On October 25, 2023, crypto news outlet The Block reported that Coins.ph, a Philippine-based cryptocurrency exchange, may have lost $6 million worth of XRP in a hack. The report stated that a hacker was able to send XRP tokens through various exchanges and destinations, including OKX, WhiteBIT, OrbitBridge, SimpleSwap, and ChangeNOW.
Coins.ph has not yet confirmed the hack, but the exchange’s wallet, which is connected to BitGo, a US-based crypto custody firm, was reportedly activated by the hacker.
The news of the alleged hack has had a negative impact on the price of XRP. The token’s price fell by over 5% in the hours following the report.
Ripple’s Current Price Reflects the Impact
At the time of writing, XRP is trading at $0.526, down over 10% from its price on October 24, 2023. The token’s price has been under pressure for some time now, due to a number of factors, including the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).
The alleged hack at Coins.ph has only added to the downward pressure on XRP’s price. Investors are concerned that the hack could lead to further security concerns and could damage Ripple’s reputation.
What’s Next for XRP?
It is too early to say what the long-term impact of the alleged hack will be on XRP’s price. However, the token’s price is likely to remain under pressure until the hack is investigated and the results are made public.
Investors should also keep an eye on the ongoing legal battle between Ripple and the SEC. If Ripple wins the case, it could be a major boost for XRP’s price. However, if Ripple loses the case, it could have a negative impact on the token’s price.
Overall, the outlook for XRP is uncertain in the short term. Investors should carefully consider their own risk tolerance and investment goals before investing in XRP.