Ripple Hack Triggers XRP Sell-Off! Market in Freefall as 200M Tokens Vanish

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In the midst of a crypto whirlwind, Ripple’s XRP faced a major setback when the wallet of one of its co-founders got hacked, resulting in the disappearance of over 200 million XRP. This startling revelation, brought to light by cybersecurity analyst ZachXBT, not only triggered a surge in XRP token sales but also exposed significant security gaps in the crypto market.

Read more about the impact below – remember, it could affect you too.

Following the breach, blockchain analytics firm Kaiko reported a net sell-off of almost 100 million XRP, mainly on exchanges like Binance and OKX. Despite attempts by these platforms to freeze the hacker’s accounts, the damage was done, causing a noticeable drop in XRP’s market cap.

The report delves into XRP’s cumulative volume delta (CVD), a metric showing the number of participants buying and selling. On Jan. 30, despite a positive CVD as users acquired more XRP, especially on Binance, the coin’s price still fell by 4.58% due to market turbulence. Struggling to stay above the critical support level of $0.55, XRP faced bearish pressure, possibly signaling a downward trajectory toward $0.37—an immediate consequence of the hack.