Overview: The XRP market has shown signs of recovery, with the price approaching $0.52 on Feb 8, following the negative sentiment stemming from a $120 million hack on Ripple Labs co-founder Chris Larsen’s wallet on Jan 31. As investor confidence returns, on-chain data indicates a resurgence in activity among XRP whales, prompting speculation about a potential price rebound.
XRP Whales Regain Confidence: Following the hack news, XRP experienced a 12% decline to a 50-day low of $0.48 as investors reacted negatively. Many large investors closed or reduced their positions amid market uncertainty. However, recent on-chain data suggests a shift in sentiment, with whale investors displaying renewed confidence. Despite initial sell-offs, the number of whale wallets has increased from a low of 1,957 on Feb. 3 to 1,974 at the time of writing, indicating a growing belief in the network’s security.
Positive Developments and Recovery: Efforts to address the hack, including funds seizure and ongoing investigations by Ripple Labs and law enforcement, have contributed to market stabilization. Binance CEO’s announcement of the seizure of $4.2 million linked to the hack has helped alleviate concerns. This, coupled with whale inflows totaling $15 million within a week, suggests a bullish outlook among institutional investors.
Price Forecast and Technical Analysis: While XRP has seen a 2% increase on Feb. 7, technical indicators reveal a significant sell-wall around $0.55. A breakout above this level could pave the way for a retest of $0.60. Conversely, bears may attempt to push the price below $0.45, but strong support is expected around $0.49, limiting downside potential.
Conclusion: The influx of funds from XRP whales, coupled with positive developments addressing the recent hack, indicates a growing confidence in the cryptocurrency’s resilience. If current trends persist, XRP could be poised for a rebound, potentially reaching the $0.60 mark in the near term. However, market dynamics and technical indicators will play a crucial role in determining the trajectory of XRP’s price movement.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
