It appears that the situation is not exactly as initially perceived, after a now-deleted post from
Wolf of All Streets, a well-known cryptocurrency commentator, raised concerns due to transactions occurring primarily from a single wallet. This situation poses risks to all assets as it can be potentially problematic for one individual to have significant control over the liquidity of the asset.
Bitfinex CTO Sets the Record Straight on XRP Rumors
Bitfinex Chief Technology Officer Paolo Ardoino went to
“Someone attempted to attack Bitfinex via a “partial payment exploit.” The attack failed because Bitfinex correctly handles the ‘delivered_amount’ data field.”
He was prompted to do so after numerous reports swirled online of a large transaction, i.e. nearly 50% of XRP’s total supply was sent to the exchange through one wallet in a single transaction.
It was originally discovered by the prominent account Whale Alerts. “This can’t be real,” Wolf of All Streets told his 932,500 followers.
“XRP’s circulating supply is approximately 54 billion. This accounts for almost half. In one wallet. “In one transaction.”
Investors holding cryptocurrency assets become concerned when a single wallet accounts for most of the supply. This is because it gives the holder significant power and control over the entire market.
If holders sell all their assets at once, this could have a significant impact on the price of XRP.
At the time of publication, the price of XRP is $0.59.
Read more: How to Make Money in Cryptocurrency: Top 4 Ways to Make Money in 2024
Rumors that an XRP ETF is in the works
This is a major concern for the cryptocurrency community. This is because there is speculation about the possibility of approval of the XRP Exchange Traded Fund (ETF). The US SEC decided last week to approve 11 spot Bitcoin ETFs.
On January 8, BeInCrypto reported that there were predictions that Fidelity could launch an ETF product by April 2024. Approval could also potentially come before the end of 2024.
However, this is not the first time XRP has been exposed to false news.
Last year, news broke that BlackRock had filed a fake XRP ETF, sending the asset’s price soaring 10%.
Read more: How to evaluate cryptocurrencies through on-chain and fundamental analysis
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