The XRP price dropped by 5% on the 24th (local time), sliding to the $2.16 (about 3,150 won) level. This is due to the rapid contraction of investment sentiment amid the overall cryptocurrency market adjustment and the addition of security issues on the issuance platform.
On this day, the XRP Ledger Foundation announced that it detected a *backdoor* vulnerability in its internal code library. As this library is one of the core components of the XRP network, the security flaw appears to have fueled market tension by potentially accompanying direct asset infringement. While the foundation claims to have taken immediate patch measures, technical concerns remain.
Market indicators are also deteriorating. The open interest, a derivatives indicator, decreased by 6% in a single day, clearly showing a shaking of confidence in XRP. This is interpreted as a signal of slowing new fund inflows and existing investors reducing their positions.
Along with this, the size of liquidated long positions over 24 hours recorded $11 million (about 16.06 billion won). Forced liquidations poured in without stopping the downward trend. Technical weakness and security issues are intertwining, increasing short-term downward pressure.
Experts point out that if the security issue is not resolved early, the possibility of additional XRP decline cannot be ruled out. At the same time, while top market cap assets like Bitcoin (BTC) and Ethereum (ETH) also showed weakness, XRP's decline was relatively larger, revealing the market's anxiety.
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