Firms with large user-base, especially those that deal in asset transaction are common with periodic website upgrade. There could be need for such upgrade to strengthen security or enhance user-experience and many more.

For such purposes, Poloniex, a US-based cryptocurrency Exchange, recently announced the scheduled upgrade of its XRP wallets, which will start from Monday.

Poloniex Exchange made this forthcoming upgrade known via its Twitter handle. According to the Cryptocurrency Exchange, customers will not be deterred from trading on its platform, but deposit and withdrawal will be impossible within the assigned period of the scheduled upgrade.

The Poloniex hinted that the importance of the proposed XRP wallets upgrade is enhancement of its user’s experience. The update also stated that once the upgrade is completed, users will not have to make 20 XRP deposit as minimum requirement for opening an account.

In addition, the numbers of confirmations to be done for deposits will see a drastic cut from 12 to 2. This is as well aimed at reducing the present deposit time from 20 minutes to 15 seconds.

The announcement also has it that the forthcoming upgrade will make new deposits require destination tag, which will serve as means of differentiating customer’s deposits, this is due to the fact that virtually all cryptocurrency exchanges use the same XRP address for theirs users.

Howbeit, traders will still be allowed to make deposits into their previously-generated addresses without destination tag, but that won’t deter their respective reception of new deposit address that possesses destination tag.

Conclusively, Poloniex stated that the upgrade of the XRP wallets will start on Monday, around 15.15 UTC, and will last for several hours.

XRP and other Digital Currencies in the Market

Cryptocurrency market is back to its usual price retrogression. XRP experienced another price slash in the market a couple of hours ago, the price downtrend that was led by Bitcoin, the largest cryptocurrency by market cap.

XRP has quite lingered for so long at 25 cents price region, and the rising looks more difficult by day. The fact that the digital currency has not been gaining price independently in the market makes its possibility for a soonest significant growth infeasible.

At the time of filing this report, XRP is trading at $0.251895, with over 2% price downtrend in the last 24 hours. This shows that further price drop for the digital currency could initiate its possible loss of $0.25 support.

In the other hand, Ethereum (ETH), the second largest cryptocurrency has also made a huge loss over the last 24 hours, losing relatively 3 percent of its value to bears at press time. All the top 20 coins except Tether (USDT) have so far recorded notable losses respectively.