Someone tried to manipulate the trading price of XRP cryptocurrency through large amounts of fake transaction data, but failed.
On January 15, 2024, an unknown person deposited a small amount of XRP to the crypto exchange Bitfinex & Binance using the “Partial Payments” feature, which allows the sender of a payment transaction to deliver less than the specified amount.
After this large fake amount of transaction activity, a Crypto whale transaction tracker website WhaleAlert platform confused and reported that Whale had deposited $147 billion worth of XRP coins on the Bitfinex & Binance exchange.
Notably, the current total market capitalization of the XRP coin is $31.7 billion, meaning it was a false illusion created by an unknown person.
In response, Bitfinex’s CTO responded and confirmed that someone tried to attack Bitfinex via a partial payment attack, but Bitfinex handled the attack via perfect processing of the actual payment amount data.
A sudden rise and fall in the XRP trading price shows that the attacker has managed to manipulate the trading price at some level.
XRP vs Sol
As we know, the Solana (Sol) coin surpassed the XRP coin in terms of total market capitalization in December 2023, so the Hong Kong Virtual Asset Consortium (HKVAC) removed Ripple’s this one by Solana (SOL).
In the third and fourth quarters of 2023, XRP was the top trending crypto asset for this innovative sector due to the better news surrounding the XRP coin from the developments surrounding Ripple versus SEC lawsuits.
XRP is the only cryptocurrency, after Bitcoin, a commodity in the US, as the court ruled in favor of Ripple (XRP).
People believe that 2024 is a very big opportunity for the XRP coin to show major rallies, which was expected during the 2021 rally but failed due to the SEC’s lawsuit against Ripple Labs.
Also read: BlackRock buys 11,500 Bitcoins, supply crisis coming?