XRP Struggles as Exploit Overhang Keeps Price Miles from Target

XRP is struggling to recover from a recent exploit overhang that has kept its price far from its target. The price fell 0.71% in 24 hours to $1.01 on Thursday, underperforming a slightly positive broader market amidst new negative sentiment.

The trading volume plummeted more than 26% in the same period, indicating a lack of buying conviction. XRP's slip was primarily driven by negative sentiment following a cross-chain bridge exploit.

A $200k bridge exploit on August 12 damaged confidence and created localised selling pressure. An attacker exploited a software flaw in the tx XRPL-Coreum bridge on August 12, draining approximately 200,000 XRP.

The incident highlights ongoing cross-chain security risks and likely triggered precautionary selling or loss of confidence among some holders. The price reaction is more about sentiment and perceived ecosystem risk than the direct financial impact of the stolen funds.