XRP Price Rebounds as Whales Regain Confidence
The XRP price has reached $0.52 as investors regain confidence following a hack on Ripple Labs co-founder Chris Larsen’s wallet. The negative sentiment surrounding the hack caused a 12% drop in the XRP price, but recent data shows that whale investors are now regaining confidence.
XRP Whales Reassess Their Positions
When news of the hack broke, many large investors closed or reduced their positions, leading to a decrease in the number of whale wallets. However, recent data shows that 17 whales have reentered the ecosystem, indicating a renewed confidence among large investors.
Inflows of $15 Million from XRP Whales
Following the seizure of funds linked to the hack, XRP whales have started making significant inflows, amounting to $15 million within the past week. This accumulation by institutional investors suggests growing conviction of an imminent price appreciation.
Potential Rebound Phase for XRP Price
If the bullish trend continues and the XRP price can overcome the sell-wall at $0.55, there is a possibility of a breakout above $0.60. However, bears could negate this forecast if they force a downswing below $0.45.
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