XRP traded at $1.25 at 12:13 UTC on November 1, according to CoinGecko market data. This price action followed reports from U.Today that North Korean hackers carried out an attack on Binance, with limited immediate selling pressure seen in major cryptocurrencies such as XRP and Bitcoin.
Analyst view: DonAlt’s perspective
DonAlt, a well-known cryptocurrency analyst, argued that the subdued market response to negative news could signal underlying strength. U.Today described DonAlt as having previously predicted a significant XRP rally and quoted him calling the current market setup “hard to be a bear.”
“The absence of follow-through selling after major negative news, compared to events like the FTX collapse in 2022, makes this environment difficult to view bearishly,” the report conveyed, highlighting DonAlt’s interpretation.
The analyst pointed to the market’s collective resilience, referencing past episodes where sharp sell-offs led to significant recoveries. However, he noted that previous outcomes do not guarantee repetition.
Reported Binance incident and market context
U.Today’s report claimed that North Korean hackers targeted Binance, resulting in the withdrawal of $6.3 billion from the platform’s infrastructure. The same report stated that the FBI confirmed the attack, though this has not been independently verified. Binance, one of the largest global cryptocurrency exchanges, was said to have reimbursed users for 90% of the losses from its reserves, with assistance from the US Treasury Department in stabilizing the aftermath.
Despite these reports, the absence of primary documents or direct statements from Binance or US authorities leaves key details about the incident unverified.
Mini dictionary: Binance is one of the world’s largest cryptocurrency exchanges, offering digital asset trading, withdrawals, and related infrastructure. Its security incidents can impact the wider crypto market due to its scale.
XRP and Bitcoin price performance
CoinGecko data showed XRP’s price was up 0.38% over 24 hours, but remained down 2.89% over seven days, 18.52% over 30 days, and 49.99% over one year. Meanwhile, Bitcoin traded at $77,901, reflecting a 0.48% daily gain but a 9.77% loss over 30 days. These figures offer context but do not isolate the effect of the reported Binance incident.
| Asset | Price at 12:13 UTC | 24h Change | 7d Change | 30d Change | 1y Change |
|---|---|---|---|---|---|
| XRP | $1.25 | +0.38% | -2.89% | -18.52% | -49.99% |
| Bitcoin | $77,901 | +0.48% | N/A | -9.77% | N/A |
These trends suggest that while XRP and Bitcoin both experienced slight gains in the wake of the news, broader market conditions and longer-term performance remain negative.
Market sentiment and FTX comparison
DonAlt’s comparison to the FTX collapse in November 2022 highlighted differences in market reaction; where FTX customers lost funds permanently, Binance reportedly covered most losses within days. The interpretation is that the ability of markets to withstand major setbacks without steep declines may reflect a changed environment or improved risk management. However, a single comparison does not establish certainty about future outcomes.
Remaining resilient after negative news, the analyst observed, may indicate that buyers still hold confidence in the $XRP market, but these signals are interpreted in the context of multiple influencing factors.
U.Today noted the Risk & Greed Index scored 34 (Fear) on November 1, an indicator of cautious market sentiment rather than guarantee of a shift in trend.
Questions and outlook
Uncertainties remain regarding the details of the reported Binance incident, user reimbursement, and the actual impact of stolen funds on price performance. No verified wallet movements or official updates clarify the next steps, and analysts caution that price signals alone do not reveal the complete story.
Looking ahead, market watchers are expected to follow direct statements from Binance, possible confirmation from authorities, and price trends as the industry monitors whether assets such as $XRP maintain stability amid lingering questions.
