XRP Outlook Grim After Ripple CEO Hacked

XRP has been struggling to overcome a series of unfortunate and discouraging setbacks over the past few days. According to reports, things really started to go south when the company’s co-founder suffered a $661 million XRP hack. Reports suggest his personal wallet was compromised, but XRP and the platform itself were not impacted.

Despite reassuring consumers that the currency and platform are secure, XRP’s price fluctuations suggest that investor confidence is failing. Transactional activity has declined, and investors have started to question whether the asset can sustain an upward trajectory after the incident.

The slow recovery has also felt the impact of a sudden sharp decline in XRP’s volume of on-chain payments. The network experienced a 730 million XRP drop in transactional activity, and it appears to lack the engagement and capital flows necessary to continue an upward trend. This is concerning for investors, and the pattern should be interpreted as a downside risk. Experts believe that if XRP isn’t able to regain traction and hold above $2.30, then there’s a great chance it will sink to lows around $1.85 in the future.

The best thing investors can do is to continue to closely monitor the market and make decisions based on their best judgement. Whether XRP will be able to regain lost ground or continue into a downward spiral is yet to be seen. It is significant to note that just two weeks prior to the hacking incident, XRP assets were up 55%.

How Did Ripple’s Co-Founder Get Hacked?

Chris Larsen, the co-founder of Ripple, was the original target of this coordinated attack. Reports show he lost 283 million XRP (worth around $150 million) when hackers were able to gain access to his wallet.

Initially, it was unclear how the digital criminals gained access, but new details into the incident show that the breach was made possible due to an old password manager hack that occurred in 2022 and revealed specific private keys, including Larsen’s, that were stored in LastPass.

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