XRP (CRYPTO: XRP) fell to $1 for the first time since November 2024 after a hack drained roughly 200,000 XRP from the Coreum bridge on the XRP Ledger.
What Happened to the Coreum Bridge? Inside the 200,000 XRP Exploit
According to blockchain analytics site XRPL.to, the Coreum bridge held roughly 200,410 XRP on August 9 before an attacker drained it to 493.5 XRP in just 97 minutes.
The attacker never actually sent any real XRP to the bridge. Instead, they moved the bridge’s own token between their own two wallets while attaching a fake deposit label.
The bridge’s software saw that transaction in its history and mistakenly treated it as a real incoming deposit, crediting the attacker with XRP they never sent.
With a fake balance now showing on the system, the attacker simply withdrew real XRP through the normal process and the bridge approved every payment.
The two wallets that received the funds forwarded the XRP onward within hours to older staging wallets, a classic laundering pattern.
The bridge halted the following afternoon. XRPL.to concluded the flaw was in the relay software’s logic rather than stolen keys, which is why 21 independent relayers all fell for the same trick at the same time.
Why XRP Is Now Down 71% From Its All-Time High?
Analyst Ali Martinez flagged on X that XRP is now down 71.7% from its July 2025 all-time high of $3.66, reaching extremely oversold levels.
He noted the Tom DeMark Sequential flashed a monthly buy signal, the same indicator that preceded a 1,074% rally after an April 2020 signal and a 973% rally after an August 2022 signal.
Ali Martinez said new buy signals are beginning to emerge at current levels and called it the point where things start getting interesting.
Will XRP Hold $1? Key Levels to Watch
XRP touched $0.9905 intraday Tuesday, briefly breaking below $1 before buyers stepped in hard and pushed the price back to close at $1.01.
This marks the second test of the $1 level since June 26, but today’s move was more serious as price actually pierced below it before recovering.
The $2.39 billion in volume that flooded in exactly when price broke below $1 tells you that was a genuine flush
Key levels for XRP:
| Level | Price |
| Key Resistance | $1.06 |
| Key Support | $1 |
| Downside Target | $0.85 |
| Upside Target | $1.10 |
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