XRP Hack Attempt Triggers Investor Panic, Market Sentiment Plummets

The post XRP Hack Attempt Triggers Investor Panic, Market Sentiment Plummets appeared first on Coinpedia Fintech News

On January 14, XRP, a well-known cryptocurrency and the market’s darling, faced a unique challenge when an attempt to hack involving a $15 billion transaction unfolded. The incident involved an exploiter trying to make a massive 25 billion XRP payment to the Bitfinex exchange.

Thankfully, the transaction did not occur, but confusion arose when the Whale Alert tracker mistakenly reported it as successful, causing concern in the crypto community. What next? Read on.

Surge in Negative Sentiment for XRP

After the unsuccessful Bitfinex hack attempt, Santiment, a leading market intelligence platform, identified a notable increase in negative sentiment towards XRP. Traders, grappling with the implications of the substantial amount involved, feared a potential massive sell-off that could impact XRP’s market value.

Santiment’s analysis pinpointed January 14 as one of the most adverse sentiment days for XRP in recent years, reflecting heightened apprehension within the crypto community.

Also Read: Ripple vs SEC : Potential $3 Billion Penalty Looms

All Hope is Not Lost!

Despite ongoing concerns, Santiment provides a glimmer of hope for XRP. Despite its less-than-impressive performance and a relatively low Relative Strength Index (RSI) in 2024, Santiment suggests a potential upside for XRP investors. With an RSI at 42, they indicate a favorable risk-reward scenario, implying the possibility of upward movement despite lingering doubts.

Read More: XRP Bulls Gaining Strength: Will They Push the Prices Above $0.6 This Week?

This is, without a doubt, a concerning time for XRP. Investors and traders are on high alert. As for you – stay tuned to Coinpedia for all the updates required!