Overview
- Coreum’s cross‑chain bridge was exploited this week, allowing attackers to drain about 200,000 XRP by targeting a flaw in Coreum’s verification code while the XRP Ledger itself was not breached.
- U.S. July consumer prices rose 3.4% year‑over‑year, a print that caused CME Group’s FedWatch tool to lower the market’s chance of a September rate increase to roughly 38%.
- XRP is trading near $1.02 with bearish technicals, including an RSI around 36 and a pattern of lower highs and lows, placing $1 as the immediate support and $1.05–$1.08 as the near resistance band.
- Futures open interest is elevated at about 435.1 million XRP versus a 30‑day average of 403.6 million, which increases leverage on the market and raises the risk of cascading liquidations if price drops below $1.
- Recent weeks saw tighter exchange supply and earlier institutional selling that cooled ETF flows, so the bridge exploit and weaker macro data could further dent confidence in cross‑chain tooling and thin liquidity if selling intensifies.