Connect with us
Active Currencies 14909
Market Cap $2,244,962,273,400.30
Bitcoin Share 50.72%
24h Market Cap Change $0.73

XRP ‘saved’ as Hong Kong-based exchange thwarts attack

3min Read

The attack, if successful, could have crashed XRP’s price. However, that was not the case.

XRP ‘saved’ as Hong Kong-based exchange thwarts attack

Share this article

  • An attacker tried to use XRP’s payment function to exploit the Bitfinex exchange.
  • XRP’s price increased after the exchange foiled the attempt.

The crypto market was thrown into distress on the 14th of January. This was because Whale Alert, in a now-deleted post, revealed that almost 50% of Ripple’s [XRP] total supply had been transferred into Bitfinex.

Alas! AMBCrypto found out that it was a case of a failed transaction and an attack on the platform.

According to Whale Alert’s post, an unknown address sent 25.6o billion XRP, representing about 46.6% of the total circulating supply into the exchange.

Post about an XRP transfer being sent to Bitfinex

Source: Whale Alert via X

Bitfinex blocks the move

Details of the transactions triggered a lot of comments on the post. The reason for the reactions could be linked to the fear that XRP’s price could crash if such volume was sold.

Also, the crypto community thought the transaction was real because the Hong Kong-based exchange could handle that large amount of liquidity. At the same time, some opined that the transaction, worth $15 billion, was impossible.

However, Paolo Ardoino’s comment on the matter brought calm to the XRP community. According to Ardoino, who is CTO at Bitfinex and stablecoin issuer Tether [USDT], the transfer was not successful.

Ardoino, in his post, also mentioned that someone tried to attack the exchange via the transaction. But Bitfinex was able to stop the attempt because of some measures it had put in place.

Regardless, XRP’s price did not tumble. At press time, XRP changed hands at $0.58, indicating that the value jumped by 2.15% in the last 24 hours.

XRP tries to turn lemon into lemonades

However, AMBCrypto discovered that the sentiment around the token was affected. A look at the Weighted Sentiment showed that the reading was -1.655. This metric spikes when the overall social volume is high and most messages are positive.

But since it was negative, it meant that social volume was high. However, the average perception of XRP was negative at press time.

XRP price and Weighted Sentiment

Source: Santiment

On the derivatives end of the market, Coinglass’ data showed that XRP’s volume increased. As of this writing, XRP’s volume had increased by 117.79% in the last 24 hours.

If the volume is maintained alongside the price increase, then the price of XRP could rise higher. In terms of the Open Interest (OI), AMBCrypto observed that it also rose. However, the increase here was a mild one.

The OI usually increases or decreases based on net positioning. So, the increase suggests that market participants were refraining from closing their positions.

Read Ripple’s [XRP] Price Prediction 2023-2024

However, longs were slightly more aggressive than shorts. When it comes to the price action, the OI indicated a possible XRP increase into the key support at $0.60.

XRP Open Interest

Source: Coinglass

In the meantime, the Whale Alert handle had also cleared the air on the matter. According to its latest post, it had an issue reading the Ripple nodes.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.