Binance Hacker Splits 233M XRP as Price Tests $1.24
A hacker moved 233.46 million stolen XRP, worth about $291 million, from one wallet into six new wallets on Monday. None of the funds had reached an exchange by 10:26 UTC, but any later exchange transfers could create selling pressure. XRP held near $1.24 after trading in a narrow range for three days. A daily close below $1.2423 could put the October 30 low of $1.2002 back in focus; resistance is at $1.2739. US spot XRP ETFs recorded $4.33 million in net inflows last week, even as Bitcoin, Ethereum and Solana funds saw combined outflows of $706 million. Ripple also released 1 billion XRP from escrow, then locked 700 million until 2029 and retained 300 million in its main wallet.
Bearish
The immediate market risk is bearish because 233.46 million stolen XRP—about 28% of the token’s reported 24-hour trading volume—has been divided among six wallets. Splitting the funds does not prove that they will be sold, and none had reached an exchange at the time reported. However, an exchange deposit could increase available supply and weigh on order books, particularly if the coins are sold quickly. XRP was already trading below its 50-day and 200-day exponential moving averages, while the 50-day average had crossed below the 200-day, reinforcing a weak technical backdrop. A daily close below $1.2423 could expose the $1.2002 post-hack low. There are countervailing signals: US spot XRP ETFs recorded $4.33 million in weekly net inflows, and Ripple locked 700 million of its 1 billion XRP escrow release until 2029. These factors may limit selling pressure, but ETF inflows did not prevent XRP from remaining range-bound. As in past large thefts, wallet movements can trigger short-term caution and volatility before any actual exchange sale; market impact will depend on whether the funds become liquid and how quickly they are sold. Longer term, sustained ETF demand and limited exchange inflows could support sentiment, while confirmed selling or a break below support would deepen downside risks.