XRP underwent cyber attack-creates panic!

Dear Readers,

While the crypto markets are facing a massive blow as of now while the global crypto marketcap erased over 8.53% from yesterday and valued at 1.53 Trillion USD.

The relative strength index (RSI) for the crypto market cap on the daily chart is 42, pointing out that the market is now in oversold territory after its recent rally.

There was a news flashed that there was a cyberattack/hack with Ripple Coin- XRP.

Ripple- XRP coin is a significant coin in the crypto marketspace that facilitates the cross border financial at easy and quick and considered as an alternative to the common SWIFT systems.

Currently XRP trades at 0.5017 USD, a down of 1.64% from yesterday.

According to a statement by ZachXBT, the initial attack occurred due to an address identified as rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm This attack on XRP was tune to a whooping 112.5 million USD. The cyber criminals started a laundering activity to conceal their activities to disperse the funds through various crypto exchanges that were including the No 1 crypto exchange Binance and MEXC etc.  After successfully carrying out the Ripple attack, the individuals involved in a complex laundering operation. The stolen XRP was transferred to various exchanges, including MEXC and Binance, Gate, Kraken, OKX, HTX, HitBTC, etc.,   Having after the news XRP was trading 5% low for some time and recovered back.  
Soon after this news, Ripple’s Co-founder and Executive Chairman Chris Larsen responded that this attacked wallet was his personal one and not part of any Ripple Labs. 
                                                     
He came with various security measures that are being practices with Ripple Labs and the co-ordinating and collaborating with various law enforcement and cyber security agencies on the aftermath of this attack. 

He categorically said that no Ripple Lab's associated wallet was hacked and this news has come as a relief to all the XRP holders. 

The investors are still in a dilemma over his statement. 

In recent times, XRP often hits with the news- not for an healthy topic- its price is also hovering around 0.5 USD being at a 3 months low and it continuously trading low for a about a year now. XRP is also found a difficult time in a law suit against SEC. 

Recently it has lost its 5th place to Solana in the market capitalisation and currently stands at no 6 according to coinmarketcap.com

This incident once again reminds the importance of digital security measures and its add on security protection issues over the cloud with the wallets. 

We need to keep a close attention on this to safeguard all our digital virtual assets.