In a recent incident, an attacker made an unsuccessful attempt to exploit some of XRP’s payment features on the Bitfinex exchange.
The alarming transaction involved a staggering 25.6 billion XRP, equivalent to approximately $15 billion, and was initially flagged by Whale Alert.
Subsequent investigations revealed that this was a thwarted attack, with Bitfinex successfully preventing the unauthorized transaction. Notably, Binance reported no impact from a similar attempted attack.
An attacker unsuccessfully attempted to compromise the Bitfinex exchange via some of XRP’s payment functions. Whale Alert initially reported a transaction worth nearly $15 billion involving 25.6 billion XRP that was later confirmed to be an attempted attack. Bitfinex blocked the…
— Wu Blockchain (@WuBlockchain) January 15, 2024
XRP Sentiment Turns Negative In Effect
In the aftermath of this thwarted attack utilizing a partial payment exploit, the sentiment around $XRP has turned notably negative. The altcoin’s price performance in 2024 has been relatively modest, accompanied by a low Relative Strength Index (RSI). Despite the heightened fear, the low RSI at 42 suggests a potential for higher upside than downside.
📊 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
The RSI, currently at 42, indicates a value below the average, signaling a potential for increased upward movement. The reported blocking of the $15 billion XRP transfer by Bitfinex, accounting for nearly half of XRP’s $30 billion market cap, has induced a temporary sense of fear among traders.
$XRP Price Action To Watch
As a result of these developments, $XRP has experienced a 1.5% decline in the most recent trading day and a 7% decrease over the past month. The incident has brought attention to the security vulnerabilities in the crypto space, emphasizing the need for robust measures to safeguard against potential attacks on prominent digital assets like XRP.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.