XRP’s Sentiment: Rock Bottom after Hack Attack

January 16, 2024
1 min read

TLDR: A failed attempt to hack XRP caused panic in the market and led to a decrease in market sentiment. The incident involved a potential $15 billion transaction to the Bitfinex exchange, which was mistakenly reported as successful by the Whale Alert tracker. Following the hack attempt, negative sentiment towards XRP increased, with traders concerned about a potential sell-off. However, analysts see a possible upside for XRP, with a low RSI suggesting a favorable risk-reward scenario. Despite the concerns, XRP investors may still have hope for positive movement in the future.

On January 14, XRP faced a unique challenge when a failed attempt to hack the cryptocurrency involving a potential $15 billion transaction unfolded. Despite the transaction not occurring, confusion arose when the Whale Alert tracker mistakenly reported it as successful, causing concern in the crypto community.

Santiment, a leading market intelligence platform, identified a notable increase in negative sentiment towards XRP following the unsuccessful hack attempt. Traders feared a potential massive sell-off that could impact XRP’s market value.

Despite the increase in negative sentiment, Santiment suggests a potential upside for XRP investors. With a relatively low RSI in 2024, they indicate a favorable risk-reward scenario, implying the possibility of upward movement in XRP’s price.

Overall, this incident has caused panic among XRP investors, but analysts believe there may still be hope for positive movement in the future. Investors and traders are advised to stay tuned for updates on the situation.

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