- XRP Healthcare has announced that it plans to cease the XRP To XRPH swap facility as soon as June 7th or when the supply goes dry, aiming to preserve and increase scarcity for XRPH.
- This decision is a strategic move to tackle the unprecedented demand for XRPH tokens amid a finite supply of only 100 million tokens.
- Conversely, XRPH crashed, dipping nearly 6% upon the news surfacing in the market.
XRP Healthcare halts XRP To XRPH swap facility to preserve token scarcity amid high demand.
Strategic Move to Preserve Token Scarcity
XRP Healthcare, a platform where healthcare meets blockchain, 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. This decision comes as a move to tackle the unprecedented demand for its XRPH tokens amid a finite supply of only 100 million tokens, garnering noteworthy interest across the global crypto community.
Implications for XRPH Token Holders
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. According to a press release, this decision 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.
Market Reaction and Token Performance
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.
Although the 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.
CEO’s Perspective on the Decision
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.
Conclusion
In conclusion, XRP Healthcare’s decision to halt the XRP to XRPH swap facility is a strategic move aimed at preserving the scarcity and value of XRPH tokens. While the immediate market reaction has been a decline in XRPH’s value, the long-term implications could potentially lead to increased value and adoption of the token. Investors and stakeholders will be closely monitoring the market’s response as the supply of XRPH tokens continues to dwindle.
