- A substantial XRP whale transaction involving 25 million tokens was executed on Bitstamp, resulting in the XRP price dropping below $0.58.
- This whale activity follows a previous major XRP dump on Bitstamp and a significant transfer of XRP to Bitfinex, which created a stir in the XRP community.
XRP Whale Activity and Price Drop
XRP, known for its recent bullish run, has hit a roadblock as the cryptocurrency market turns bearish. Notably, the XRP community witnessed significant whale activity coinciding with this price dip. An XRP whale recently offloaded approximately $15 million worth of XRP tokens to the crypto exchange Bitstamp, raising concerns about the cryptocurrency’s price stability.
Massive Token Offload: 25 Million XRP
According to data from Whale Alert, a platform tracking on-chain transactions, a whopping 25 million XRP tokens were transferred to Bitstamp. This transfer involved 25.5 million XRP tokens, equivalent to $14.75 million, moved from an undisclosed wallet to Bitstamp. Such a substantial selloff could exert further downward pressure on the XRP price.
This recent transaction follows another significant XRP dump on Bitstamp, where 26.2 million XRP tokens worth $15.16 million were transferred from an unidentified wallet. Additionally, the XRP community was recently shaken by a massive transfer of approximately 25.6 billion XRP (valued at $14.85 billion) to Bitfinex, a leading crypto exchange.
Clarification on Bitfinex Transfer
Initially labeled as a ‘Partial Payments Attack,’ the massive XRP transfer to Bitfinex led to speculations and concerns within the XRP community. Bitfinex CTO Paolo Ardoino commented on the matter, but subsequent clarification from Whale Alert revealed that it was an erroneous report due to misinterpreting the Ripple node response.
XRP Price and Market Performance
While XRP showed strength by surging past the $0.60 mark just last week, this bullish momentum has been short-lived. The cryptocurrency’s price dipped below $0.58 during the current trading session. As of now, XRP is trading at $0.5743 on Tuesday, January 16, reflecting a 1.01% decrease.
Moreover, XRP’s market capitalization has declined by 1.07%, currently standing at $31.16 billion. The 24-hour trade volume has also dropped by 3.65% to $948.30 million. These developments are in stark contrast to XRP‘s recent high of $0.6223 on January 11, highlighting the cryptocurrency’s volatile price movements.
Furthermore, the 1-week returns for XRP now amount to 0.49%, while the 1-month losses have reached nearly 7%. These fluctuations in XRP’s value have left the XRP community with mixed sentiments about its performance.
In conclusion, the recent XRP whale activity on Bitstamp has raised concerns about the cryptocurrency’s price stability in the midst of a bearish market. The impact of these whale transactions and the broader market dynamics will continue to be closely monitored by XRP enthusiasts and investors.
