On February 4, the XRP Ledger suffered a 1-hour outage in which the network did not process any transactions. The outage has now been resolved, and there was no loss of funds.
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According to Ripple CTO David Schwartz, who was one of the original architects of the XRP Ledger, the root cause of the outage is not yet known. Schwartz speculated that the halt could have been the result of a network “drift” caused by the fact that the consensus process was running while validations stopped being published.
Schwartz also said that it’s unclear if the issue was resolved by manual intervention by validator operators or if the network self-healed.
The network is now recovering. We don’t know exactly what caused the issue yet.
Super-preliminary observation: It looked like consensus was running but validations were not being published, causing the network to drift apart. Validator operators manually intervened to choose a…
— David “JoelKatz” Schwartz (@JoelKatz) February 4, 2025
Downtimes are particularly controversial when it comes to blockchains and other types of distributed ledgers, as these networks are usually designed to be decentralized, censorship-resistant and available at all times. Is the XRP outage to blame for XRP dropping below the $2.50 level?
Did the XRP Ledger outage cause today’s XRP price drop?
It’s unlikely that the XRP Ledger outage caused today’s 7.2% XRP price drop. While the outage certainly isn’t positive news for XRP, price action at the time of the outage suggests the market didn’t view it as a significant event.
The XRP Ledger halted at Ledger 93927173, which was closed on February 4 at 10:54 PM UTC+1.
As we can see, the XRP price actually saw a moderate increase immediately following the outage, which either suggests market participants were late to receive the information about the outage or viewed it as an insignificant event.
Today’s XRP price drop is likely a result of the overall crypto market drop, as 80 out of the top 100 cryptocurrencies by market cap have lost value in the last 24 hours.
Source: https://coincodex.com/article/62388/is-xrp-ledger-outage-to-blame-for-the-xrp-price-drop/