XRP Whales Dump 46 Million Tokens
Two major whale transactions were observed for XRP on January 17, resulting in the dumping of over 46 million tokens onto exchanges. The first transaction involved the transfer of 26.1 million XRP worth $14.92 million from an unknown wallet to Bitstamp. The second transaction saw the transfer of 20.1 million XRP worth $11.48 million from an undisclosed wallet to Bitso. These whale selloffs, combined with Ripple’s offloading of 80 million XRP, could potentially lead to further declines in XRP price.
XRP Price Drops to $0.56 Level
Following Ripple’s token shift, the XRP price continued to fall, dropping below the $0.57 mark. Currently trading at $0.5667, down by 0.73%, XRP has a market cap of $30.83 billion. Although the 24-hour trade volume experienced a slight increase at $910.79 million, up by 2.04%, the recent selloffs may push the price even lower to around $0.55 level.
Hot Take: Is Nosedive to $0.55 Inevitable for XRP?
XRP has been facing significant challenges recently, with massive whale selloffs and Ripple’s offloading of its reserves. These factors have contributed to the plummeting XRP price and there are concerns that it may drop further to the $0.55 level. Investors and traders are closely monitoring the situation as they assess whether this nosedive is inevitable for XRP or if there is a possibility of recovery in the near future.
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