- Whale activity, market sentiment, and Bybit’s historic hack shape XRP’s latest moves.
XRP, the cryptocurrency associated with Ripple, has experienced a remarkable 54.05% surge in trading volume, reaching $5.76 billion, according to CoinMarketCap. Despite this spike, XRP’s price has dipped by 3.38% over the past 24 hours, now trading at $2.57. This downturn aligns with broader market unease following a massive hack on crypto exchange Bybit.
Bybit Hack Effects on the Market
The market-wide tension stems from what Bybit CEO Ben Zhou described as the “biggest hack in history.” The breach resulted in the loss of approximately $1.4 billion in Ethereum (ETH) and other tokens. Blockchain intelligence firm Arkham Intelligence linked the hack to the North Korean group Lazarus, supported by forensic data from analyst ZackXBT. Bybit has since processed over 350,000 withdrawal requests, reassuring users that its systems are fully operational.
XRP Derivatives Surge and Whale Accumulation
Interestingly, XRP’s derivatives trading volume soared 51%, nearing $8 billion. This suggests heightened speculative interest despite the negative price movement. Supporting this trend, blockchain analytics firm Santiment reported that large XRP holders, or “whales,” have been accumulating the token. Wallets containing between 10 million to 100 million XRP significantly increased their holdings, reflecting a potential bullish outlook among high-net-worth investors.
Further adding to the intrigue, Whale Alert tracked a massive transfer of over $100 million in XRP to Bybit from an unidentified wallet. Such large-scale movements often precede significant price swings, keeping traders on high alert.
What’s Next for XRP?
While Bitcoin recently surged to $100,000, sparking questions about XRP’s potential to ride the bullish wave, market watchers remain cautious. The $11 million outflow from XRP, as reported by CoinGlass, highlights investor uncertainty amid the ongoing Bybit fallout.
Despite short-term turbulence, whale accumulation and heightened trading activity indicate a growing interest in XRP’s long-term prospects. Traders should keep an eye on further developments from the Bybit investigation and broader market recovery efforts.
