XRP Struggles as Exploit Overhang Keeps Price Far from Target
Ripple (XRP) is still in struggle mode; the price fell 0.71% in 24 hours to $1.01 on Thursday, underperforming a slightly positive broader market amidst new exploit overhang.
With $1 billion in transaction value over the last 24 hours, trading volume plunged more than 26% in the same period, amid a lack of buying conviction.
XRP’s slip was primarily driven by negative sentiment following a cross-chain bridge exploit. The move shows XRP trading on its own alpha narrative rather than following Bitcoin’s modest gain.
The market witnessed a $200k bridge exploit on August 12, which damaged confidence and created localised selling pressure.
An attacker exploited a software flaw in the tx XRPL-Coreum bridge on August 12, draining approximately 200,000 XRP.
The incident, while financially small, highlights ongoing cross-chain security risks and likely triggered precautionary selling or loss of confidence among some holders.
The price reaction is more about sentiment and perceived ecosystem risk than the direct financial impact of the stolen funds.
In contrast to the exploit, significant news of institutional adoption emerged. Aviva Investors launched a tokenised share class of a $1.23 billion fund on the XRP Ledger, and Ripple renewed its research partnership with NYU Abu Dhabi.
This positive fundamental news likely helped cushion a steeper fall. The market is weighing short-term technical setbacks against long-term utility growth, creating a tug-of-war.
Technically, XRP is oversold and testing a critical support level at the recent swing low of $0.99371. The immediate catalyst is the market’s assessment of the bridge incident.
The trend is bearish, but oversold conditions near major support suggest a potential for near-term consolidation or a relief bounce if broader market sentiment improves.
A clear break and a daily close below $0.99 could signal a breakdown and likely lead to a test of lower supports near $0.95. XRP’s decline is a sentiment-driven response to a security incident, partially buffered by news of strong institutional adoption.
Crypto analysts said investors are watching if XRP can price defend $0.99 support level in the next 24-48 hours, or if the exploit’s overhang leads to a deeper technical breakdown.
XRP is now trading miles away from Standard Chartered’s 2026 estimated target price.
Standard Chartered had earlier lowered its short-term XRP price target for 2026 from $8 to $2.80, citing high interest rates, geopolitical uncertainty, and slowing ETF inflows. Crucially, the bank maintained its long-term bullish outlook, keeping a $28 price target for 2030 unchanged.
This signals institutional caution on near-term macro headwinds but enduring confidence in XRP’s fundamental thesis and long-term growth potential, creating a mixed but strategically optimistic signal. BEAT Price Sinks 58% as Investors Take Profit after Strong Rally
