XRP is down 0.71% to $1.25 as Open Interest Falls
Ripple (XRP) is down 0.71% to $1.25 in 24 hours, underperforming a slightly weaker broader market, driven by selling pressure following a major exchange hack.
XRP movement aligned with a $6.3 billion Binance hack, which included the theft of 233 million XRP, creating fears of potential selling pressure from the stolen funds.
Overview: On October 29–30, a hacker breached Binance and consolidated approximately 233 million XRP, worth about $297 million, into a single wallet.
This stash represents about 7.5% of XRP’s 24-hour trading volume, raising immediate concerns that any attempt to liquidate it could pressure the market.
The direct threat of a large, uncontrolled sell-off from the hacker’s wallet injected fear and triggered defensive selling among holders.
The hack coincided with a wider crypto market sell-off, where $1.65 billion in leveraged positions were liquidated in 24 hours. XRP’s perpetual futures open interest fell 15.22% on October 30, indicating a rapid deleveraging of speculative bets.
XRP’s decline was amplified by a market-wide de-risking event and the forced closure of leveraged long positions. Technically, XRP is testing crucial support between $1.20 and $1.25, aligning with the 0.618 Fibonacci retracement level.
The next major catalyst is Ripple’s scheduled release of 1 billion XRP from escrow on November 1, though historically, a large portion is re-locked.
The immediate trend is bearish, but the market is at a pivotal support level where buyer reaction will determine the next directional move. A daily close above $1.28 would signal short-term strength, or a break below $1.20 would confirm a deeper correction.
XRP’s price is weighed down by the direct overhang of hacked coins and fragile market sentiment. A hold above $1.20 is critical to prevent a steeper decline. #XRP is down 0.71% to $1.25 in 24h
