XRP remains one of the most trending crypto assets in the market thanks to its utility, advancements, and even challenges. Its partial victory against the US Securities and Exchange Commission last year led to a massive pump and more visibility as of 2023.
However, the recent news of a successful hack that led to the theft of many XRP coins is driving a negative market trend. The confusion and fear in the coin’s community and the crypto market hint at a further loss in the coin’s value.
If investors withdraw to avoid being a victim in the future, XRP could fall drastically. Notably, it’s confirmed that the hack occurred only against the network’s co-founder and not XRP itself. However, can XRP regain momentum for a pump in the long run?
XRP Records Loss Chain After 1-Year 21% Gain – More Losses Ahead or A Rebound?
The Coingecko platform recently shared data showing that XRP gained about 21.7% in the past year, which was good news for 2023. However, more recently, XRP has faced some losses.
It went down by 22.3% in the last 30 days, 12.5% in the past 14 days, and 3.9% in the previous week. Today, February 1, it is further down by 2.5%, sitting at $0.4938 as of 7:28 am EST.
Its trading volume dropped by 25.61% during this time, reaching over $1.33 billion. This represents the pause in the trading XRP due to the threatening news in the market.
However, given the up-and-down nature of the market, XRP could regain its momentum after the current downward phase.
XRP Co-Founder Loses $112,000,000 of XRP Coin to Hackers Triggering a Downtrend
On January 30, hackers successfully stole approximately $112 million worth of XRP, Ripple Lab’s coin. This amount of coin stolen was from the wallet of the lab’s co-founder and executive chairman, Chris Larsen.
Larsen instantly disclosed the incident on X (formerly Twitter), stating that there was unauthorized access to his personal XRP accounts, not Ripple’s.
Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg
— Chris Larsen (@chrislarsensf) January 31, 2024
The team quickly addressed the issue by notifying exchanges to freeze the affected addresses. Also, law enforcement is now involved.
The news about the hack was first reported by well-known crypto security researcher ZachXBT, who mentioned that the stolen XRP funds had been laundered through various crypto exchanges.
They included Binance and Kraken. As a result, both Binance and Kraken are actively supporting the investigation. Details surrounding the ownership of the hacked wallet remain unclear, as it may or may not belong to Ripple.
But the hacked wallet, named “Ripple (50),” was activated by a separate wallet, “~FundingWallet1,” on November 5, 2018, that traces back to Larsen’s account.
Ripple’s spokesperson, Stacey Ngo, clarified that the hack did not impact Ripple. Despite this, some XRP holders are urging co-founders to disclose their crypto wallets and XRP holdings for increased transparency.
Some voices, like “Thinking Crypto podcast host” Tony Edward, recommend that Larsen distance himself from Ripple.
This incident is noteworthy as the most significant cryptocurrency theft of 2024 and ranks as the twentieth-largest cryptocurrency theft in recorded history, according to data collected by Rekt,
The news has led to a 2.36% decline in XRP’s market capitalization, which is currently at $26.9 billion.
Death Cross Commences on XRP’s Daily Chart – More Dip Ahead!
XRP has formed three bearish candlesticks, indicating a plunge in today’s market value. It is trading below its 50-day and 200-day Simple Moving Average (SMA), indicating an overall bearish market in the short and long term.
Furthermore, the Relative Strength Index (RSI) is at 31.53, sliding toward the oversold region (below 30).
Given the overall market trend, it’s likely that XRP will hit the oversold market region (below 30) before the weekend. Therefore, it could lose more value in the coming days.
The appearance of the death cross on the chart further confirms the bearish trend in the coin’s market. As such, XRP could hit $0.45 in the long run.
XRP Falls Towards Support at $0.45 – Can It Hold or Continue Downward?
XRP coin is trading at $0.49680 with a support at $0.45874 and a resistance at $0.55560. considering the solid bearish momentum, the coin is expected to proceed toward the support level at the $0.45 mark.
At this level, the performance of buyers and the number of BUY orders will determine if the price will rally.
XRP could regain a few values from its massive loss if a rally occurs. However, considering the hesitations in the market due to the Ripple Lab’s co-founder hack, there could be little trading activities.
As a result, it could take longer before XRP approaches the resistance at the $0.5 mark.
While things turn out against expectations, it’s advisable to have adequate risk management strategies and strategic trade setups to make the most out of this volatile market.
Given the downtrend projected on XRP’s price, investors can grab this new revolutionary project early to be part of its momentous pumps in the future, Meme Kombat.
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Nick Dunn
Crypto Journalist
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