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XRP price grazed the $0.52 mark on Feb 8 as investors regain confidence following negative sentiment that heralded the $120 million hack on Ripple Labs co-founder Chris Larsen’s wallet on Jan 31. 
On-chain data trends shows that whale investors on <a href="https://crypto.news/price/xrp/" target="_blank" rel="noreferrer noopener">Ripple’s</a> XRP Ledger ecosystem are now regaining confidence following exchanges and law enforcement response to the hack.&nbsp; 
As the rebound phase begins, can XRP price reach $0.60? 
<h2 class="wp-block-heading" id="xrp-whales-regain-confidence-after-initial-negative-reactions">XRP whales regain confidence after initial negative reactions&nbsp;</h2> 
On Jan. 31, crypto influencer ZachZBT <a href="https://twitter.com/zachxbt/status/1752694489905528943" target="_blank" rel="noreferrer noopener">alerted</a> his 493,000 X followers to hackers gaining unauthorized access to a wallet controlled by Ripple Labs’ co-founder Chris Larsen.&nbsp; 
Between Jan. 30 and Feb. 3, XRP price tanked 12%, dropping to a 50-day low of $0.48 as markets reacted negatively to the news.&nbsp; 
During that period a significant number of large investors instantly closed or cut down on their positions as the market Fear Uncertainty and Doubt (FUD) heightened. However, on-chain data trends show that the whales appear to have regained confidence this week.&nbsp; 
The Santiment’s chart below shows that 1,986 wallets held at least 1 million XRP (~$500,000) as of Jan. 29. As news of the $120 million hack broke, 29 of them rapidly closed or cut down on their positions, bringing the number of whale wallets to a 30-day low of 1,957 on Feb. 3.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/Yozfzvyzqg4Sa7vNwYozk0v4PTtpMb0VCVUlnnwwoKsad3tlGUX2d3azcQYd9NsNoYBzXZ7flsIK4n-wPuh-4bn2jPej-zbdo89xTLeqscwTU2FIzMoz31RdfPgybeiZFgnTz5lG1SPn3DSEedJuSkM" alt="Ripple hack solved? XRP whales deposit $15M as price rebound begins - 33">
 <figcaption class="wp-element-caption">
 XRP Whales Wallets Reacting to Ripple Labs Co-Founder Hack Jan 29 to Feb. 7 | Source: <a href="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-10-10T00%3A00%3A00.000Z&amp;dt=2024-02-08T22%3A59%3A59.289Z&amp;emnm=1&amp;emcg=1&amp;wm=%5B3%3Bholders_distribution%3B1M_to_10M%3B10M_to_100M%3B100M_to_1B%3B1B_to_inf%5D%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" target="_blank" rel="noreferrer noopener">Santiment</a>
 </figcaption>
</figure> 
Notably, Binance CEO Richard Teng <a href="https://crypto.news/binance-freezes-4-2m-in-stolen-xrp/" target="_blank" rel="noreferrer noopener">recently announced</a> that $4.2 million worth of funds linked to the hack had been seized. The Ripple Labs team also further confirmed on-going investigations in collaboration with law enforcement agencies to recover the funds.&nbsp; 
These positive developments appear to have calmed frayed nerves. Interestingly, the uptrend in the red trendl ine above suggests that 17 whales have rejoined the ecosystem between Feb. 3 and Feb. 7, as the large holder wallets increased to 1,974 at the time of writing.&nbsp; 
<h2 class="wp-block-heading" id="xrp-records-15-million-whale-inflows-rebound-phase-begins">XRP records $15 million whale inflows rebound phase begins</h2> 
An increase in the number of XRP whale wallets after such a significant market event can be interpreted as a bullish signal.&nbsp; 
Essentially, indicates a growing confidence among large investors that after careful assessment, the hack is unlikely to trigger a deterioration or compromise of the network’s security architecture as initially feared.&nbsp;&nbsp; 
In confirmation of this stance, Santiment’s balance of addresses shows that the whales have started to make significant inflows since the Binance CEO’s issued a statement confirming the funds seizure on Feb. 1.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/XDsdwT0bviS1HEO-he9AcaS9DY80LBILU12hzUcCWyrhpffVGK_d3IfYJBKux-Es92RUJD-ft9IamrrEjXMh4caNdwtdeXTGKu4Jc2uGtxlufGIW6MfuVwz7dAUD5drRAwPJSSfjWp8gcvo69IZDOfk" alt="Ripple hack solved? XRP whales deposit $15M as price rebound begins - 34">
 <figcaption class="wp-element-caption">
 Whale Investors Acquire $15 million Ripple (XRP) as Price Rebound Phase Begins | Source: <a href="https://embed.santiment.net/chart?ps=xrp&amp;pt=XRP&amp;df=2023-12-17T00%3A00%3A00.000Z&amp;dt=2024-02-08T00%3A00%3A00.000Z&amp;emnm=1&amp;emcg=1&amp;wm=%5B3%3Bholders_distribution_combined_balance%3B1M_to_10M%3B10M_to_100M%3B100M_to_1B%3B1B_to_inf%5D%3Bprice_usd&amp;wax=0%3B1&amp;wc=%235275FF%3B%2326C953&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" target="_blank" rel="noopener">Santiment</a>
 </figcaption>
</figure> 
Valued at the 7-day simple moving average price of $0.50, the whales have now made inflows worth $15 million within the past week.&nbsp; 
Typically, such a rapid accumulation by institutional or experienced investors signals within a short period indicates growing conviction of an imminent price appreciation. As markets recover from the shock hack event, retail investors could also begin to take a cue from the whales’ bullish position.&nbsp; 
If this scenario plays out as expected, XRP price could be on the verge of a rebound phase, possibly retesting the $0.60 area in the coming days. 
<h2 class="wp-block-heading" id="xrp-price-forecast-can-it-reach-0-60">XRP Price Forecast: Can it Reach $0.60? </h2> 
Drawing inferences from the on-chain trends analyzed above, the whales buying pressure has put XRP price on an upward trajectory, gaining 2% within the daily timeframe on Feb. 7. 
However, the upper Bollinger band technical indicator clearly illustrates that a large sell-wall looms around $0.55. 
If the bulls can scale that hurdle, a breakout above $0.60 could be on the cards. 
<figure class="wp-block-image size-large is-resized">
 <img loading="lazy" decoding="async" width="1024" height="414" src="https://crypto.news/app/uploads/2024/02/XRPUSD_2024-02-08_12-40-56-1024x414.png" alt="Ripple hack solved? XRP whales deposit $15M as price rebound begins - 35" class="wp-image-14246548" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">
 Ripple (XRP) Price Forecast, Bollinger Band Indicator, February 2024. | Source: <a href="https://www.tradingview.com/x/vZVkuXXI/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
Conversely, the bears could negate this bullish XRP price forecast if the can force a downswing below $0.45. But as observed in the past week, the bulls will likely mount a dominant support buy-wall the $0.49 area as depicted by the lower-Bollinger band line. 
 Read more: <a href="https://crypto.news/xrp-and-bitcoin-traders-looking-at-deestream/"> XRP and Bitcoin traders looking at DeeStream </a>

Ripple hack solved? XRP whales deposit $15M as price rebound begins

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