XRP Weathers 200K XRP Bridge Drain as Whale Wallets Continue to Rise

• The XRP Bridge exploit drained nearly 200,000 XRP from the Coreum bridge, exposing a flaw in its deposit-verification process
• XRP briefly fell below $1 due to the market pressure but later regained the level, showing signs of XRP price recovery
• Despite the volatility, XRP large holders continued to grow, with Santiment also highlighting the rise in XRP whales wallets over the past three months

Ripple is showing acute resilience after the assets had undergone a recent XRP bridge exploit. Nearly 200,000 XRP was drained from the Coreum bridge in 97 minutes. The hacker made 94 transactions in those 97 Min and drained nearly 199,619 XRP from the Coreum cross chain bridge, with reports putting the exact amount drained at 199,916 XRP. However, despite the current shakeup, the price of XRP has recovered slightly, regaining its $1 price mark after briefly falling below the said level.

At the same time, XRP large holder count continues to rise, as Santiment reports sound XRP whale wallet accumulation despite the recent volatile and setbacks. The data refers to wallets holding at least 1 million XRP, rather than wallets holding XRP worth $1 million.cross-chain

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XRP Bridge Exploit Drains Nearly 200,000 XRP

The XRP Bridge exploit which occurred on August 9 has ended up draining nearly 199,619 XRP from XRP-Coreum bridge in approximately 97 minutes. The attack involved 94 transactions with the hacker exploiting flaws in the bridge’s deposit-verification process. The process involved fraudulent deposits being credited, which enabled the hacker to withdraw genuine XRP from the bridge. In simple terms, the bridge recognized the fraudulent deposits and allowed genuine XRP to be withdrawn.

The vulnerability was linked to the Coreum bridge infrastructure rather than the XRP ledger. The incident did not compromise the XRPL infrastructure. The flaw was in the bridge’s verification and relayer process, rather than the underlying XRP Ledger. However, the attack has added a bit of pressure on the XRP price, with security setbacks like these weighing on the asset.

The asset has recently fallen below the $1 threshold but has quickly recovered, bouncing back to its $1.01 mark. The move has given XRP some relief after the initial reaction to the exploit.

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Santiment Shows XRP Large Holder Accumulation Intact

Despite the recent setback, data from Santiment shows how the XRP large holder count is rapidly growing. Per the platform, XRP wallets holding at least $1M XRP are rising. Furthermore, the data cited by Santiment later added that the $ 1M-plus XRP wallet cohort has added 32 wallets in 3 months. Santiment was also quick to add how RLUSD has grown into a meaningful stablecoin.

“XRP Ledger’s 1M+ wallet cohort has added 32 wallets in 3 months. That’s large-holder growth during a -29% market cap decline. Despite underwhelming price performance throughout the summer for $XRP, $RLUSD has grown into a meaningful institutional stablecoin, while Ripple’s payments, custody, and tokenization rails keep the Ledger tied to settlement use cases.”

As the XRP bridge exploit remains a major focus of debate, Santiment’s data offers some relief for investors. The rise in these XRP whale-wallet cohorts is encouraging. However, it does not necessarily mean that 32 individual investors have accumulated XRP. Exchanges, custodians and institutions can hold multiple addresses.

“When million-XRP wallets rise while market cap falls, stronger hands are absorbing panic, patience is replacing simple price-related hype, and future volatility becomes more interesting for bulls.

The platform also shared that when millions of XRP wallets rise while the market cap falls, it is usually a sign of how stronger hands are absorbing market panic.

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