XRP Price Plummets Following Hack and Whale Sell-Off
The XRP price is struggling to recover after a recent hack led to the theft of millions of dollars’ worth of the cryptocurrency. This incident appears to have triggered a wave of selling from XRP whales, as on-chain data indicates that large holders have been exiting their positions in recent weeks.
Massive XRP Whale Transfer To Crypto Exchange
WhaleAlerts, a tracker for whale transactions, has reported a significant transfer of 29 million XRP tokens from an unknown wallet to the crypto exchange Bitstamp.
XRP Price Selling Pressure To Continue?
Following the hack news, the XRP price dropped below $0.5 but has since recovered slightly to trade at around $0.50. Despite increased trading volume, the price has failed to post any significant gains in the past 24 hours and remains down by 0.35%. On a larger scale, XRP has experienced a 10.6% decline in the past month, with signs of forming lower highs and lower lows. If selling pressure continues and support at $0.501 is breached, XRP could drop further to around $0.48.
XRP Bulls Remain Optimistic
Crypto analyst EGRAG CRYPTO sees the current decline as an opportunity to accumulate more XRP tokens, suggesting that the price could spike to $22 in the near future.
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