Wednesday

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’s co-founders. 
<h2 id="personal-xrp-accounts-impacted-not-ripple-s">Personal XRP Accounts Impacted, Not Ripple’s</h2> 
Initial <a href="https://bitcoinist.com/breaking-ripple-falls-victim-to-massive-hack-over-213-million-xrp-stolen/" target="_blank" rel="noopener nofollow">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. 
<a href="https://x.com/zachxbt/status/1752694489905528943?s=20" target="_blank" rel="noopener nofollow">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. 
However, <a href="https://www.newsbtc.com/ripple-2/ripple-ipo-wall-street-2000/" target="_blank" rel="noopener ">Ripple </a>co-founder Chris Larsen took to X (formerly Twitter) to clarify the situation. In a recent <a href="https://x.com/chrislarsensf/status/1752702297971532258?s=20" target="_blank" rel="noopener nofollow">post</a>, Larsen stated:&nbsp; 
<blockquote>
 Yesterday, there was unauthorized access to a few of my personal XRP accounts (not Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.
</blockquote> 
<h2 id="xrp-price-analysis">XRP Price Analysis</h2> 
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’s personal account <a href="https://www.newsbtc.com/analysis/xrp/ripple-cto-amm-xrp-income/" target="_blank" rel="noopener ">exploit</a>, the XRP price has experienced a significant decline over the past month. 
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. 
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. 
<img loading="lazy" decoding="async" class="size-large wp-image-572578" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=860&amp;resize=860%2C366" alt="XRP Price " width="860" height="366" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=1281 1281w, https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=860&amp;resize=860%2C366 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/GFJ3I-AWYAE5HKd.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
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’s partial <a href="https://bitcoinist.com/ripple-judge-deems-xrp-sale-non-investment-contract/" target="_blank" rel="noopener nofollow">victory </a>against the SEC in its ongoing legal battle over XRP classification. 
Currently, EGRAG suggests that a “wicking event” down to $0.41 is possible, considering a 10%-15% fluctuation due to the volatile nature of the crypto markets. 
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. 
If all of this plays out, EGRAG ultimately sees the next short-term target for XRP being the <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-topside-bias-vulnerable-0-60/" target="_blank" rel="noopener ">all-time high</a> (ATH) at $5. If the original wave count is adjusted, the range could be between $2.2 and $2.8. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/VzMlvmRQ/" alt="XRP price " width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com

Exploit Causes XRP Price Crash: Ripple Co-founder Discloses Losses Of $113 Million

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