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The XRP price has dropped 1.6% in the last 24 hours to trade for $0.5719 as of 1:20 a.m. EST time, with a 2% drop in trading volume.
It comes amid increasing negative sentiment for Ripple’s XRP, with behavior analytics tool Santiment attributing it to the failed Bitfinex hack.
📊 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
It happened that a vulnerability with the XRP Ledger, a Partial Payments feature believed to be a financial tool that is not only standard but also secure, was leveraged in an attempted exploit. The bad actor leveraged a loophole on renowned cryptocurrency exchange Bitfinex, according to Tether CTO Paolo Ardoino.
Someone attempted to attack @bitfinex via “Partial Payments Exploit”.
Attack failed since Bitfinex properly handles ‘delivered_amount’ data field.https://t.co/EiGw9UQmmq(updated with better gif) https://t.co/8I7vlO05ou pic.twitter.com/DxOnJLLkhU
— Paolo Ardoino 🍐 (@paoloardoino) January 14, 2024
Initially, reports circulated that almost $15 billion worth of XRP, representing almost 50% of the XRP’s $31 billion market capitalization, was involved in the attack. This was after on-chain service WhaleAlerts flagged the attempted transaction early Monday.
🚨 26,200,000 #XRP (15,163,719 USD) transferred from unknown wallet to #Bitstamphttps://t.co/Xi07pdHALL
— Whale Alert (@whale_alert) January 14, 2024
However, Ripple CTO Stuart Alderoty confirmed the failure, saying the loot was only worth a few cents. He credited the rescue to Bitfinex and Tether (USDT) CEO Paolo Ardoino for effectively neutralizing an exploit attempt.
The “billions of XRP moved” statement is misleading, the actual amount transferred was worth just a few cents. Kudos to @Bitfinex and @paoloardoino for effectively neutralizing an exploit attempt.
What happened here isn’t a flaw or vulnerability with the XRP Ledger. The Partial… https://t.co/qucpX7yJ7B
— David “JoelKatz” Schwartz (@JoelKatz) January 16, 2024
Another reason for the failure to execute the transaction was that the sender “did not have enough liquidity,” blockchain data from the transaction shows.
This tweet is misleading. The transaction in question did not transfer 25B XRP.
The @whale_alert code is misunderstanding what this transaction did and, as a result, it is misreporting.
It’s a partial payment, and in reality moved just a few cents. See https://t.co/co4sMIIesO
— 𝙽 𝙸 𝙺 𝙱 (@nbougalis) January 14, 2024
XRP Price Outlook After A Failed Attack On Bitfinex
Ripple price is still consolidating along an ascending trendline, which is bullish as it nurtures a recovery rally. However, with the Relative Strength Index (RSI) below the 50 level, accentuated by the position of the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in the negative territory, the odds favor the downside. With this, the XRP price could descend 5% to test the $0.5442 support level.
In the dire case, the XRP price could extend a leg lower to collect the sell-side liquidity left underneath, potentially going as low as the Fair Value Gap (FVG) between $0.4927 and $0.5111.
TradingView: XRP/USDT 1-day chart
Conversely, given that the XRP price recently dipped to the FVG, the slump filled the inefficiency or imbalance in the Ripple market. With this, there is no effective pull on price downward. This means the bulls recover control of Ripple price.
Increased buyer momentum could see XRP price extend north, overcoming the resistance due to the 25- and 50-day Exponential Moving Averages (EMAs) at $0.5925 and $0.6005 levels respectively. Further north, the price could clear the descending trendline, in a move that would bring the $0.6500 level within reach as the payments token’s price collects sell-side liquidity (SSL) that continues to reside above the downtrend line.
In a highly bullish case, XRP price could reach the $0.7000 psychological level, in a move that would constitute a 20% climb from current levels.
Meanwhile, investors looking for the next big thing have started to buy MK, a new GameFi token that analysts say has the potential for 10X growth. It is among the top three presales to buy while ranking among the best meme coins to buy now.
Promising Alternative To XRP
MK is the ticker for the Meme Kombat ecosystem, presenting itself as an innovative gaming platform tailored for gaming enthusiasts. Project participants get to fight in the arena, represented by meme characters of their choice.
Meme Kombat aims to be one of the premier fighting games on the market and especially in the web3 gaming space⚔️
Which is your favorite fighting game of all time? pic.twitter.com/zlbIjXz3AW
— Meme Kombat (@Meme_Kombat) January 14, 2024
Meme Kombat is in the presale stage, with more than $6.9 million raised.
We passed $6.8 million raised in the $MK presale, as well as 1000 memebers on Discord⚔️
Congrats fighters! pic.twitter.com/LXTzhNScON
— Meme Kombat (@Meme_Kombat) January 14, 2024
The token is currently selling for $0.279, with token holders having the opportunity to stake their holdings. Stakers earn Annual Percentage Yields (APY) as high as 136%.
Do not wait for battles, begin earning APY on $MK tokens today by buying the presale here.
Also Read:
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- Staking Rewards – Over 100% APY
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