XRP drops below $1 for first time since 2024 after bridge hack

XRP fell below $1 for the first time since January 2024 on August 11, a milestone triggered by the exploitation of the Coreum cross-chain bridge connecting to the XRP Ledger. The price dipped to around $0.99 before recovering slightly to $1.01, marking the token’s lowest level in more than two and a half years as the broader crypto market digested the security breach.

The price collapse followed a critical hack on August 9, when an attacker drained nearly 200,000 XRP from the Coreum bridge in just 97 minutes. According to blockchain analytics, the bridge’s balance plummeted from approximately 200,410 XRP to 493.5 XRP as the attacker executed 94 fraudulent transactions across the span of an hour and a half.

XRP has shed roughly 72% from its all-time high of $3.65 earlier in the year, reflecting broader crypto market headwinds and recent selling pressure. Before the August 9 exploit, XRP news had already been tracking the token’s struggle to hold above the $1 support level, with analysts noting that transaction volume on the XRP Ledger had declined 44% in the four days leading up to the hack—from 2.81 million transactions on August 5 to 1.57 million on August 9.

How the Bridge Vulnerability Worked