XRP dips below the $1 mark for the first time since late 2024, rattling holders even as the wider XRP Ledger network keeps functioning normally through the episode.
The move follows a targeted exploit on the Coreum bridge, a cross-chain tool that lets users move XRP between the XRP Ledger and the Coreum blockchain.
An attacker drains close to 200,000 XRP, worth roughly $200,000, from the bridge in just 97 minutes on August 9, according to blockchain analytics tracked through XRPL.to.
The method proves unusually clever. Rather than stealing private keys or breaking a smart contract, the attacker manipulates the bridge’s own deposit verification process using a fake transaction label.
Relayer software fails to confirm that incoming payments actually target the bridge itself, a gap that lets the attacker trick a quorum of signing keys into approving fraudulent withdrawals.
Coreum halts bridge operations immediately after discovering the breach, confirms the vulnerability sits in its own code, and says it will file a formal complaint with federal investigators.
Two days after the hack, XRP touches an intraday low near $0.99 before buyers step in hard, pushing the token back above $1 on volume exceeding $2 billion.
That sharp recovery signals genuine demand at the $1 level rather than a controlled slide, with traders treating the psychological floor as worth defending.
crypto analyst Ali Martinez flags a fresh monthly buy signal on XRP’s chart, noting the same pattern preceded rallies exceeding 1,000% in prior cycles dating back to 2020.
Other forecasters stay far more cautious. Some technical models point toward downside risk as low as $0.62 if support fails to hold through the next few sessions.
Institutional views remain split as well, with at least one major bank maintaining a long-term price target well above $2 despite the current weakness.
XRP now trades more than 70% below its record high set in July 2025, even as on-chain activity and active wallet counts continue climbing through August.
