- The Bitfinex hack attempt sparked negative sentiment towards XRP.
- Ripple CEO attends World Economic Forum to boost industry confidence and advocate for growth
The recent attempted attack on Bitfinex has left many traders speculating whether this will have an impact on Ripple (XRP).
Hackers misused the XRP Ledger’s functionality to exploit the exchange and attempted to transfer billions of dollars worth of tokens.
The aftermath of these attacks raised concerns among traders about the potential impact on XRP, leading to a surge in negative sentiment and FUD towards the cryptocurrency.
XRP faces challenges
📊 After trying (and failing) @bitfinex There is a high level of negative sentiment towards hacking using ‘partial payment exploits’. $XRP. that much #altcoinIn 2024, the price/performance ratio was medium. with low price #RSIOn the other hand, there is upside potential. #FUD high. https://t.co/QOPIKzD7sC pic.twitter.com/M6u59SUVlN
— Santiment (@santimentfeed) January 15, 2024
Despite the uncertainty surrounding the attack, the price of XRP held steady at $0.57475 and experienced a slight decline of 0.54% in the last 24 hours.
However, the status of XRP’s on-chain indicators painted a mixed picture. While network growth declined, indicating less interest in new addresses, the total number of addresses continued to grow.
These dynamics can create a complex environment for XRP, with some users losing interest and others joining the network.
some positive moves
In a move to potentially improve sentiment, Ripple Labs CEO Brad Garlinghouse said he plans to attend the World Economic Forum (WEF) event on January 18. The WEF discussion will focus on the role of reasonable global regulation in the cryptocurrency space.
Read Ripple (XRP) Price Forecast 2024-2025
Despite the challenges Ripple Labs has faced in recent years, including legal challenges, the company remains strategically focused on global expansion. Participating in events like WEF will help Ripple gain trust.
On the technical side, XRPL activity has declined, reflecting the potential impact on XRPL payments. This decline may indicate a cautious approach and decreased interest from users.