XRP Whales Make Big Moves Amid Market Volatility

After facing a significant increase, the price of XRP is now decrease due to the market trend turning negative. This was made worse by massive selling activity by large investors (whales) when the price of XRP was falling. Yes, recently, a major XRP investor sold nearly $15 million worth of tokens to crypto exchange Bitstamp, which had a negative impact on the XRP price drop.

Whale Sells Tens of Millions of XRP Tokens on Bitstamp

Based on data from Whale Alert, a blockchain data tracking platform, more than 25 million XRP tokens have been sent to Bitstamp. The transaction recorded the transfer of 25.5 million XRP worth $14.75 million to Bitstamp from an undisclosed crypto wallet . This shows that there is massive selling which could cause the price of XRP to fall even further.

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Not the First Time

Before this incident occurred, another whale sold 26.2 million XRP tokens worth $15.16 million to the Bitstamp crypto exchange. Additionally, a large transaction carried out by whale Bitfinex has also raised concerns among the XRP community.

On the other hand, Coingape reported that there was a transfer of 25.6 billion XRP (worth $14.85 billion) to Bitfinex, one of the leading crypto exchanges, on Monday. These transfers accounted for nearly 50% of the total XRP supply, surprising the community.

Paolo Ardoino, CTO of Bitfinex, commented on this situation and called it a 'Partial Payment Attack'. However, Whale Alert later explained that this was a false report. They stated that there was an error in reading the response from Ripple's system.

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XRP Price Performance

Last week, the price of XRP rose and exceeded $0.60, but the increase did not last long. XRP price has now fallen below $0.58 in today's trading. At the time of writing on Tuesday January 16, 2024, the price of XRP is down 1.01% to $0.5743.

Apart from that, the value of this crypto fell below $0.57 before rising again. XRP's current market cap is $31.16 billion, down 1.07%. Meanwhile, intraday trading volume fell by 3.65% to $948.30 million.

The price of XRP peaked at $0.6223 on January 11. However, a recent downtrend has wiped out those gains, with XRP's 1-week return of just 0.49%.

Furthermore, the 1-month loss was almost 7%, which took the XRP community by surprise.

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DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.