XRP’s value has declined over the past week, with further uncertainty surrounding its future trajectory. Meanwhile, a significant security breach at cryptocurrency exchange Bybit has added to market concerns.
Also Read: Bybit Suffers Record $1.1B Hack, Bitcoin and Ethereum Prices Plunge
XRP Price Movement and Market Trends
- XRP is currently trading at A$4.06, marking a 1% increase from an hour ago but a 2.2% drop since yesterday.
- Over the past seven days, XRP has lost 7.8% of its value.
- The 30-day decline now stands at 18%, showing a continued downtrend.
- Daily trading volume for it reached A$8.19 billion in the past 24 hours.
Figure 1: XRP Price fluctuations in the last 24 hours [CoinGecko]
XRP Price Performance Over the Past Week
| Date | Day | 1 XRP to AUD | 24hr Change | % Change |
|---|---|---|---|---|
| Feb 22, 2025 | Saturday | A$4.06 | -A$0.0908 | -2.2% |
| Feb 21, 2025 | Friday | A$4.20 | -A$0.1100 | -2.6% |
| Feb 20, 2025 | Thursday | A$4.31 | +A$0.2840 | +7.0% |
| Feb 19, 2025 | Wednesday | A$4.03 | -A$0.1510 | -3.6% |
| Feb 18, 2025 | Tuesday | A$4.18 | -A$0.1063 | -2.5% |
| Feb 17, 2025 | Monday | A$4.29 | -A$0.0621 | -1.4% |
| Feb 16, 2025 | Sunday | A$4.35 | +A$0.0357 | +0.8% |
XRP Price Predictions: What’s Next?
There are two possible scenarios for future movement:
Scenario 1: A Recovery May Begin
- It might have completed its correction phase.
- If the price stabilises, it could rise to US$3.40, its previous high.
- However, if it drops below US$2.47, this scenario would no longer be valid.
Scenario 2: A Deeper Correction Continues
- XRP could still be experiencing a market downturn.
- If it falls below $2.52, the price may drop further to $2.26-$2.31.
- Possible support levels include $2.22, $2.10, or even $1.95 before any recovery.
Bybit Hack: A Massive Security Breach
A major hack has hit Bybit, one of the world’s largest cryptocurrency exchanges.
Hack Details
- The Bybit hack resulted in over $1.1 billion being stolen.
- Stolen assets include liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens.
- Onchain security analyst ZachXBT first detected the breach.
- The North Korean hacker group Lazarus has been linked to the attack.
Bybit CEO’s Response
Bybit co-founder and CEO Ben Zhou addressed the breach and shared the following updates:
- “Please rest assured that all other cold wallets are secure. All withdrawals are NORMAL. I will keep you guys posted as more develops. If any team can help us to track the stolen fund will be appreciated.”
- “We don’t have plans to suspend or cancel withdrawals. At the moment, we are still receiving all the withdrawal requests, and, in fact, 70% of them have been approved and processed. A lot of the network congestion is still there, so we’re processing them as fast as we can.”
How the Hack Happened
- A transfer from Bybit’s multisignature wallet to a warm wallet took place before the hack.
- The transaction was masked to look legitimate but contained malicious source code.
- The attackers altered the wallet’s smart contract logic to steal funds.
- Bybit is now securing a bridge loan to maintain operations while recovering losses.
What This Means for the Crypto Market
The Bybit hack has raised concerns over exchange security and could affect investor confidence.
- XRP and other altcoins might face further short-term volatility.
- The market’s reaction to Bybit’s recovery efforts will be crucial.
- Traders should monitor XRP’s price levels closely, especially $2.52 and $3.40.
Final Thoughts
XRP continues to struggle amid broader crypto market uncertainty. The Bybit hack has added pressure, making investors cautious. Whether XRP recovers or continues its downtrend depends on upcoming price movements and the overall market sentiment.
