XRP Falls to $1 as Bridge Hack Drains 200,000 XRP

11.08.2026 · By Bernal Fintech Markets Desk

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XRP (CRYPTO: XRP) fell to $1 for the first time since November 2024 after a hack drained roughly 200,000 XRP from the Coreum cross-chain bridge on the XRP Ledger. The incident occurred on August 9, with the attack lasting 97 minutes and exploiting a validation gap in the relayer software. This event has triggered a significant drop in XRP’s price, with the token now trading at a year-to-date low of $1, down nearly 60% from its January peak.

The price decline has been accompanied by rising derivatives exposure, with XRP’s Funding Rates spiking by over 200% amid increased open interest. This move has raised concerns about the token’s short-term outlook, particularly with the upcoming earnings date on September 12, which may provide further clarity on the broader market sentiment.

Bridge Vulnerability Sparks Market Concerns

The Coreum bridge exploit highlights the risks associated with cross-chain infrastructure, which is increasingly critical as the crypto ecosystem becomes more interconnected. According to multiple reports, the attack did not exploit a vulnerability in the XRP Ledger itself but rather a flaw in the relayer software used by the bridge. This has raised questions about the security of other cross-chain protocols and the potential for similar exploits in the future.

Initial theories on social media pointed to a vulnerability in the XRP Ledger’s ‘rippling’ function, but subsequent analysis has suggested the flaw was in the relayer logic. The incident has also sparked discussions about the need for more robust security measures in cross-chain bridges, as vulnerabilities in these systems can have far-reaching consequences for the entire crypto ecosystem.

What it means for markets

The XRP price drop and the Coreum bridge hack have introduced uncertainty into the broader crypto market, particularly for altcoins. Investors are now closely watching the response from the XRP community and the potential impact of the upcoming earnings date on market sentiment. The incident underscores the importance of security in cross-chain infrastructure, which is likely to remain a key focus for developers and investors alike.