XRP Ledger Witnesses Unprecedented Spike in Account Deletions

Vignesh Karunanidhi
Whales Move Millions in XRP As Price Holds Recent Gains
Source: Binance Academy

In one of the most recent updates, the XRP Ledger experienced a massive spike in account deletions.

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The XRP Ledger (XRPL) ecosystem has experienced substantial growth over the past year, despite the ongoing legal dispute between Ripple Labs and the SEC, which originated in 2020. The SEC filed a lawsuit against Ripple, claiming that XRP should be classified as a security. The legal proceedings have been ongoing for more than two years. Nevertheless, the XRP team has continued to demonstrate progress and development within the ecosystem.

XRP Ledger witnessed one of the biggest account deletions

According to the details, the ledger witnessed one of the largest account spike deletions registered to date. The significant spike in account deletions on the XRP Ledger was largely influenced by actions taken by Poloniex, a prominent cryptocurrency exchange. According to reports, Poloniex deleted around 15,000 outdated XRP accounts, leading to the retrieval of approximately 275,000 XRP tokens.

In other Ripple news, the Ripple team is collaborating with Columbia’s central bank, Banco de la República. This initiative is part of MinTIC’s ongoing phase of blockchain experimentation.