XRP Price Poised For Liftoff? Whale Holdings Soar Despite Ripple Hack
February 01 2024 - 3:00AM
NEWSBTC
In a recent turn of events, Ripple faced a significant security
breach resulting in the loss of $112 million worth of XRP. Despite
this setback, the cryptocurrency community has witnessed remarkable
resilience from XRP whales, who have chosen to maintain their coin
holdings. This unwavering support, coupled with Ripple’s swift
response, has instilled confidence in the platform’s long-term
viability. Related Reading: Can February Be Dogecoin Month? Bullish
Indicators Point To Potential Price Explosion XRP Whales Display
Unwavering Faith On-chain data provided by Santiment reveals that
XRPLedger experienced a surge in whale transactions following the
hack. A total of 217 transactions involving $1 million or more in
XRP were recorded, marking the highest activity since July 2022.
This surge underscores the whales’ belief in XRP’s potential,
despite the temporary market turbulence caused by the hack.
Furthermore, wallets holding at least 10 million XRP now
collectively possess 67.2% of the available supply, a concentration
not seen since December 2022. This consolidation of XRP among
influential investors indicates their long-term commitment to the
asset. Source: Santiment Ripple Leadership Assures Community In the
wake of the hack, Ripple co-founder Chris Larsen provided
reassurances that the Ripple blockchain itself remained secure. The
unauthorized access was limited to his personal XRP accounts,
separate from Ripple’s operations. Larsen’s prompt action in
notifying exchanges to freeze the affected addresses demonstrates
Ripple’s dedication to protecting its users’ assets. Moreover,
Ripple is actively collaborating with law enforcement agencies, and
a substantial portion of the stolen funds has already been frozen.
The team is diligently pursuing the remaining funds to ensure a
comprehensive resolution of the situation. XRPUSD currently trading
at $0.49335 on the daily chart: TradingView.com Binance’s
Mysterious XRP Transfer Amidst the Ripple hack incident, an unusual
withdrawal of 20.62 million XRP tokens from Binance, the world’s
largest cryptocurrency exchange, has raised eyebrows. While initial
speculation pointed towards an external entity, further
investigation revealed that the tokens were sent to an address
associated with Binance’s hot wallet for storing XRP. 🚨 20,620,032
#XRP (10,572,279 USD) transferred from #Binance to unknown
wallethttps://t.co/PoVVjUt5KO — Whale Alert (@whale_alert) January
31, 2024 This development suggests that the $10 million transfer
may be an internal operation within the exchange rather than a
whale’s activity in the broader cryptocurrency market. Binance has
yet to provide an official explanation for this movement, adding an
element of intrigue to the situation. Related Reading: Bitcoin NFT
Bubble Bursts: Values Plummet 60% After Holiday Frenzy A Tale Of
Resilience The Ripple hack incident has undoubtedly shaken the
cryptocurrency community, but the unwavering support from XRP
whales and Ripple’s proactive response have demonstrated the
platform’s resilience. As the investigation into the hack continues
and Binance sheds light on its mysterious XRP transfer, the Ripple
ecosystem stands poised to emerge stronger from these challenges.
As the crypto community grapples with the intriguing dynamics
surrounding the recent substantial XRP withdrawal from Binance, the
broader question emerges: Is the current dip in XRP’s price merely
a temporary setback or a prelude to a significant upward
trajectory? Despite the recent setback and a price decline to
$0.49, down 3.7% in the last 24 hours, the resilience of whale
holdings amid the aftermath of the Ripple hack introduces a
compelling narrative. Featured image from Pixabay, chart from
TradingView
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