The importance of Ripple monitorization on the Crystal platform

Ripple (XRP) cryptocurrency released in 2012 stands behind two other digital assets only in terms of market capitalization, as of August 2020. Ripple is the sixth digital asset to be supported by the Crystal Blockchain analytics platform, adding to the current list of bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH, as well as ERC20 and ERC721), Litecoin (LTC), and Tether (USDT).

Ripple monitorization is proving to be even more important in terms of entity and transaction tracing, as well as risk and connections profiling, as countries like Japan consider harnessing Ripple’s technology to power their state digital currencies such as the “MUFG coin”.

The average daily amounts of XRP and Ripple tokens that flowed between VASPs, ie. through exchanges and payment processors since 2017, is $101m. The total amount of XRP and Ripple tokens received by VASPs between Q1 2017 and Q3 2020 was $68,827,093,406 and the total amount sent by VASPs between Q1 2017 and Q3 2020 was $65,173,151,760.

Ripple may not be exposed to quite as many hacks as other cryptocurrencies on the market, but it has come under occasional attack, particularly in the recent Twitter Hack where the Ripple Twitter account was breached by hackers, as well as the numerous giveaway bot scams involving Ripple and its CEO Brad Garlinghouse, that purport to be legit. There was also the GateHub attack back in 2019 where hackers stole almost $10m USD worth of Ripple (XRP).

If you have any questions about how to use Ripple monitoring or any other platform feature, new or old, get in touch with the Crystal analytics team at [email protected].