XRP Analysis: XRP Fell to $1.20 on the Binance Hack. What Did It Do After FTX and Bybit?
A $6.3 billion hack just sent XRP tumbling to $1.20, but XRP has survived catastrophic exchange collapses before and clawed its way back. The question this time is whether a hacker sitting on a massive XRP position changes everything.
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XRP (CRYPTO:XRP) had a quiet trading week, hovering near $1.29, until hackers stole $6.3 billion from Binance, sending XRP down to an intraday low of $1.20 today. The selloff forced $37.6 million in XRP positions into liquidation as leveraged longs were closed out.
XRP has lived through two major incidents before—the FTX collapse and the Bybit hack—and its daily closes after those events show how it historically performed once the panic subsided.
XRP Drops to $1.20 as Binance Pauses Withdrawals
Following the security breach, Binance halted all deposits and withdrawals. This initially prompted XRP holders to sell, but the token quickly bounced back from the $1.20 low, showing buyers were active even with the world’s largest crypto exchange temporarily out of service.
XRP is trading at $1.25, down 3.34% over the last 24 hours and 3.39% for the week. On October 29, XRP closed at $1.2357—its lowest close in 30 days—and is down 16.08% for the month. That places it 65.75% below its all-time high of $3.65, reached on July 17, 2025.
Other cryptocurrencies also sold off, pulling the total crypto market value down 6.47% over 24 hours to $2.6 trillion. The Fear and Greed Index, which measures traders’ emotional state, has dropped to 41, a fear reading. Despite this, XRP remains the fifth-largest cryptocurrency by market cap, valued at $79 billion.
XRP is trading below its 200-day moving average of $1.28, a level many traders use to identify trends. The 50-day average of $1.40 acts as overhead resistance.
How XRP Recovered From Previous Selloffs
XRP showed resilience during both past events. After the FTX collapse in November 2022, when the market was already bearish, XRP closed at $0.4088 on November 8, then fell to its monthly low of $0.3348 a day later, an 18.1% decline. By the end of 30 days, the loss had narrowed to just 3.4%.
The Bybit hack on February 21, 2025, came as a post-election rally was winding down. XRP closed at $2.5633 that day, then fell 16.4% over the following week. It bounced back and ended up only 4.7% down after 30 days.
Here’s a recap of how those two events played out.
| Event | Event-Day Close | 7 Days Later | 14 Days Later | 30 Days Later | Lowest Close |
|---|---|---|---|---|---|
| FTX Collapse (Nov. 8, 2022) | $0.4088 | Down 4.3% | Down 7.6% | Down 3.4% | $0.3348 (down 18.1%) |
| Bybit Hack (Feb. 21, 2025) | $2.5633 | Down 16.4% | Down 7.2% | Down 4.7% | $2.0171 (down 21.3%) |
| Binance Hack (Oct. 30, 2026) | $1.25 (current) | Pending | Pending | Pending | $1.20 (intraday low) |
Both past incidents saw XRP take an early hit and recover most of its losses within 30 days, but this Binance hack presents new challenges. Unlike those events, XRP enters this shock from a weaker spot, down 48.76% over the past year, despite a 17.94% rise over the past 90 days after hitting a yearly low of $0.9927 on August 16, 2026.
Potential Risks Ahead for XRP
The hacker behind the Binance attack still holds XRP, adding to the uncertainty. If the hacker transfers those holdings to an exchange, it could flood the market with new supply and put downward pressure on XRP’s price. That threat is bigger than in 2022, when the lowest close came just one day after FTX failed.
Liquidity is also a concern, since Binance is the largest crypto exchange, and its temporary closure limits XRP’s trading venues in a way that could affect price stability. On the upside, the $37.6 million in liquidations may have cleared out forced sellers before a recovery starts.
Historically, both the FTX and Bybit incidents show XRP taking its worst decline early, then rebounding significantly within 30 days. This time, though, a hacker holding a large XRP position changes the setup.
If Binance reopens withdrawals smoothly, it would bring back something neither earlier event had, a quick return of the biggest trading venue. If XRP reclaims its 200-day moving average of $1.28 once withdrawals resume, the historical recovery pattern may repeat. If the hacker moves XRP to exchanges first, though, today’s $1.20 low may not hold.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
