Binance Restarts XRP Withdrawals After $6.3B Breach
Binance has begun a phased restart of XRP withdrawals after an October 29 hot-wallet breach led to a multi-day withdrawal freeze. XRP withdrawals resumed on November 1 from 06:00 to 09:00 UTC, alongside withdrawals for BTC, ETH, BNB, SOL, DOGE, ZEC and several stablecoins. Some stablecoin withdrawals are available on Ethereum, BNB Chain, Solana and Arbitrum. Binance warns that high demand and a transaction backlog may delay processing, with more assets and networks to follow after security checks. The exchange estimates the breach’s impact at about $6.3 billion and says asset coverage has reached roughly 95%; XRP and other major assets are fully backed. Binance says it will absorb customer losses and is working with law enforcement and industry partners, while the remaining coverage concerns less-liquid tokens being acquired through market and over-the-counter channels. The XRP withdrawals reopening offers users some relief, but the phased recovery and pending post-incident report leave the full security response under scrutiny.
Neutral
The news is neutral for XRP’s price overall. Reopening Binance XRP withdrawals may ease concerns about access to funds and support confidence in the exchange, limiting some security-related selling pressure. However, the restart is phased, processing delays remain possible, and the incident’s full details are still pending. In the short term, traders may respond to withdrawal availability and any signs of renewed selling, but the update does not directly change XRP’s supply, utility or market demand. Over the longer term, the effect on XRP will depend more on the final incident report, Binance’s recovery and the wider market than on the withdrawal reopening itself. Similar exchange incidents can raise volatility, but restored withdrawals alone do not establish a sustained bullish or bearish trend.