XRP News: Whale Makes Waves With 25 Mln XRP Dump, Price Sinks Below $0.58
CoinGape – a year ago
After a strong bullish run, XRP’s gains have come to a standstill due to a bearish turn. Moreover, major whale activity has been noted amid the price dip. Lately, an XRP whale offloaded nearly $15 million worth of XRP tokens to crypto exchange Bitstamp, which could be detrimental, considering the recent nosedive.
XRP Whale Activity: 25 Mln Tokens Offloaded
According to Whale Alert, an on-chain data tracking forum, over 25 million XRP tokens were transferred to Bitstamp. The transaction registered a shift of 25.5 million XRP worth $14.75 million to Bitstamp via an undisclosed wallet. It indicates a massive selloff, which could push the XRP price further into the red.
advertisement
This comes after another significant XRP dump on Bitstamp. Earlier, 26.2 million XRP tokens worth $15.16 million were offloaded by an unidentified wallet to the Luxembourg-based crypto exchange. Moreover, a humongous Bitfinex whale transaction had sent shockwaves through the XRP community.
As reported by Coingape earlier, apparently 25.6 billion XRP (worth $14.85 billion) was transferred to Bitfinex, another leading crypto exchange, on Monday. The transfer marked nearly 50% of the crypto’s total supply, which took the XRP community by storm.
Bitfinex CTO, Paolo Ardoino, weighed in on the matter and labeled it as a ‘Partial Payments Attack’, however, that wasn’t the case. Whale Alert then clarified that it was an erroneous report. They took to X and stated that there was a mistake in reading the Ripple node response.
Also Read: XRP News: XRP Whale Dumps 26 Mln Tokens Amid $15 Bln Bitfinex Saga
XRP Price Today
Last week, XRP rallied toward and leaped past the $0.60 mark, however, the bullish run was short-lived. The XRP price fell below $0.58 in today’s trading session. At press time, the XRP price was down by 1.01% as it traded at $0.5743 on Tuesday, January 16.
Moreover, the crypto’s value dipped below $0.57 before rebounding back. The crypto currently holds a market cap of $31.16 billion, indicating a 1.07% decline. Whilst, the 24-hour trade volume dropped by 3.65% to $948.30 million.
The XRP price attained a high of $0.6223 on January 11, marking a significant move for the crypto. However, the recent bearish downturn washed off these gains as the 1-week returns now stand at 0.49%. Furthermore, the 1-month losses amount to nearly 7%, which has taken the XRP community aback.
Also Read: Bitfinex Thwarts $15 Billion Worth Attack on XRP Tokens on Platform
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
