On January 31st, Wednesday, Ripple, a blockchain-based digital payment network, experienced a significant hack resulting in a loss of $112 million worth of XRP. This incident had an immediate impact on the price of the XRP Coin, causing it to decline by over 4.34% and fall below $0.5 for the first time since October 2023.
Despite this market shakeup, data from blockchain records indicates that large XRP holders, known as whales, have chosen to retain their coins rather than sell them.
Also Read: XRP (XRP) Price Prediction
XRP Whales Continue to Hold Despite Hack Incident
According to on-chain data provider Santiment, following the altcoin slide, XRPLedger experienced a notable increase in whale transactions involving $XRP valued at $1 million or more on the network.
In fact, a total of 217 such transactions were recorded, representing the most significant surge since prices surged after a judge’s ruling on July 13th and 14th, which confirmed that Ripple did not violate securities laws.
This data highlights the continued interest and activity surrounding $XRP on the XRPLedger network.
According to Sentiments analysis, it is worth noting that there is no indication of panic among these influential whales. The wallets that hold a minimum of 10 million $XRP now collectively control 67.2% of the available supply, a percentage that has not been observed since December 31, 2022.
This data suggests a significant concentration of ownership and potentially reflects the confidence and strategic positioning of these large investors.
Also Read: Bitcoin (BTC) Price Prediction
Chris Larsen, co-founder of Ripple, has provided clarification that the Ripple blockchain itself was not hacked. Instead, there was an incident of unauthorized access to his personal XRP accounts, which are separate from Ripple.
Taking swift action, Larsen promptly detected the issue and informed the exchanges to freeze the affected addresses, ensuring the necessary precautions were taken.
Chris Larsen has confirmed that almost all of the funds affected by the incident have been successfully converted out of XRP.
In addition, he emphasized that Ripple is actively working together with law enforcement agencies and has received guidance that a significant portion of the funds has already been frozen.
Chris Larsen’s reassurance is a testament to Ripple’s unwavering dedication to safeguarding the security and integrity of its platform. The company remains vigilant, swiftly addressing any potential threats or incidents that may arise.
Rest assured, Ripple is committed to ensuring a safe and trustworthy environment for its users.
How High Will the XRP Coin Go in 2024?
According to our expert’s technical analysis, the XRP Coin prices can reach a maximum price level of $2.35, with an average trading value of $2.13 by the end of 2024. Furthermore, the minimum price of the XRP Coin is around $1.99. These predictions provided insights into the future performance of the Ripple network and its token potential for future growth.
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
