Yesterday, news came out that a huge XRP wallet has been hacked, stealing $112 million worth of XRP. According to information currently available, the hack was as a result of compromised security keys. It turned out to be the wallet of none other than tech-giant Chris Larsen, Ripple Co-founder. (suspicious already?🤔 let's dive in...)
One of many strange incidents surrounding this hack is that it was discovered by a Twitter user and popular blockchain security expert ZachXBT. I imagined that one would notice if your personal accounting holding 9 digits of XRP worth $112 million got hacked, but apparently not. It took ZachXBT a public Twitter post to make the apparently unaware team at Ripple take action. This makes you wonder, if ZachXBT didn't pick it up... would this have gone unnoticed and been swept under the rug, or would Chris Larsen have come out and admitted it? I guess we'll never know. But with Ripple's dodgy actions in the past (ultimately leading to the SEC case), one can only guess.
Not too long ago, Jed McCaleb finally sold off the last of his enormous amount of XRP which he had been dumping monthly for years. One Twitter user voiced a very valid concern; "are all Ripple execs holding 9 digits of xrp, is there something in place to prevent them from dumping all at once on the market?"
It just seems like despite the markets best bullish trends, the constant overwhelming selling pressure is just too high for XRP to reach new highs. It's sad to see such a industry leader and once-promising project fall to new lows.
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Bearish M-Pattern in the 4h, we're possibly heading lower:
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Interesting V-shape recovery on XRP. If we can CLOSE a daily above this level I'd say we're out of the woods:
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As long as XRP keeps getting rejected by the basis of the Bollinger bands (20d MA), expect more bearish price action trading on the lower turquoise or as low as the lower orange Bollinger band:
Hello Eve, XRP...it will one day pump like any shitcoin, yet it is a coin of a huge business known as Ripple. Whatever happens XRP has a odd smell to it, the same odd smell goes for the XRP "community". Have you ever seen such a motley crew of fanboys and fangirls?