The co-founder of Ripple was the victim of a security breach that led to the unauthorized sale of more than 200 million XRP. The transactions, which took place between 11:00 am and 10:00 pm UTC, resulted in a net liquidation of nearly 100 million XRP, primarily on the Binance and OKX exchanges. This series of large-scale disposals culminated in a significant net outflow on the XRP Cumulative Spot Volume Delta, which tracks the net buying and selling pressure.
The co-founder of Ripple was the victim of a security breach that led to the unauthorized sale of more than 200 million XRP. The transactions, which took place between 11:00 am and 10:00 pm UTC, resulted in a net liquidation of nearly 100 million XRP, primarily on the Binance and OKX exchanges. This series of large-scale disposals culminated in a significant net outflow on the XRP Cumulative Spot Volume Delta, which tracks the net buying and selling pressure.
The value of the XRP lost in this illicit sale is substantial. Based on CVD’s net sale figure and considering the average market price of XRP during the time of the transactions, it is estimated that the hacker managed to liquidate tens of millions of dollars worth of XRP before the accounts were frozen.
The freezing of the hacker’s accounts was a reactive measure to stop further unauthorized liquidations, but not before a considerable sum was diverted.
This incident casts a shadow over the XRP market, raising concerns about security and the quick action needed to mitigate such exploits. However, the market reaction has been somewhat muted, indicating a mature landscape that is learning to weather those storms with greater resilience.
As for XRP price analysis, the asset has been facing downward pressure amid these events. XRP has been trading with a bearish bias, recently hovering around the $0.5 support level.
A break below this support could potentially lead to further declines, with the next critical support level at $0.5. On the upside, resistance is forming near $0.5692, which XRP would need to overcome to signal any potential recovery.
