XRP’s Market Sentiment Hits Rock Bottom Post-Hack Attempt

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XRP, a widely known cryptocurrency, had a tough day when an unusual hacking attempt failed, involving a transaction of $15 billion. The incident, which unfolded on January 14, saw an exploiter attempting to make a 25 billion XRP payment to the Bitfinex exchange. 

The transaction didn’t actually happen, but things got confusing when the tracker Whale Alert mistakenly reported it as successful, causing concern in the crypto community.

XRP Falls Under Negative Sentiment

After the unsuccessful Bitfinex hack attempt, Santiment, a leading market intelligence platform, detected a significant increase in negative sentiment towards XRP. Traders expressed heightened concern due to the substantial amount involved in the XRP transaction, sparking fears of a potential massive sell-off that could impact XRP’s market value.

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

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

Potential Positives for XRP Amid Uncertainty

Despite recent concerns, Santiment sees a possible bright side for XRP. Even with its less impressive performance and a somewhat 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 a chance of upward movement despite lingering doubts.

This situation highlights the dynamic nature of the cryptocurrency market, where unconfirmed reports can lead to significant changes in sentiment. As XRP navigates through this period of uncertainty, investors will be keenly watching to see if the positive potential noted by Santiment becomes a reality in the evolving crypto landscape.