Unauthorized Takeover of Chris Larsen’s Account Results in Massive Losses
About 213 million XRP, valued at approximately $112 million, was siphoned from Chris Larsen’s XRPL account and moved through several cryptocurrency exchanges such as Binance, Kraken, MEXC, OKX, and HTX. However, Ripple CEO Brad Garlinghouse has confirmed that no Ripple accounts were compromised and most funds have been frozen.
XRPL Witnesses Increased Whale Activity
Market intelligence platform Santiment has reported a spike in the frequency of XRP whale transactions, with about 217 whale transactions exceeding $1 million on Wednesday. Still, more than 67.2 percent of XRP is held by over 10 million XRPL wallets, the highest since December 2022.
Future of XRP Price Uncertain
The XRP price closing below the 50 monthly Moving Average in January suggests heightened bearish pressure, invalidating the rising trend. XRP price might continue on a downward trend in the near term until legal clarity is achieved.
Hot Take: Ripple and XRP Face Uncertainty in the Face of Unauthorized Account Takeover
The recent unauthorized takeover of Chris Larsen’s account leading to massive XRP losses has brought uncertainty to the platform and its native network, XRPL. The increased whale activity and bearish pressure further add to the uncertain prospects for the XRP price. Ripple and XRP face a challenging road ahead as they work to resolve these issues and regain stability and security for its users.
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