$XRP had an eleven year old minting bug patched out of its ledger on September 25, the disclosure went public yesterday, and the price did not move at all.
The timeline is documented and worth reading twice. On September 22, researchers Cayden Liao and Veria AI reported an integer overflow in the payment engine through the bug bounty program. The flaw had been live since 2015 and could have created XRP beyond the 100 billion supply cap. Version 3.4.1 shipped three days later with overflow checks, and more than 80% of the default validator list was already running the patched build that same day. A second, lower severity issue in Batch transactions went out in the same release. RippleX states it found no evidence the bug was ever exploited on any public network.
Here is why this deserves a post. A flaw that can mint supply out of nothing is about as fundamental as risk gets for a monetary asset, and the tape registered neither the risk nor the all clear. XRP sits at 1.4024, up 0.3% on the day and down 5.7% on the week. Volume over the last 24 hours is 100.8M against a 248.1M thirty day average, so 41% of normal participation. The market simply was not watching.
Positioning is unwinding quietly underneath. The long/short account ratio printed 2.75, then 2.65, then 2.34 across three days, so leveraged longs are stepping back while spot does nothing. Funding is 0.0074%, open interest 297M.
Levels: 1.66 is the supply that rejected the September run, 1.53 and 1.45 are the two resistances above price, and the demand zone sits between 1.25 and 1.32. The thirty day low is 1.2468.
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#XRPLedgerPatchesXRPCreationBug #XRP #Ripple #crypto #altcoin
The timeline is documented and worth reading twice. On September 22, researchers Cayden Liao and Veria AI reported an integer overflow in the payment engine through the bug bounty program. The flaw had been live since 2015 and could have created XRP beyond the 100 billion supply cap. Version 3.4.1 shipped three days later with overflow checks, and more than 80% of the default validator list was already running the patched build that same day. A second, lower severity issue in Batch transactions went out in the same release. RippleX states it found no evidence the bug was ever exploited on any public network.
Here is why this deserves a post. A flaw that can mint supply out of nothing is about as fundamental as risk gets for a monetary asset, and the tape registered neither the risk nor the all clear. XRP sits at 1.4024, up 0.3% on the day and down 5.7% on the week. Volume over the last 24 hours is 100.8M against a 248.1M thirty day average, so 41% of normal participation. The market simply was not watching.
Positioning is unwinding quietly underneath. The long/short account ratio printed 2.75, then 2.65, then 2.34 across three days, so leveraged longs are stepping back while spot does nothing. Funding is 0.0074%, open interest 297M.
Levels: 1.66 is the supply that rejected the September run, 1.53 and 1.45 are the two resistances above price, and the demand zone sits between 1.25 and 1.32. The thirty day low is 1.2468.
Follow me for daily positioning breakdowns like this one.
#XRPLedgerPatchesXRPCreationBug #XRP #Ripple #crypto #altcoin