XRPScan, a leading explorer for the XRP Ledger (XRPL) ecosystem, has released an updated XRP payment flow chart to boost transparency.
XRPScan said the updates became necessary following the regulatory crackdown that Binance faced earlier this week. With the updated XRP payment flow charts, users can now see the total count and volume of transactions associated with any particular wallet.
Relevance of the XRP Ledger Explorer Facelift
Many crypto critics claim that blockchain, the technology underpinning the new asset class, shrouds transactions in a way that makes them difficult to track. The move from XRPScan aims to squash this narrative by uncovering any unusual activity that might flow through the XRP Ledger.
According to its data page under the “Analyze” tab, users can get a glimpse of the payment and volume on the dates that notable transactions get recorded. The new XRPScan feature now tracks both the funds flowing in and out of a wallet.
The protocol demonstrated the viability of this feature using the Binance 10 wallet. According to the data shown, Binance maintains a very defined range of funds as inflows. Notably, the exchange recorded transactions ranging from 2213 XRP to a high of 86,783,379 XRP.
The peak inflow into the Binance wallet at the upper end of the range came on November 14 with a total of 2 transactions recorded.
The XRPScan “Analyze” feature will show how visible suspicious transactions are, helping to keep a leash on fraudulent activities from entities embracing XRP. Similarly, the feature showed the largest Binance outflow of 58,825,362 XRP recorded on November 21.
Compliance at its Best
With the XRPScan making this move, it is contributing to the trust-building process that can stir regulators to reconsider their stance altogether. This new feature comes as one of the latest updates made to boost compliance, user experience and enhance the usability of the XRP Ledger entirely.
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November 24, 2023 at 06:26PM
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XRP Ledger Explorer Debuts Updated Flow Chart to Boost Transparency - The Crypto Basic
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