I agree with at least take the handle off and have a look to see if there is a nut that can be tightened. If not then replace the valve.
/Ball valves, good as they are, are not foolproof and can develop problems.
At my previous jobs we used hundreds of them and once in a while there would be a goofy one.
If you do replace it either reuse the nipple or if not then use either a SS nipple or a plated steel nipple. NO brass or bronze nipples. The SS or steel nipple will be enough isolation to protect the tank
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