The description of the spell says
1 reaction, which you take when a creature you can see within 60 feet of yourself succeeds on an attack roll, an ability check, or a saving throw
So it sounds like the answer is no, but I'd still like to ask is it possible to use my reaction here even though the creature attacking me with a spell or breath weapon didn't succeed at anything but I failed my saving throw, also it's worth mentioning that I lose half the spell's effect by doing that because I'm only getting advantage rather than getting advantage and giving an enemy disadvantage.
Update: the DM said the silvery barbs was banned even before I asked him this question xD