XRP Whale Dumps 26 Million Tokens Amid $15 Billion Bitfinex Saga
The XRP community is excited about the recent gains of Ripple’s XRP, which had experienced significant declines before the recent upswing. However, in a surprising turn of events, it was revealed that nearly $15 billion worth of XRP was dumped to Bitfinex, causing a stir among XRP and Bitfinex supporters. It was later confirmed that this was an error in reading Ripple’s node response.
Despite this frenzy, a massive XRP whale transaction took place, with over $26 million XRP tokens being dumped to Bitstamp. This suggests that the trader has taken profits from the recent uptrend in XRP price.
Whale Offloads $15 Million XRP Amid Bitfinex Frenzy
According to Whale Alert, 26.2 million XRP tokens were transferred to Bitstamp from an unidentified wallet. This transaction occurred after the erroneous Bitfinex shift came to light and amounted to $15.16 million, indicating a sell move by the trader.
The accurate amount of the Bitfinex transaction is still unknown. The crypto exchange’s CTO referred to it as a “Partial Payments Exploit,” but also stated that Bitfinex prevented the attack by managing the “delivered_amount” data field effectively.
Whale Alert acknowledged an error in marking the controversial transaction and fixed the issue.
XRP Price Today
Despite the controversial whale transaction and massive sell-off move, the XRP price has maintained its gaining momentum. However, the rate of increase has significantly decreased, possibly due to the sell-offs. At press time, XRP was trading at $0.5792, up by 0.83%. The current market cap is $31.4 billion, and the trade volume in the past 24 hours increased by 67.71% to $993.92 million.
During today’s trading session, XRP reached a high of $0.5921 as it aimed to surpass the $0.60 mark.
Hot Take: XRP Whale Dump Causes Frenzy in Crypto Community
The recent XRP whale dump and the Bitfinex saga have caused excitement and concern in the crypto community. While the initial panic over the massive sell-off turned out to be an error, it highlighted the vulnerability of the market to such incidents. Despite this, XRP has managed to maintain its positive momentum, although at a slower pace. The true impact of these events on XRP’s future remains uncertain, but they serve as a reminder of the volatility and unpredictability of the crypto market.
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