XRP Falls Below $1 for First Time Since Trump's Election | CoinDesk Daily

Jennifer Sanasie (0:00)

XRP drops below a dollar for the first time since Trump's election, and Harmony's token crashes 40% after a 4 billion token mint. This is CoinDesk Daily.

RealFi, a smarter stable coin backed by real world assets. Join the testnet now at realfi.co. XRP briefly fell below a dollar for the first time since November 2024, the month Donald Trump's election win sent the whole crypto market surging. It touched 99 cents before bouncing back just above a dollar, but the bounce stalled. Adding to the pressure, an attacker drained nearly 200,000 XRP from a bridge linking the XRP ledger to the Corium chain. After a software flaw, let them claim deposits that were never actually made. US inflation came in right in line with expectations in July, keeping the Fed's path largely unchanged. CPI rose 0.1% on the month and 3.4% over the past year. Core inflation, stripping out food and energy, ticked down to 2.5%.

Traders are now pricing in a 42% chance of a Fed rate hike in September, down from 48% before the report. And Harmony's one token crashed about 40% after an apparent exploit created roughly 4 billion new tokens, an amount equal to more than a quarter of its entire supply. The company confirmed the attack and pushed an emergency update to stop any further minting. It also paused its bridge and asked exchanges to freeze funds tied to four addresses. Harmony says it's weighing a rollback to rewind the network to before the exploit. Get more updates on coindesk.com. RealFi, a smarter stable coin backed by real world assets. Join the testnet now at realfi.co.