XRP Ledger Removes Ripple from Code... What does it mean that whales control 74.1%?

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While the XRP Ledger removed the Ripple name from its core code, whale wallets gained control of 74.1% of the total XRP supply.

According to crypto media outlet U.Today on June 16 (local time), the XRP Ledger changed the name of its network executable from ‘ripple daemon’ to ‘xrpl daemon’. This is a measure to clearly distinguish between the independent public network and the commercial company Ripple.

The XRPL Foundation explained that users have been confusing XRP, the open blockchain, and Ripple. Their position is that completely removing the Ripple name from the code can serve as a basis for emphasizing the network's independence and decentralized structure. They also expect increased participation from external developers.

This update also included performance improvements. The memory usage of the core program has been reduced by 30-40% compared to before. System execution speed and operational efficiency are also expected to improve.

Large wallets have expanded their accumulation of XRP during the recent price decline. Wallets holding at least 1 million XRP now hold 74.1% of the total supply, reaching an all-time high. These wallets have purchased an additional 1.53 billion XRP over the past six months.

XRP recovered to $1.28, rising 13% in a single day. Ripple's expansion of its payment network and its real-world asset tokenization business were also presented as factors supporting whale accumulation.

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