On Jan. 31, 2024, Ripple co-founder Chris Larsen experienced a significant security breach with 213 million XRP, valued at approximately $112.5 million, stolen from his personal accounts.

The illicitly acquired funds were subsequently attempted to be laundered through various cryptocurrency exchanges.

Law enforcement has intervened, freezing the accounts implicated in the potential laundering, though the current status of the funds remains uncertain.

Despite the hack, the market impact was brief, with XRP's price experiencing only a temporary dip before recovering.

The breach, which did not appear to involve Ripple's official accounts, stands as one of the largest cryptocurrency-related security incidents in 2024.

Ripple has yet to issue a statement regarding the breach.

XRP's next critical support level is projected at $0.4876, signaling a possible risk for further price declines.