Ripple’s Investors Don’t Need to Panic as ‘Dead’ XRP Shows Signs of Life Ready to Bounce

Ripple’s XRP has been having some hard times lately, with its price being 22% down in the past 4 weeks. Just yesterday, on January 31, 2024, hackers stole around $112 million worth of the cryptocurrency XRP from a crypto wallet belonging to Ripple’s co-founder and executive chairman Chris Larsen. Larsen disclosed the theft saying there was unauthorized access to a few of his personal wallets. Law enforcement is already investigating the matter.

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Long-Term XRP Holders Remain Confident

X user @B_arri_C expressed optimism about XRP’s long-term prospects, suggesting that the negative sentiment is misplaced. He tweeted, “The new FUD around #XRP is that it is ‘dead’ And this new FUD filled narrative will result in people either selling their $XRP or taking their attention away from #XRP.” However, he sees the current conditions as a unique opportunity, saying, “No other asset is due for explosive price action like #XRP Ignore the FUD.”

On-Chain Data Shows Potential for XRP Bounce

The crypto analytics firm Santiment also analyzed XRP’s on-chain data. They noted that despite XRP’s price slide on Wednesday, there was record high transaction volume from large wallet holders. Additionally, whales don’t appear to be panicking, as wallets holding at least 10 million XRP continue accumulating tokens. Santiment concluded, “There are some key signals indicating that the #6 market cap asset is one of the better candidates for a bounce, assuming #Bitcoin can stabilize the rest of the week.”

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.