XRP Price To Surge Soon Amid Strong Whale Holdings Despite Ripple Hack

On Wednesday, January 31st, Ripple experienced a significant breach, losing $112 million worth of XRP. Consequently, the Ripple price faced immediate selling pressure, dropping over 4% to below $0.50, a level not seen since October 19, 2023. Despite this recent market disruption, on-chain data indicates that XRP whales have maintained their coin holdings.

XRP Whales Holding Despite Hack Incident

On-chain data provider Santiment reported that on the day following the altcoin slide, XRPLedger witnessed the highest number of whale transactions involving $XRP valued at $1 million or more on the network. A total of 217 such transactions were recorded, marking the most significant surge since prices soared after a judge ruled on July 13th and 14th that Ripple did not violate securities laws.

Notably, Santiment’s analysis highlights that there is no sign of panic among these influential whales. Wallets holding at least 10 million $XRP now collectively possess 67.2% of the available supply, a figure not seen since December 31, 2022.

Ripple Wallets Are Secure

As soon as the news regarding the compromise in the XRP wallet spread across, Ripple’s top bosses came to clarify the matter stating that funds are SAFU. They also assured there’s no comprise with the Ripple wallets.

Ripple co-founder Chris Larsen clarified that the Ripple blockchain didn’t face any hack, however, there was unauthorized access to his personal XRP accounts that were distinct from Ripple. After catching the problem early on, Larsen also notified the exchanges to freeze the affected addresses.

Larsen confirms that nearly all the affected funds have been converted out of XRP. He also emphasized that Ripple is actively collaborating with law enforcement agencies and has received guidance that a substantial portion of the funds involved in the incident has already been frozen. The team is diligently pursuing the remaining funds to address the situation comprehensively.

The reassurance from Chris Larsen comes as Ripple remains committed to maintaining the security and integrity of its platform, and the company takes swift action to address any potential threats or incidents.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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