XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple\u2019s co-founders.<\/p>\n
Initial reports <\/a>suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.<\/p>\n According <\/a>to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.<\/p>\n However, Ripple <\/a>co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post<\/a>, Larsen stated:\u00a0<\/p>\n Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) \u2013 we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.<\/p>\n Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder\u2019s personal account exploit<\/a>, the XRP price has experienced a significant decline over the past month.<\/p>\n Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.<\/p>\n Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.<\/p>\n According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple\u2019s partial victory <\/a>against the SEC in its ongoing legal battle over XRP classification.<\/p>\n Currently, EGRAG suggests that a \u201cwicking event\u201d down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.<\/p>\n However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.<\/p>\n If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the all-time high<\/a> (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8.<\/p>\n Featured image from Shutterstock, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n XRP experienced a significant price drop early Wednesday amidst rumors of a potential exploit. The XRP price dropped more than 4% to $0.4853 but later recovered to $0.500 following a clarification from one of Ripple\u2019s co-founders.<\/p>\n Initial reports <\/a>suggested that Ripple had suffered a significant security breach, which was brought to light by decentralized finance (DeFi) investigator ZachXBT. These reports raised concerns about the overall security of the Ripple protocol.<\/p>\n According <\/a>to investigations, the breach resulted in the theft of more than 213 million XRP tokens, valued at over $112 million. The stolen funds were reportedly laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.<\/p>\n However, Ripple <\/a>co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent post<\/a>, Larsen stated:\u00a0<\/p>\n Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) \u2013 we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.<\/p>\n Despite the recent security concerns, XRP is trading at $0.5085, marking a 3.4% decrease in the past 24 hours. However, beyond the Ripple co-founder\u2019s personal account exploit<\/a>, the XRP price has experienced a significant decline over the past month.<\/p>\n Over the last seven days, the token has seen a minor 1.3% drop. The decline has deepened in the previous fourteen days with a 10% decrease. This is more problematic for XRP enthusiasts because the price has lost significant ground over the past 30 days, with an 18% dip.<\/p>\n Nevertheless, XRP bull and crypto analyst EGRAG Crypto provides an intriguing price analysis that could potentially encourage investors toward a price recovery if the token manages to hold and consolidate above the $0.500 level.<\/p>\n According to EGRAG, a handful of chart analysts have noted that after wave 1 of the Elliott Wave theory, wave 2 could retrace up to 90% of wave 1. The initial targets of $0.85 to $1 were successfully reached during the July pump, with the price reaching around $0.93 after Ripple\u2019s partial victory <\/a>against the SEC in its ongoing legal battle over XRP classification.<\/p>\n Currently, EGRAG suggests that a \u201cwicking event\u201d down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets.<\/p>\n However, the analyst points out that the upside lies in the upcoming Wave 3, which is influenced by Wave 1 and typically has a ratio of 1.618 compared to Wave 1.<\/p>\nXRP Price Analysis<\/h2>\n
Personal XRP Accounts Impacted, Not Ripple\u2019s<\/h2>\n
XRP Price Analysis<\/h2>\n