There is a viral claim flooding the crypto space that a secret U.S. bill has been passed and could see XRP Price soar to $60,000 soon. According to this rumor via the Youtube channel “Crypto Insight,” Bloomberg reported that this bill allegedly forces some major U.S banks to adopt XRP as the backbone of the country’s new financial system.
The video also claims that Ripple will burn 50 billion XRP tokens to create scarcity which would help push the price to skyrocket. But, as exciting as the idea of XRP hitting a $60,000 target sounds, how true can this claim really be?
The host debunked that the rumor was false. First, no such bill exists. Laws in the U.S., especially ones that could impact the financial impact, are announced publicly and require debate plus approval by Congress. That being said, there has been no record or official mention of any secret legislation forcing XRP adoption.
Secondly, Ripple cannot just burn 50 billion XRP tokens. These tokens are held in an automated escrow system and released monthly through a pre-programmed smart contract. Moveover, Ripple has no way to arbitrarily destroy such a huge amount without public transparency and legal approval.
The video also points out that the supposed Bloomberg reports used to support the claim are fake. Thus, the $60,000 price target doesn’t seem feasible as of now.
At press time, XRP changed hands at $2.30. So, a surge to $60,000 is about 2,608,161%, according to a chart via TradingView. It, however, sounds unrealistic given XRP’s circulating supply and market limit. For the meantime, investors are looking at the $3 target.
