XRP: Of hacks, declining sentiments and so-so metrics
- Bitfinex hack attempt sparked negative sentiment around XRP.
- Ripple CEO to attend World Economic Forum to boost industry credibility and advocate for growth.
The recent attempted attack on Bitfinex caused many traders to speculate whether it will have an impact on Ripple [XRP].
A hacker misused a feature on the XRP Ledger to unsuccessfully exploit the exchange and attempted to transfer tokens worth billions.
In the aftermath of these attacks, concerns arose among traders about its potential repercussions on XRP, which caused a surge in negative sentiment and FUD around the cryptocurrency.
XRP faces challenges
📊 Following an attempted (but failed) @bitfinex hack using a “Partial Payments Exploit”, there is high negative sentiment toward $XRP. The #altcoin‘s price performance has been middling in 2024. Along with a low #RSI, there is upside while #FUD is high. https://t.co/QOPIKzD7sC pic.twitter.com/M6u59SUVlN
— Santiment (@santimentfeed) January 15, 2024
Despite the uncertainty surrounding the attack, XRP’s price held steady at $0.57475, experiencing a slight decline of 0.54% in the last 24 hours.
However, the state of XRP’s on-chain metrics painted a mixed picture. While network growth witnessed a decline, indicating waning interest from new addresses, the total number of addresses continued to grow.
This dynamic could create a complex landscape for XRP, with some users losing interest while others join the network.
Source: Santiment
Some positive moves
In a move to potentially improve sentiment, Ripple Labs CEO Brad Garlinghouse said he plans to participate in the World Economic Forum (WEF) event on 18th January. The WEF discussion will be focused on the role of sensible global regulation in the cryptocurrency space.
Read Ripple’s [XRP] Price Prediction 2024-2025
Despite the challenges Ripple Labs faced in recent years, including legal issues, the company is strategically focusing on global expansion. Participating in events like the WEF could allow Ripple to gain credibility.
On a technical front, activity on the XRPL declined, reflecting a potential impact on XRPL payments. This decline could be indicative of a cautious approach from users and waning interest.
Source: XRP Ledger
