- The Bitfinex hack attempt led to negative sentiment around XRP.
- Ripple’s CEO will attend the World Economic Forum to boost industry credibility and advocate for growth.
The recent attack attempt on Bitfinex left many traders speculating whether this will have an impact on Ripple [XRP].
A hacker abused a feature on the XRP Ledger to exploit the exchange to no avail and attempted to transfer tokens worth billions.
In the wake of these attacks, concerns arose among traders about their potential impact on XRP, causing a wave of negative sentiment and FUD around the cryptocurrency.
XRP faces challenges
📊 After an attempt (but failed) @bitfinex hack using a “Partial Payments Exploit”, there is a high negative sentiment towards it $XRP. The #altcoin‘s price performance was mediocre in 2024. Along with a low point #RSIthere is a positive side #FUD is high. https://t.co/QOPIKzD7sC pic.twitter.com/M6u59SUVlN
— Santiment (@santimentfeed) January 15, 2024
Despite the uncertainty surrounding the attack, the price of XRP remained stable at $0.57475, with a slight decline of 0.54% in the past 24 hours.
However, the state of XRP’s on-chain metrics painted a mixed picture. While network growth slowed, indicating less interest in 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 movements
In an effort to possibly improve sentiment, says Brad Garlinghouse, CEO of Ripple Labs said he plans to participate in the World Economic Forum (WEF) event on January 18. The WEF discussion will focus on the role of sensible global regulation in the cryptocurrency space.
Read Ripple’s [XRP] Price forecast 2024-2025
Despite the challenges Ripple Labs has faced in recent years, including legal issues, the company is strategically focused on global expansion. By participating in events such as the WEF, Ripple can gain credibility.
On a technical level, activity on the XRPL declined, reflecting a potential impact on XRPL payments. This decline could be an indication of a cautious approach to users and declining interest.
Source: XRP ledger