XRP Slips 8.4% To $1.19 Following Historic Binance Hack
Key Summary
XRP plunged 8.4% to $1.19 on Friday amid a market-wide sell-off triggered by the largest crypto exchange hack in dollar terms. Technical analysts project targets ranging from $8 to $30 if key moving averages break, though short-term order books remain under severe selling pressure.
Key Bullets
- XRP dropped 8.4% to $1.19 on Friday following the largest exchange hack in USD history before recovering slightly to $1.25 on spot volumes.
- Analyst EGRAG CRYPTO identified $1.65 as the decisive monthly resistance level required to open paths toward aggressive price targets of $8, $13, and $30.
- Order-book data monitored by CasiTrades showed the token already testing its lower trendline since October 24 before the external hack news broke.
- Historical token accumulation phases in 2014, 2017, 2020, and 2023 preceded rallies exceeding 500% according to public blockchain records.
XRP Slumps 8.4% On Binance Exploit
XRP slid 8.4% from $1.30 to a multi-month low of $1.19 Friday morning after the crypto industry absorbed the largest digital asset hack in dollar terms on record. Spot exchange volumes spiked as leveraged long positions liquidated across major venues before the cross-border token bounced back to $1.25. The sudden shock accelerated an ongoing technical downturn that had already been punishing alternative assets across global order books.
Exchange order-book depth monitored by market participants showed bids thinning rapidly as the exploit news crossed terminals. Liquidity vanished overnight. Traders took immediate notice. The sudden drop caught leveraged participants off guard.
Chart Analysts Target Eight Dollar Breakout
Analyst EGRAG CRYPTO outlined a macro roadmap on the monthly chart, placing a crucial resistance line at $1.65. Clearing that barrier could clear the path toward long-term projections of $8, $13, and $30. The asset currently trades between the 33-month moving average acting as dynamic resistance and the 77-month moving average serving as macro support. Buyers defended the lower boundary.
Previous accumulation phases recorded in 2014, 2017, 2020, and 2023 each preceded gains exceeding 500% according to public blockchain data. Market structures look identical. The breakout awaits volume.
CasiTrades Highlights Existing Downside Risk
Independent analyst CasiTrades argued that XRP suffered from pre-existing structural weakness long before the Binance exploit hit public channels. The token had repeatedly tested its lower trendline since October 24 while completing corrective Wave 2 structures toward deeper Fibonacci retracement levels. Bearish headlines routinely emerge while charts are already positioned for downward pressure.
Derivatives desks adjusted risk parameters immediately following the breach. Margin requirements increased across platforms. Traders pulled capital from spot markets.
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