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Solana (SOL) and Chainlink (LINK), along with Ripple (XRP), finished the week with gains, disregarding the bearish market sentiment following comments by Fed Chairman Jerome Powell on the possibility of a rate cut in March.
Momentum Gains in Ripple
Despite reclaiming the $0.5 support/resistance level, Ripple saw almost no price change and maintained a modest increase of 0.7% over the last 24 hours. Notably, XRP remained relatively stable despite news of computer hackers seizing approximately $112 worth of 213 million XRP from company executive Chris Larsen’s wallet, according to his statements.
Chris Larsen assured Ripple holders that their wallets are secure, dispelling rumors of a network breach. Although the statement shared on platform X helped calm investors, the XRP price is still under pressure from bearish forces in the market.
Authorities are closely monitoring the situation to recover the remaining stolen XRP. Moreover, whales are purchasing XRP on the dip, ignoring all hacking-related speculations and the increasing bearish trend in the market. While altcoins experienced a decline on Wednesday, transactions over $1 million in XRP surged to 217.
Increase in XRP Wallets
This was the highest milestone achieved since the price surge following the decision on the token’s security status in July. Blockchain data analytics platform Santiment commented on the matter, saying:
Yesterday, wallets holding at least 10 million dollars of XRP combined to own 67.2% of the current supply; this is the highest figure since December 31, 2022.
On the other hand, the XRP price demonstrated commendable resistance this week, holding steady at $0.5. With whales now showing significant interest, the cross-border money transfer token could potentially rise to higher levels, targeting $1 in the medium term.
However, considering the position of the Moving Average Convergence Divergence (MACD) indicator, bears are still present, which could mean an increase in the tug-of-war with bulls over the weekend.
