Ripple (XRP) Price Makes Decent Gains Despite GateHub Wallet Hack
The price of XRP is holding well above the $0.42 level today after making decent gains late yesterday. XRP climbing quickly from $0.394 to a high of $0.425 within minutes when a surge of volume entered the market around 4 pm (UTC).
XRP continues to trade up by five percent today, moving sideways in the $0.41 to $0.43 range. This comes despite news that a Ripple wallet provider has been hacked, compromising the security of 100 XRP wallets.
Crypto wallet provider GateHub posted a preliminary warning on its Twitter account yesterday advising customers with XRP wallets to move funds off the platform. This comes after several customers reported funds being stolen from their XRP wallets. It appears that hackers may have gained access to wallet passwords, as there is no sign of a ‘brute force’ or similar attack.
“API requests to the victim’s accounts were all authorized with a valid access token. There were no suspicious logins detected, nor there were any signs of brute forcing,” the statement noted. Gatehub goes on to note that appropriate law enforcement agencies have been notified and they are working with IT forensics teams to determine the extent of the threat.
The situation once again raises the much-voiced issue of centralized exchanges and the need to ‘own’ your own private keys. In the unregulated environment of cryptocurrency, to entrust your private keys to any random online company is akin to simply asking somebody to keep a pile of cash for you.
Ripple (XRP) Price Analysis
XRP/USD is limited on the top end by the 50-day simple moving average (SMA50) on the 4-hour chart at $0.425 and the downside by the 100-day SMA on the 1-hour chart at $0.413. A drop below this could initiate a sell-off to $0.40 and possibly last week’s low at $0.375. Any upward movement will face resistance at $0.43, the 23.6% Fibonacci retracement and the previous high of $0.478 above that.
The XRP/BTC pair is moving in a descending triangle pattern that suggests the price could continue to move lower if a break out upward doesn’t occur. As Twitter trader @TheCryptoDog points out, this graph is worth watching.