XRP Price Will Rise Soon Amid Strong Whale Assets Despite ripple Hack
On Wednesday, January 31, Ripple suffered a significant breach, losing $112 million worth of XRP. As a result, Ripple price faced immediate selling pressure and fell over 4% to below $0.50; This is a level not seen since October 19, 2023. Despite this latest disruption in the market, on-chain data shows that XRP whales are preserving their coin holdings.
XRP Whales Retained Despite Hack Incident
On-chain data provider Santiment reported that the day following the altcoin drop, XRPLedger witnessed the highest number of whale transactions on the network involving XRP worth $1 million or more. A total of 217 such transactions were recorded; This was the most significant increase since prices rose after a judge ruled that Ripple did not violate securities laws on July 13 and 14.
Santiment’s analysis highlights that there are no signs of panic, especially among these influential whales. Wallets holding at least $10 million of XRP now collectively own 67.2% of the available supply; This figure is a figure not seen since December 31, 2022.
Kindness: centimeter
Ripple Wallets are Safe
As soon as the news about the settlement of the XRP wallet spread, Ripple’s top bosses clarified the issue by stating that the funds were SAFU. They also ensure that Ripple wallets are not compromised.
Ripple co-founder Chris Larsen explained that the Ripple blockchain did not suffer any hacking, but there was unauthorized access to personal XRP accounts other than Ripple. Larsen, who noticed the problem early, also notified the exchanges to freeze the affected addresses.
Larsen confirmed that almost all of the affected funds were converted from XRP. He also emphasizes that Ripple is actively cooperating with law enforcement and has received guidance that a significant portion of the funds involved in the incident have already been frozen. The team is diligently investigating the remaining funds to comprehensively address the situation.
Chris Larsen’s assurance comes as Ripple remains committed to protecting the security and integrity of its platform, and the company takes swift action against potential threats or incidents.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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