XRP Price Nears $1 as Binance Hacker Moves 139M XRP: Are New Lows Next?
XRP news this week is all red. XRP fell to $1.0764 on Monday, its lowest price since August 19, and now trades about 9% above $1. It is down 22.5% in 30 days, more than twice Bitcoin’s 10.1% drop. Last week alone it lost 11%, from $1.2508 to $1.1132, its fifth losing week in a row.The whole crypto market sold off last week, but XRP had a problem of its own. Since Thursday, the hacker behind the Binance theft has sent 139 million stolen XRP, worth about $151 million, out of one of its wallets.We also checked XRP’s weekly history on Binance since 2018. Losing streaks of five weeks or more have happened six times before. Every time, XRP traded below the price where the streak ended within the next 12 weeks.So is XRP heading back below $1?XRP hasn't been at these levels since Augustwhat's next for EXPLORE: The Binance Hacker’s Stolen XRP Is Moving AgainThe stolen coins are on the move again. The XRP Ledger, the public record of every XRP transfer, shows the hacker’s wallet sending out XRP in steady chunks since Thursday afternoon.On November 2, the hacker split its 233.46 million XRP across six new wallets. This week it began gathering them into one of those wallets and paying them out again.How much: 139.0 million XRP left that wallet in 728 payments between 14:56 UTC on Thursday and Monday morning.Where to: 79 addresses, 55 of them brand-new wallets the hacker created itself.Still held: about 94.5 million XRP remains in the hacker’s known wallets, 73.5 million of it untouched since November 2.None of the 728 payments carried a destination tag, the number most exchanges require so a deposit reaches the right account. So the ledger does not show the coins landing on an exchange yet. The receiving wallets hold only about 2.3 million XRP now, which means most of the coins have already moved on again.Traders cannot tell from the ledger alone whether the coins are being sold. What they can see is a $151 million pile of stolen XRP that is no longer sitting still. That is reason enough for some to sell first.The timing also matched the market’s worst day. The first payout went out on Thursday, as chip stocks sold off and XRP was already sliding. XRP fell 7.5% that day, its biggest drop of the week.The rest of the market gave no relief. Bitcoin closed its own fifth losing week on Sunday, and late Sunday a wave of forced selling hit crypto. Leveraged traders, who borrow to bet on higher prices, had their positions closed automatically as prices fell. XRP dropped 4.5% in 11 minutes, from $1.1445 at 21:44 UTC to $1.0930 at 21:55 UTC.DISCOVER: Five Red Weeks in a Row Have Always Led to Lower PricesXRP has now closed five weeks in a row below their opening prices. Over those five weeks it fell 26.8%, from $1.5205 to $1.1132.We checked every weekly candle for XRP on Binance since 2018 for streaks like this one. There were six before, and in each case XRP went on to trade lower within 12 weeks.Smallest further drop: 2.1%, after the streak that ended in March 2020.Biggest further drop: 26.2%, after the nine-week streak that ended in May 2022.Typical further drop: 7.6%, the median of the six.This time, XRP is already 3.3% below its fifth weekly close after Monday’s drop to $1.0764. A drop of 7.6% from $1.1132, the median, would take it to about $1.03.The low did not always last. In four of the six cases, XRP traded higher 12 weeks after the streak than where the streak ended. Six cases are also a small sample, so the pattern is a guide rather than a rule.XRP News for Traders: Can XRP Hold $1?It has held so far, but the margin is thin. XRP trades at $1.0868 on Binance, about 1% above Monday’s low. Market Cap 24h7d30d1yAll Time XRP sits well below both of its daily exponential moving averages (EMAs), averages that weight recent prices more. The 50-day EMA stands at $1.3020 and the 200-day EMA at $1.3529.Resistance: $1.1264, Monday’s high, then $1.1699, Sunday’s high. Above that, $1.3020, the 50-day EMA.Support: $1.0764, Monday’s low. Below that, $1.00, then $0.9862, the August 14 low and XRP’s lowest price since November 2024.$1 has held before. In August, XRP traded below it on eight days but closed below it on only two. Then it climbed as high as $1.70 within three days.PathWhat has to happenNext stopBounceA daily close back above $1.1699$1.3020, the 50-day EMARangeXRP holds between $1.0764 and $1.1699Sideways trade above $1BreakdownA daily close below $1.00$0.9862, the August 14 lowFor XRP news this week, the hacker’s wallets are the thing to watch. If the coins start reaching exchanges, the selling pressure could push XRP below $1 for the first time since August.DISCOVER: Follow 99Bitcoins on X For the Latest Market Updates, and Subscribe on YouTube For Daily Expert Market Analysis.The post XRP Price Nears $1 as Binance Hacker Moves 139M XRP: Are New Lows Next? appeared first on 99Bitcoins.