XRP Nosedives 6%: Network Outage Raises Concerns

• XRPL faced an outage which impacted various types of nodes. 
• Developers rolled out the released 2.3.0 updates. 
• XRP crashed almost 6%, dropping to a daily low $1.29.

The XRP Ledger (XRPL), the blockchain network developed by Ripple, experienced a network outage that led developers to roll out significant enhancements to node functionality and voting protocols. The outage also triggered panic among investors, resulting in an XRP sell-off over the past 24 hours.

The XRPL outage disrupted node operations and affected various node types, including Full History, Current Ledger, Pathfinding, and Submission nodes. The issue stemmed from a missing ledger, which caused Ripple’s cluster and Full History servers to lose access to the current ledger.

Brad Chase, VP of Engineering at RippleX—a platform that uses XRPL for payment solutions—asked node operators and validators to update their infrastructure to the newly released 2.3.0 updates. He stated that details on the root cause of the network halt will be available soon once the nodes have the fix.

According to an X (formerly Twitter) post by XRPL Labs developer WietseWind, most nodes have resumed normal functioning levels without the need for manual intervention. Last week, Sui Network (SUI) also faced an outage that lasted two and a half hours, but developers quickly implemented a fix.

XRP Price Crash

CoinMarketCap data shows that XRP is trading at $1.38, down almost 6% in the past 24 hours, dropping as low as $1.29 in the past day. With a market cap of $78.74 billion, the digital asset stands as the sixth-largest cryptocurrency and eyes an entry into the top 5. 

Read also: Ripple’s XRP ETF Race Gains Traction With WisdomTree’s Filing

Over the past week, XRP has risen 27.67% and has surged 169.53% in the last 30 days, rebounding from its poor performance over the past 3 years. However, the altcoin remains down 63.99% from its all-time high of $3.84.