Whale Makes Waves With $15 Million bitstamp Dump Amid Price Crash
After a strong rally, XRP’s gains have come to a halt due to the bearish trend. Large whale activity was also recorded amidst the price decline. Recently, an XRP whale dumped approximately $15 million worth of XRP tokens on crypto exchange Bitstamp; this could be detrimental given the recent decline.
XRP Whale Activity: 25 Million Tokens Distributed
According to on-chain data tracking forum Whale Alert, over 25 million XRP tokens have been transferred to Bitstamp. The transaction recorded the transfer of 25.5 million XRP worth $14.75 million to Bitstamp via an undisclosed wallet. This indicates a major selling wave that could push the XRP price further into the red.
This follows another major XRP dump on Bitstamp. Previously, 26.2 million XRP tokens worth $15.16 million were transferred to the Luxembourg-based crypto exchange by an unidentified wallet. Moreover, a massive bitfinex whale transaction had sent shockwaves through the XRP community.
As previously reported by Coingape, 25.6 billion XRP (worth $14.85 billion) appears to have been transferred to Bitfinex, another leading crypto exchange, on Monday. The transfer accounted for nearly 50% of the crypto’s total supply and took the XRP community by storm.
Bitfinex CTO Paolo Ardoino weighed in on the issue and labeled it a ‘Partial Payment Attack’ but that was not the case. Whale Alert later clarified that this was an erroneous report. They went to X and pointed out that there was an error reading the ripple node response.
Also Read: XRP News: XRP Whale Mined 26 Million Tokens Amid $15 Billion Bitfinex Saga
XRP Price Today
Last week, XRP rose towards and surpassed $0.60, but the upward run was short-lived. XRP price fell below $0.58 in today’s trading session. At the time of writing, the XRP price was trading at $0.5743 on Tuesday, January 16, down 1.01%.
Moreover, the crypto’s value dropped below $0.57 before recovering. The crypto currently has a market cap of $31.16 billion, indicating a decline of 1.07%. Meanwhile, 24-hour trading volume decreased by 3.65% to $948.30 million.
XRP price reached $0.6223 on January 11, marking a significant move for the cryptocurrency. However, the recent downtrend has wiped out these gains and 1-week yields are currently at 0.49%. Moreover, the 1-month losses reaching almost 7% surprised the XRP community.
Also Read: Bitfinex Blocks $15 Billion Attack on XRP Tokens on Platform
✓ Share:
CoinGape consists of an experienced team of local content writers and editors who work around the clock to cover the news globally and present the news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Whale #Waves #Million #Bitstamp #Dump #Price #Crash