XRP Defends Local Bottom Despite Revelation of Crypto’s Largest Near-Miss Hack
The crypto market showed resilience over the weekend as XRP held local price levels following the disclosure of a historic near-miss bug.
XRP Defends Local Bottom Despite Revelation of Crypto's Largest Near-Miss Hack
The crypto market showed resilience over the weekend as XRP held local price levels following the disclosure of a historic near-miss bug.
XRP Defends Local Bottom Amid Market Strains
The broader cryptocurrency market has demonstrated notable resilience to technical shocks over the weekend. According to reports from U.Today, the publication of details regarding the prevention of a massive technical crisis that threatened a significant XRP market capitalization did not trigger widespread panic or chaotic sell-offs.
Spot markets successfully absorbed the negative news, maintaining local price levels during Sunday's trading sessions. The XRP/USD trading pair hovered near $1.388, with daily fluctuations remaining within a 1% range according to TradingView data. Initial attempts to push prices lower following the public disclosure quickly dissipated into sideways movement.
Technical Resilience on Weekly Charts
The weekly price chart outlines clear boundaries for the current trading range. XRP continues to find steady support along an ascending trendline stretching through the May to August lows. A local drop toward $1.32 earlier in the week was aggressively bought up, leaving behind a long lower candle wick.
Prices have successfully remained above long-term moving averages. This stability persisted despite external pressures, including Bitcoin correcting to between $80,000 and $83,000 and the yield on 10-year U.S. Treasury bonds climbing to 5.345%.
Uncovering a Decade-Old Codebase Vulnerability
The absence of panic stems largely from the fact that the vulnerability was completely eliminated before its public revelation. A report published by Veria Labs detailed a serious integer overflow bug within the rippled codebase that had quietly existed since 2015.
The flaw could have theoretically allowed an attacker to mint 18 trillion XRP in a single transaction, amounting to roughly 184 times the network's fixed supply. Veria's AI agent discovered the flaw on September 21, and the XRPL team swiftly verified it through their Bug Bounty program, issuing a record $250,000 reward.
Swift Emergency Patching by RippleX
By September 25, RippleX engineers had deployed the emergency xrpld 3.4.1 software update. To outpace potential hackers, the network bypassed its standard two-week validator voting process for the first time in a decade, and no actual exploitation on the mainnet was recorded.
Market price action has firmly confirmed support in the $1.32 to $1.37 zone. Meanwhile, the primary technical barrier for any upward momentum remains situated between $1.50 and $1.70, where previous local highs on the weekly chart are concentrated.
About The Author
