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.
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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.
