The Ripple price (XRP/USD) has seen a sharp drop following news that South Korea’s Bithumb exchange has been hacked.
The third-largest cryptocurrency enjoyed a strong session yesterday, with its price rising, as part of a larger uptrend, observed across the digital currency market. The Ripple rally reached its highest point in the early afternoon trading, with the coin hitting a four-day high of $0.558. While Ripple pulled back in the final hours of the session, it finished the day at $0.549, well above its opening price of $0.538.
However, Ripple had a very different start to today’s session, as its price plummeted to an intraday low of $0.525. Once again, Ripple’s price movement mirrored a pattern seen across the wider crypto market. The fall was triggered by the news that some $31 million worth of cryptocurrency had been stolen from major South Korean exchange Bithumb by hackers. The exchange confirmed the incident in a statement, saying that it would cover the losses from its own reserves.
While the exchange did not disclose what crypto coins had been affected by the hack, some media outlets have reported that Ripple may have been targeted.
Bithumb is one of the most popular destinations for XRP trading. According to data from Coinmarketcap, South Korea’s largest exchange has processed nearly $31 million worth of XRP trades in the past 24 hours, which represents 11.15 of XRP’s total trading volume for that period. Bitbank and Binance are the only two crypto exchanges that have generated larger XRP volume during that period.
In today’s trading, the Ripple price stood at $0.530, as of 13:43 BST. The digital coin has lost 3.7% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s market capitalisation currently stands at $20.8 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.