Bitget's $387.5M Breach Tests XRP's Resilience as ETF Demand Cools and Brazil Ties Deepen

XRP trades at $1.51 after a $387.5M Bitget breach; Brazil's CSD BR and Ripple partner, ETF inflows cool, and a token escrow release nears.

XRP changed hands at $1.51 on Wednesday, eking out a 1.3% daily gain as the broader crypto market absorbed the fallout from one of the year's largest exchange security failures. The token continues to trade above its 50-day moving average of $1.36, a level it has defended despite the theft of more than 100 million XRP tokens that briefly rattled sentiment.

The question now facing traders is how well the ecosystem can withstand external shocks at a time when institutional inflows are losing steam.

Bitget Reimburses Customers After September 24 Attack

The unrest traces back to a September 24 breach at the trading platform Bitget, where attackers made off with assets worth roughly $387.5 million — including 102.93 million XRP tokens. By last Saturday, approximately 54 million of those tokens had been moved out of the original target wallets.

Because the XRP Ledger's rules do not permit Ripple to freeze native tokens, the transactions could not be halted at the protocol level. Bitget responded by pledging to cover all losses through its internal protection fund. Payouts to affected customers resumed gradually last Monday and are scheduled to be completed in full by October 2.

Institutional Demand Shows Mixed Signals

Data from US trading paints a patchwork picture of professional appetite. After US spot XRP ETFs logged net inflows of $22.65 million last Friday, the pace slowed sharply on Monday, with media reports putting the day's haul at just $3.96 million. Over the prior trading week, however, those same products still attracted $75.6 million in net inflows, lifting their aggregate net assets to about $1.77 billion.

Matt Hougan, chief investment officer at Bitwise, pointed to the token's established track record and practical applications for financial advisers as reasons behind the interest.

A separate catalyst arrives Wednesday, when shareholders of the listed shell company Armada Acquisition Corp. II vote on a planned merger with XRP treasury firm Evernorth. If approved, the combined entity is targeting a Nasdaq listing under the ticker symbol XRPN.

Brazil Integration and RLUSD Growth Broaden the Base

Beyond the market turmoil, the network is pushing deeper into traditional finance. Brazil's market infrastructure provider CSD BR and Ripple announced a partnership Tuesday aimed at mirroring ownership records for investment fund shares issued by bank BTG Pactual onto the XRP Ledger. CSD BR's official systems remain the authoritative register for custody and settlement, while the ledger initially serves select corporate and banking clients as an interface for digital proofs.

The network's own stablecoin, RLUSD, has also posted notable growth recently, adding further activity to the ecosystem.

Escrow Release Looms, Technicals Firm Up

Attention now turns to Thursday, when the scheduled monthly release of up to one billion tokens from the trust account takes place. The recurring process follows a fixed algorithm designed to manage supply transparently, and it does not automatically translate into a flood of tokens hitting exchanges. In practice, a substantial portion of the unlocked units is typically rolled straight back into new lock-up periods, meaning only a fraction of the volume ever reaches the open market.

On the technical front, XRP has found some footing after recent swings. At $1.50, the token sits 17% above its 200-day moving average of $1.28 — a line market watchers view as a key signal for preserving the third quarter's upward trend.

Derivatives markets tell a more tense story for sellers. Industry surveys point to a significant liquidation risk for existing short positions should the price rise by just a few percentage points. A breakout above the next chart hurdles could therefore trigger forced covering and inject fresh momentum into the advance. On the flip side, the zone around recent interim lows remains the decisive support line for buyers.