- XRP Ledger (XRPL) fails to produce a new block after an outage hit the network; however, Ripple CTO has disclosed that the operation is under control.
- Preliminary assessment hints that the outage may have been caused by technical failure.
Activities on the XRP Ledger (XRPL) recently came to a standstill after suffering from an outage for almost an hour. According to reports, block production was halted, disrupting operations and the network’s stability. However, the Chief Technology Officer of Ripple, David Schwartz, believes that the network is recovering.
More About the XRPL Outage
Speaking on the situation, Schwartz disclosed that the cause of the outage is currently not clear, however, it might have been caused by technical failure. Also, Schwartz believes the issue of Validators not being published caused the network to drift apart. After enough consensus was reached, the network started running again. Regardless, the Ripple CTO agreed that his preliminary assessment could be wrong. In all, no ledger with majority validation has been lost.
Very few UNL operators actually made any changes, as far as I can tell, so it’s possible the network spontaneously recovered. I’m not sure yet. We don’t know the details yet, but servers likely refused to send validations precisely because they knew something was wrong…
Following this announcement, some X users poked fun at XRP with one commentator claiming that banks were not affected by the XRPL’s outage since none is using it. Interestingly, Schwartz responded that such inconveniences are not limited to the XRPL as Bitcoin mostly goes an hour without confirming any block.
Bitcoin frequently goes an hour without confirming any transactions, and Bitcoin had two network-level failure incidents, one in 2010 for 8 hours and one in 2013 for 6 hours.
Meanwhile, this network disruption occurred after the XRPL announced the lineup of eight key amendments for voting. As detailed in our last news piece, these amendments included XLS-70 Credentials, XLS-37 AMM Clawback, XLS-33 Multi-Purpose Tokens, XLS-52 NFTokenMintOffer, etc.
XRP Price Analysis
Amidst the backdrop of this, XRP has declined by 19% in the last seven days to trade at $2.5. According to our market data, the asset’s current price trend is evident in the 47.8% decline in its 24-hour trading volume. This also indicates that investors’ engagement has significantly reduced compared to the previous day.
Joining the XRP price analysis, analyst EGRAG CRYPTO predicted that the asset could soon hit $4.50. However, the asset would first have to breach the 1.337 Fibonacci extension at $3.221. Failure to validate this level could see XRP plunging to the $1.83 support level.
Shedding more light on this, EGRAG CRYPTO pointed out that bulls have successfully bought the dip whenever the asset falls below $3. Meanwhile, analyst Dark Defender believes that the $3.2 price level is just a conservative estimate. As highlighted in our previous article, this analyst expects XRP to hit $5.8. On a good run, he also believes that the asset could hit $18.
In a recent update, we examined the potential impact of the spot XRP Exchange Traded Fund (ETF) on the price. According to that report, the official approval could see XRP hitting $26 this cycle.
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