NewsletterXRP Price Rally Soon Amid Strong Whale Holdings Despite Ripple Hack
Highlights
- XRP whales hold with diamond hands despite XRP price under selling pressure.
- Ripple co-founder Chris Larsen confirms XRP wallets are secure.
- XRP price tanks under $0.50 first time in four months losing the 7th spot.
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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bipartisan Crypto Bill Talks Progress Even as Markup Is Delayed Until Next Year
- Bitcoin, Ethereum, and Solana to Hit New Highs in 2026, Predicts Crypto ETF Issuer Bitwise
- Fed’s Chris Waller Says Labor Market Is ‘Very Soft,’ Signaling Support for More Rate Cuts
- DeepSnitchAI Raising funds to Build AI Intelligence for Investors
- LINK Vs. XRP: Crypto Founder Lark Davis Reveals Who Will Win in the Next Decade
- Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
- XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
- DOGE Whales Add 138M Coins in 24 Hours: Will Dogecoin Price Rebound Above $0.15?
- Ethereum Price Outlook Hinges on Whale Moves: Dump Below $2,800 or Reclaim Above $3K Next?
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
