XRP Unfazed as Ripple Touts Regulatory Clarity Amidst Hack Fallout
XRP's price has remained relatively stable despite two recent developments that could have had a significant impact on its value. The cryptocurrency traded near $1.50 on Monday, down 1.8% from the previous day but still 13% above its 50-day moving average of $1.33.
The first development is an emergency software patch released by the XRP Ledger Foundation and RippleX's developer team. Version xrpld v3.4.1 was deployed last Friday to address a protocol amendment issue with malformed internal transactions in batches. Node operators and validators were urged to update their systems immediately, as delayed adoption could stall the network.
The second development is related to a hack at cryptocurrency exchange Bitget, which occurred on September 24. The platform has estimated its losses at around $387.5 million, with approximately 102.98 million XRP stolen. While some of the funds have been moved out of attacker-controlled accounts, 75.35 million units remain parked in six monitored wallets.
Ripple's Chief Legal Officer, Stuart Alderoty, has stated that the token's regulatory status is not affected by the US Clarity Act's progress in Congress. He believes that the outcome of the company's litigation with the Securities and Exchange Commission and joint SEC and CFTC guidance have already established XRP as a commodity.