Ripple Offloads 46 Million XRP Tokens Amid Price Rebound, Nosedive Ahead?
Ripple’s XRP has seen a significant rebound, recovering from previous losses. However, the XRP community is worried about large selloffs and whale movements, which adds to market uncertainty. Compounding these concerns, Ripple has recently transferred 46 million XRP tokens, raising fears of another selloff amidst high volatility.
Ripple Dumps Massive XRP Reserve
A recent post on Whale Alert highlights a massive XRP transaction carried out by Ripple. This transfer has caused concern among the community, as it could potentially lead to a significant selloff that drives the XRP price lower despite the recent rebound.
The post reveals that Ripple offloaded 46.34 million XRP tokens valued at $24.74 million to an undisclosed wallet. Data from Bithomp shows that Ripple now holds just 270 XRP tokens, equivalent to $147. However, there is a possibility that Ripple may buy more XRP in the future to boost its reserve.
Another major whale transaction was reported by Whale Alert involving the transfer of 27.10 million XRP tokens worth $14.57 million to Bitstamp, a crypto exchange. This transaction raises further concerns within the XRP community as the price has just rebounded past $0.53.
XRP Price Action
The XRP price recently reached $0.53 as the crypto market turned green ahead of the upcoming FOMC meeting. Currently trading at $0.533, XRP gained 1.03% on January 30th with a market valuation of $28.98 billion.
The 24-hour trading volume for XRP surged by 33.73% to $909.06 million. Throughout the day, the XRP price increased from a low of $0.5206 to a high of $0.5396. However, according to XRP Captain, the price is expected to drop below $0.50 soon before experiencing a Falling Wedge breakout and eventually surpassing $0.64.
Hot Take: Ripple’s XRP Rebound Faces Uncertainty
Ripple’s recent rebound in XRP’s price is met with uncertainty as large selloffs and whale movements raise concerns within the community. The significant transfer of 46 million XRP tokens by Ripple has intensified worries about another selloff amid market volatility.
While XRP has shown resilience and climbed above $0.53, predictions suggest that the price could drop below $0.50 before experiencing a breakout and potentially surpassing $0.64. The future of XRP remains uncertain as market dynamics continue to play out.
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