$157M XRP Stolen in Bitget Hack as XRPL Stablecoins Reach $1.16B

• XRP price traded near $1.53 on September 25 after the Bitget hack took 102.93 million XRP worth $157.48 million
• Bitget paused withdrawals and said its protection fund could cover the losses
• XRP Ledger stablecoins reached $1.159 billion after adding $67.12 million in a week, with RLUSD accounting for 92.1% of the total

XRP price hovered near $1.53 on September 25 after the Bitget hack left roughly $157 million worth of the token in attackers’ hands. The exchange paused withdrawals, while investigators began tracing the stolen funds. Meanwhile, stablecoin balances on the XRP Ledger climbed above $1.15 billion, largely driven by RLUSD. For XRP holders, the immediate question is what happens to the stolen tokens, and whether attempts to sell them will put pressure on the market.

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XRP Price in Focus After $157M Bitget Theft

Latest data showed XRP trading between $1.45 and $1.56 over the preceding 24 hours, with about $4 billion in trading volume, at press time. That range does not reveal how much of the trading was a response to the theft.

The scale of the stolen XRP stood out. Lookonchain’s report listed 102.93 million XRP worth $157.48 million. It was the largest asset category, accounting for approximately 44.1% of the itemized losses. There is still a gap between the reported totals. Bitget’s initial estimate was $351.6 million, compared with $356.86 million in the asset breakdown. The cited disclosures did not explain the difference.

Reports that the attacker converted other stolen assets into ETH also do not establish that the XRP was sold. This matters when assessing potential selling pressure.

In its security notice, Bitget said it suspended withdrawals while keeping deposits and trading open. The exchange said cold wallets remained secure and its protection fund, valued above $464 million, covered the loss. These were the company’s assurances during an ongoing investigation.

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RLUSD Drives XRP Ledger Stablecoins Above $1.15B

Separately, DefiLlama data showed the XRP Ledger’s stablecoin market capitalization at $1.159 billion, up $67.12 million, or 6.15%, in seven days.

RLUSD accounted for $1.067 billion of that total, giving it a 92.1% share. Its capitalization on XRPL increased 11.55% over the past month, outpacing the overall market’s 9.8% growth.

Other tokens had a weaker month. USDC’s tracked capitalization on the ledger fell 21.86% to roughly $4.62 million, even after recovering over the latest week. The expansion in XRP stablecoins has therefore been heavily concentrated in Ripple’s dollar-backed token.

XRP’s price is under the spotlight at the moment. More stablecoins on the ledger do not mean an equivalent amount of XRP has been bought. The figures show a larger stablecoin market, but establishing its effect on XRP demand requires evidence of how those funds are being used.

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