons Why Ethereum Price Is Rising, Rally To Sustain?

XRPH Slumps

Although the abovementioned decision aims to create scarcity for the token and bolster its value, contrary price shifts have taken place. XRPH experienced a notable pullback, dipping steeply to $0.0482, down 6.24% in the past 24 hours. The token’s 24-hour trading volume declined 7.57% to $288,818, followed by a 6.24% dip in its market cap to $3,408,185.

Meanwhile, it’s also worth noting that XRP, the native token of XRPL, traded at $0.5295, a 0.87% fall over the past day.

Also Read: Pepe Coin Price: Smart Trader Nabs 867% Profit, PEPE Hits New All-Time High

The post XRP Healthcare Ceases XRP To XRPH Swap Facility Amid Supply Crunch, What’s Happening? appeared first on CoinGape.

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Filed under: News - @ May 27, 2024 1:25 pm