Current XRP Price Movement
The XRP price dropped 1.6% in the last 24 hours to trade for $0.5719 as of 1:20 a.m.
It comes amid increasing negative sentiment for Ripple’s XRP, with behavior analytics tool Santiment attributing it to the failed Bitfinex hack.
Bitfinex Hack and XRP Ledger Vulnerability
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 on Bitfinex.
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.
Confirmation of Failure and Recovery
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 the exploit attempt.
Another reason for the failure to execute the transaction was that the sender “did not have enough liquidity”. Blockchain data from the transaction shows.
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.
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.
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Closing Note
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