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- XRP’s sentiment plunges after a failed Bitfinex hack using the “partial payments” exploit.
- The negative sentiment might benefit XRP, historically defying the majority’s expectations.
- XRP trades sideways at $0.576, with a predicted 35.16% rise to $0.778120 by January 21, 2024.
In the aftermath of a thwarted Bitfinex hack utilizing the “partial payments” exploit, XRP has witnessed a substantial decline in sentiment, according to data from on-chain analytics firm Santiment.
📊 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
The Sentiment Balance gauges prevailing sentiments on social media by employing a machine-learning model to distinguish between positive and negative expressions. In tandem, the Social Volume measures the extent of discussions on major social platforms, indicating the overall interest in a particular topic.
The Weighted Sentiment, a synthesis of these metrics, reflects a spike when sentiment leans strongly in one direction with a sizable sample size. Unfortunately for XRP, the graph depicting this indicator illustrates a recent nosedive, signifying a surge in bearish sentiments among social media users.
Santiment attributes this heightened negativity to a recent failed attempt at a Bitfinex hack, wherein the attacker sought to exploit the cryptocurrency’s “partial payments” system. The scheme aimed to deceive the exchange into overestimating the transfer amount, equivalent to half the asset’s circulating supply.
Paradoxically, this downturn in sentiment may present an opportunity for XRP, historically known for market resilience that often defies the majority’s expectations. The negative sentiment could potentially set the stage for a bullish reversal, offering a contrasting scenario to the failed recovery attempt earlier in the year.
Presently, XRP is trading laterally at $0.576, and CoinCodex’s prediction suggests a 35.16% upswing to $0.778120 by January 21, 2024. Despite the current bearish sentiment, the cryptocurrency’s track record hints at the possibility of an upcoming market shift.