Why XRP Is Sinking Today
In this news:
Key takeaways
- XRP fell 4.2% following a record $6.3 billion hack of Binance.
- Blockchain trackers reported that the first $300 million stolen was XRP.
- Ripple was able to freeze $200 million in RLUSD stablecoin but cannot freeze XRP.
XRP is down 4.2% in the last 24 hours as of 1:23 p.m. ET on Friday, Oct. 30, after a $6.3 billion hack of Binance -- the largest crypto exchange in the world -- rocks the industry.
The S&P 500 and the Nasdaq Composite are down 1.8% and 3.1%, respectively.
How the record Binance hack hit XRP first
Hackers emptied Binance hot wallets -- internet-connected wallets exchanges use to keep funds available for everyday trading -- stealing 10 different cryptocurrencies on Thursday night. The group drained $6.3 billion in total, making it the largest crypto theft ever.
Blockchain tracker Arkham said the first $300 million out the door was XRP.
Why Ripple can freeze its RLUSD stablecoin but not XRP
Ripple, the company behind XRP, helped freeze about $200 million in RLUSD, its stablecoin. However, the company isn't able to do the same for XRP, the native token of the XRP Ledger.
It's another reminder in my mind that Ripple's stablecoin is a more attractive product for the banks and financial institutions that are essential to Ripple's growth efforts. These are clients who value stability and security above all else, and RLUSD provides that in a way that XRP does not. It's why I think investors should stay away from XRP.
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