The price of Ripple has returned to climb thus putting an end to the sudden downward correction that was started just 48 hours ago. According to real-time data from CoinMarketCap, today’s XRP listing is 11.24% and it is better than Bitcoin and Ethereum.
The BTC quotation, in fact, is up 9% while the ETH listing marks a + 7.5%. This should not be surprising, given that just 24 hours ago Ripple recorded the strongest correction, in the bearish sign, after the rally recorded at the weekend. The collapse of Ripple and the other cryptocurrencies over the weekend happened due to the theft of cryptocurrency.
Unlike what happened in the recent past with the theft of Neo in Japan, this time the hacker attacked an Italian platform. To report the theft of cryptocurrencies was in fact, on February 9, the BitGrail platform, revealing that $ 17 million in Nano (XRB) were stolen. This news sent many investors into panic.
The reaction of the market to the new theft of cryptocurrencies was not long in coming. Bitcoin and all the main altcoins, up to then in full recovery from the collapses of recent weeks, had reversed the route going into negative. The price of Ripple, in particular, back from 50% of the last sessions, had come to lose around 12%, ereasing the rises. The same applies to the BTC listing, which instead recorded a decline to 8,000 dollars, losing about 10%. Obviously both the Bitcoin and Ripple capitalization went under pressure.
After the big slide Ripple today seems to rise again. But the security problem remains on the table. Since the beginning of the year, hacker attacks on cryptocurrency platforms have increased exponentially and above all occur nowadays in every part of the world.
It is true that cryptocurrency theft is not an unsolvable problem. As the case of Ripple showed today, in fact, usually a sudden collapse caused by the spread of the news of the hacker attack then corresponds to an equally fast recovery. From the investor’s point of view, who bets on the progress of cryptocurrencies without having Bitcoin or any other digital currency in its possession, thefts are a trading opportunity since the graphic movement that takes place in these situations is quite predictable.
While the security debate is at the highest levels, in fact, the SEC recently spoke in a hearing on cryptocurrencies, it is useful to remember that to date the only way to invest without taking risks on Ripple and all other cryptos, is CFD trading.