XRP has experienced a decline of more than 24 percent over the last four weeks, showing weaker performance compared to both Bitcoin and Ethereum fell by 19.6 percent. XRP’s downturn was roughly double that of Bitcoin, marking it as a notable point of weakness among the leading cryptocurrencies.
This trend remained consistent when looking at the past week alone. XRP dropped 18.3 percent, significantly outpacing the 5.7 percent decline for Bitcoin and the 12.1 percent dip for Ethereum.
It has also been confirmed that a large volume of XRP stolen from Binance was converted into Bitcoin. The blockchain analytics firm Elliptic reported that the majority of the approximately $190 million in stolen assets had been swapped for Bitcoin. The U.S. Federal Bureau of Investigation has attributed the hack to North Korea.
The volume of these conversions has proven to be larger than initial estimates suggested. On Nov. 6, Elliptic noted that about $50 million in XRP had been traded for Bitcoin. As the sell-off continued, reports indicated that by the previous night, roughly 35 million XRP—valued at about $38 million—had been converted, with most of those funds moved into Bitcoinel this as the primary driver of the price drop
Elliptic stated that 60 million XRP, worth approximately $64 million, remains in wallets associated with the theft. Given that a significant portion has already been moved into Bitcoin, market observers are watching to see if the remaining XRP will be liquidated, as it represents a potential variable for future supply and demand.
The core takeaway is that the weakness in XRP did not mirror the broader market decline seen in other major cryptocurrencies. The ongoing conversion of stolen assets into Bitcoin demonstrates how shifts in supply and demand for a specific asset can exacerbate price disparities.
