The XRP price faced a minor pullback as the rounds of a potential hack of 213M XRP worth more than $112M surfaced within the crypto space. Following a clarification from the Ripple co-founder, Chris Larsen, that there had been a breach to his ‘personal wallet’ and not the company wallet, the price stabilised to some extent but failed to trigger a rebound. However, the affected wallets were frozen and law enforcement agencies are also been involved.
XRP price was close to testing the lower support of the symmetrical triangle, which was further extended following the rounds of hack. However, the trader’s interest in Ripple continued to grow regardless of the unstable fundamental background. Besides, in the long term, the XRP price continues to squeeze under strong trend resistance as the uptrend continues to form on the chart.
Despite the bullish efforts, the XRP price appears to be distinct from a strong breakout, as the recent pullback may delay the upswing for another couple of days.
The XRP bulls have triggered a healthy rebound after the clarification but the fear of a descending trend continues to hover over the XRP price. As the price is testing the support and one of the key liquidity areas, there is a chance that it may still test levels below $0.5 in a false breakout format before further upside. However, the market continues to have a good potential to go long to $0.7325 even at the current price positions.
Recently, a significant rise in the wallet count was witnessed as some of the companies reportedly engaged in analysing the crypto space. Besides, there is a frequent mention of the spot XRP ETF after BTC & ETH, which is highly dependent on the ongoing litigation between Ripple and the SEC. However, considering the technicals, the XRP price is trying hard to trigger a rebound from the lows, and if it succeeds, a rally to $0.7 could be imminent; otherwise, a pullback below $0.5 may set a fresh bearish case.