XRP Ledger (XRPL) The company just experienced one of its biggest crashes this year, with on-chain data showing that activity on the Ripple blockchain has decreased by 99%. While this may seem like a major red flag, this decline has not yet had a significant impact XRP pricesuggests that the situation may not be as alarming as it seems.
Overview of Ripple’s XRP Ledger 99% Crash
Over the weekend, transaction activity on the XRP Ledger sharply decreased, dropping by approximately 99% within 48 hours. A closer look reveals that this decline is not a major factor and is primarily due to timing. Ledger technical issues. Cryptocurrency trading volumes typically decrease over the weekend. This is a lot of institutional trader Market makers reduce or completely stop trading over the weekend, diluting liquidity and reducing the amount paid out on the ledger.
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In particular, on-chain data from XRPScans revealed The amount of payments between XRPL accounts decreased from 1.09 billion on Thursday, January 8 to 166.99 million on Saturday. this is a large Reduced network usagewhich shows how much activity can decrease over the weekend. The number of payments has not yet recovered, and has declined further to approximately 137.4 million as of January 11th.
In addition to the decrease in trading volume, the number of transactions performed on the XRP Ledger during that period also decreased. XRPScans showed that transactions decreased The number rose from more than 2 million on Thursday to 1.8 million on Saturday. This decrease in both volume and transfer indicates that even a small decrease in participation from large accounts or institutional users can have a significant impact on network metrics.
It is worth noting that XRP price still trading above $2 It is also less affected by the recent drop in network activity. CoinMarketCap data shows that its value has fallen by more than 4% in the past week, but there is no clear evidence linking this to the ledger’s recent 99% decline.
Interestingly, a few days before the crash, the XRP Ledger recorded a large value. Increase in whale tradeeach worth more than $100,000. This suggests that the XRP network continues to receive substantial activity and engagement from major holders, despite the network’s temporary fluctuations.
XRPL developers share new updates for Ledger
Vet, an XRPL dUNL verifier and developer, share A new update to the XRP Ledger brings massive amounts of Corrections and correctionss is approaching the activation timer. This is an important step for blockchain networks, and promises to increase functionality and security for developers and users.
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Vet says that the upcoming changes will include several important features such as TokenEscrow, AMMClawback, Multipurpose Token (MPT), and Price Oracle. He emphasized that the XRP development team remains committed to maintaining the ledger at peak performance. He also added that the team is working diligently to ensure all features work smoothly regardless of XRP’s current market price.
Featured image from Freepik, chart from Tradingview.com
