As a report has it, there is a significant increase in accumulation among XRP largest wallets, raising questions about its impact on the price of the digital token XRP.
This update was shared by Mark Phillips, the host of BetterPRNow Podcast on 24th June 2020. He wrote, “There is some serious XRP accumulation among the largest wallets. Thanks (as always!) to Wietse Wind for these stats.”
— Mark Phillips (@Mark_Phillips) June 24, 2020
Crypto whales’ accumulation used to be a significant indicator of a favorable price trend. But the present situation in the crypto market speaks otherwise. At press time, XRP is trading at $0.182311, with a 1.41% price plummet in the last 24 hours.
Becoming One of the Richest in XRP Ecosystem
In order for a user to join the elite club of the richest in the XRP ecosystem, one has to accumulate 23,298,725 XRP worth approximately $4.4 million at the time of writing.
Also, the threshold for joining the tiniest fraction of XRP holders spiked by relatively 64% over the past 10 months.
It is also worth noting that the digital token XRP has one of the highest levels of wealth inequality amidst the top digital currencies. A Report says that whales control 85% of XRP total supply.
Crypto Exchanges Lose Millions of XRP to Malicious Attacks
Crypto exchanges, gateways, merchants are prone to malicious attacks, due to failure to configure XRP Ledger when integrated with exchanges or other financial institutions.
According to Xrplorer, a tool specially designed to prevent malicious attacks, exchanges need to carefully check their settings, to prevent malicious actors that consistently look for loopholes in platforms, so as to take advantage of the Partial Payments feature.
Xrplorer shared this, “We have intercepted 3 successful partial payment exploit attacks within 1 month, caught in real-time by our systems. Exchanges, please check your implementations. There are bad actors constantly testing for vulnerabilities!”
We have intercepted 3 successful partial payment exploit attacks within 1 month, caught in real-time by our systems. Exchanges, please check your implementations. There are bad actors constantly testing for vulnerabilities! https://t.co/SiZJMqQSfS
— xrplorer.com (@xrplorer) June 21, 2020
The Partial Payments feature allows a transaction sent to deduct the transfer fee of the recipient. So, if a user is returning a payment, the transfer fee can be charged to the recipient, which saves the sender from incurring an additional expense.
It’s better explained on the XRP Ledger GitHub page:
“The amount of XRP used for the transaction cost is always deducted from the sender’s account, regardless of the type of transaction. Partial payments can be used to exploit naive integrations with the XRP Ledger to steal money from exchanges and gateways.”