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XRP Fails to Retain at $1.20 – Gets Involved in Hacking Incident

Gaurav Roy by Gaurav Roy
August 23, 2021
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California, USA – XRP didn’t succeed in retaining the price at $1.20 and analysts anticipate a retracement despite the 140%-boost this month. This crypto gets involved in a hacking incident with BTC.

XRP price got stuck on the previous day after the four-month downtrend line. It had a bullish push close to the trading price of $1.35 in the past week, yet it didn’t hit the breakout corner. The performance of this crypto still struggled even though BTC experienced a steady performance. On another note, it might catch up beyond $1.30, and with the ongoing case between Ripple and US SEC or Securities and Exchange Commission, the price didn’t decrease further below $0.50.

XRP has been boosting since it reached the trading price of $0.50, and the trend lines in the previous month supported this crypto. Now, it attempts to break out of the four-month downtrend performance.

There’s a big resistance zone and the trend where it found its place between $1.28 and $1.37. The price should break to have a boost past the price of $.140. Traders might witness this crypto in between $1.50 and $1.70 if the bulls manage the breakout.

This crypto has been over its minor support of $1.19 in the past 48 hours. Traders can expect a short-term downtrend if the bears push the XRP price over the mark. The next bounce for this crypto is at the bottom of the channel unless it succeeds in staying in its place. The price then will be between $1.00 and $1.10.

XRP Fails to Retain at 1.20 Gets Involved in Hacking Incident
Hackers stole 11.5 million XRP and transferred it to a centralized exchange.

On another note, XRP has been involved in hacking incident. Hackers stole a portion of TRON worth 3.5 million TRX, where instead of being transferred to Huobi, the transferred TRX amounting to $ 321,000 went to another wallet. After that, hackers transferred another 11.5 million XRP worth $14.5 million to Huobi and Poloniex, which are centralized exchanges. Binance confirmed that the stolen XRP ended up on the hacker’s wallet from Liquid, and they are currently investigating the issue.

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: analystsBinanceBTCbullish trendcrypto marketcrypto tradingcryptocurrencydigital assethackingperformanceresistancesupporttraders
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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