XRP among other select altcoins like Solana (SOL) and Chainlink (LINK) ended the week in the green as investors chose to ignore bearish market sentiment after Fed Chair Jerome Powell’s hawkish comments on the likelihood of a rate cut in March. Bitcoin price dropped to $42,000 before briefly rising above $43,000 in the morning of the European session.
Although XRP reclaimed S/R at $0.5 it has barely seen a price change, maintaining a 0.7% increase in the last 24 hours.
It is commendable the way XRP stayed relatively stable despite news of the company’s executive’s wallet falling into the hands of hackers who made away with 213 million XRP worth approximately $112, as reported by Chris Larsen the executive chairman.
Read also: Ripple Locks 800 Mln XRP in Escrow Amid Soaring Whale Activity, What’s Happening?
Ripple Wallets Are Secure
Larsen assured holders that Ripple wallets were safe clearing rumours that the network was hacked. Although the message shared on X helped to calm investors, XRP price is still heavily weighed down by the bearish forces in the market.
Ripple is working with law enforcement to recover the funds. Larsen said, “A significant portion of the funds have been frozen.” Authorities are following the matter closely, seeking to recoup the rest of the stolen XRP.
This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP.
We’re working with law enforcement and have been advised that a significant portion of funds have been frozen, and are…
— Chris Larsen (@chrislarsensf) January 31, 2024
Interestingly, whales are buying the XRP price dip ignoring all the noise regarding the hack and growing bearish sentiment across the market. As altcoins slid on Wednesday, transactions worth more than $1 million in XRP skyrocketed to 217, the highest milestone achieved since prices soared in July after the ruling on the securities status of the token.
“We don’t see any panic coming from whales. Yesterday, wallets holding at least 10M $XRP combine to hold 67.2% of the available supply, the most since December 31, 2022,” blockchain data analytics platform Santiment added via a post on X. “There are some key signals indicating that the #6 market cap asset is one of the better candidates for a bounce, assuming #Bitcoin can stabilize the rest of the week.”
🐳 After an #altcoin slide Wednesday, #XRPLedger is at risk of falling below a $0.50 market value for the first time since October 19th. Interestingly, however, yesterday had the most $XRP $1M+ whale transactions on the network (217) since prices skyrocketed after a
(Cont) 👇 pic.twitter.com/1xa0PHCzcb
— Santiment (@santimentfeed) January 31, 2024
How Soon Can XRP Price Rise To $1?
XRP price has shown commendable resilience this week, weathering the storm and staying steady at $0.5. Now that interest from whales is growing significantly, the cross-border money transfer token has the potential to climb to higher levels targeting $1 in the medium term.
Nonetheless, based on the position of the Moving Average Convergence Divergence (MACD) indicator, bears are still present meaning the tug-of-war with bulls could escalate over the weekend.
XRP price chart | Tradingview
Holding above $0.5 would implode traders to consider buying the dip assured that the support can hold. It is the increase in demand for XRP that will ignite momentum for the next move above $0.6 or the falling trendline resistance.
However, XRP is not out of the woods yet, especially with the moving averages creating a bearish crossover on the four-hour chart.
Another slide below $0.5 would further deteriorate the technical picture and may culminate in a decline to support $0.47. In case of an intense sell-off, investors might want to prepare to buy the dip at $0.45 and $0.4.
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