XRP Whale Activity: Massive Token Offload
An XRP whale recently transferred over 25 million XRP tokens, worth $14.75 million, to Bitstamp. This significant selloff could further push the XRP price into a bearish trend. This comes after another substantial dump of 26.2 million XRP tokens on Bitstamp and a massive transfer of 25.6 billion XRP to Bitfinex.
The Bitfinex transaction, which accounted for nearly 50% of XRP’s total supply, was initially labeled as a “Partial Payments Attack” by Bitfinex CTO Paolo Ardoino. However, Whale Alert later clarified that it was an erroneous report.
XRP Price Today
Last week, XRP experienced a brief rally, surpassing the $0.60 mark before falling below $0.58 in today’s trading session. Currently trading at $0.5743, the XRP price has seen a decline of 1.01%. The crypto’s market cap also dropped by 1.07% to $31.16 billion.
Despite reaching a high of $0.6223 on January 11, the recent bearish turn has wiped out these gains, resulting in a 1-week return of only 0.49%. Additionally, the XRP community is concerned about the crypto’s 1-month losses of nearly 7%.
Hot Take: Whale Activity and Bearish Trend Impact XRP
After experiencing a strong rally, XRP’s gains have halted as the crypto faces a bearish turn in its price. The recent whale activity, with massive token offloads on various exchanges, has contributed to this downward trend.
The transfer of over 25 million XRP tokens to Bitstamp and the significant dumps on Bitstamp and Bitfinex indicate a substantial selloff, which may have a detrimental impact on the XRP price. Despite the recent highs, the crypto’s value has declined, causing concern within the XRP community.
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