XRP Ends the Week in the Green
XRP, along with other altcoins like Solana (SOL) and Chainlink (LINK), saw positive gains at the end of the week despite bearish market sentiment. Bitcoin price experienced a drop before briefly rising again. XRP reclaimed support/resistance at $0.5 but has seen minimal price change.
Ripple Wallets Are Secure
Despite news of a hack where hackers stole 213 million XRP from an executive’s wallet, Ripple assured investors that their wallets are secure and not compromised. Ripple is working with law enforcement to recover the stolen funds, and a significant portion has already been frozen.
Whales Continue to Buy XRP Dip
Interestingly, whales are buying the dip in XRP price despite the hack and bearish sentiment in the market. Transactions worth over $1 million in XRP have increased, indicating confidence from large holders. This suggests that XRP may be a good candidate for a bounce if Bitcoin stabilizes.
XRP Price Potential to Reach $1
XRP has shown resilience by staying steady at $0.5 and with growing interest from whales, it has the potential to climb to higher levels, targeting $1 in the medium term. However, bears are still present based on the MACD indicator, which could lead to a tug-of-war with bulls.
XRP Technical Analysis
Holding above $0.5 would encourage traders to consider buying the dip, but the moving averages on the four-hour chart show a bearish crossover. A slide below $0.5 would worsen the technical picture and potentially lead to a decline towards support levels at $0.47, $0.45, and $0.4.
Hot Take: XRP Shows Resilience Amidst Hack
XRP has displayed commendable stability despite the recent hack and bearish market sentiment. The assurance from Ripple that their wallets are secure has helped calm investors. With whales continuing to buy the dip and growing interest in XRP, there is potential for the price to reach $1 in the medium term. However, bears are still present, and technical indicators suggest a tug-of-war between bulls and bears. Traders should closely monitor support levels and moving averages to gauge future price movements.
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