NewsletterRipple Offloads 46 Mln XRP Tokens Amid Price Rebound, Nosedive Ahead?
Ripple’s XRP has experienced a significant rebound today, erasing losses from the previous week. However, the XRP community is unsettled by significant selloffs and notable whale movements, further contributing to market uncertainty. Adding to the unease, Ripple has executed a substantial transfer of 46 million XRP tokens lately. This raised concerns about another impending selloff amid heightened volatility.
Ripple Dumps Massive XRP Reserve
A recent post on X by Whale Alert, an on-chain tracking platform, brought attention to this massive XRP transaction carried out via its parent company, Ripple. The sizable transfer has sent shockwaves through the community, with expectations of a considerable selloff that could potentially drive the XRP price lower despite the recent rebound.
The Whale Alert post suggests that Ripple has offloaded 46.34 million XRP tokens, valued at $24.74 million. The transaction was directed toward an undisclosed wallet. Moreover, according to data from Bithomp, an XRP ledger explorer, Ripple currently holds an extremely small XRP reserve now. Ripple currently holds just 270 XRP tokens, equivalent to $147. However, there are strong chances that Ripple might buy XRP to boost its reserve in the future.
Adding to the dynamics, another major whale transaction has been reported by Whale Alert. This transaction involved the transfer of 27.10 million XRP tokens, equivalent to $14.57 million, to Bitstamp, a crypto exchange. The transfer was conducted via an unidentified wallet. Moreover, the recurrence of significant selloff moves in these transactions raises further concerns within the XRP community as the crypto price has just rebounded past $0.53.
Also Read: Ripple Vs SEC: XRP Lawyer John Deaton Gears Up To Share Exclusive Insights
XRP Price Action
The XRP price recently climbed the $0.53 mark as the crypto market witnessed a shift to the green ahead of the upcoming FOMC meeting. As of writing, XRP traded at $0.533, gaining 1.03% on Tuesday, January 30. The crypto held a market valuation of $28.98 billion, up 1.01%.
Moreover, the 24-hour trading volume for XRP boosted by a massive 33.73% to $909.06 million. Furthermore, the XRP crypto price soared from a bottom of $0.5206 to a peak of $0.5396 during the day. However, according to XRP Captain, an XRP supporter and crypto analyst, the XRP price is poised to drop below $0.50 soon.
This prediction aligns with the concerns regarding the recent major sell-offs. On the contrary, he also noted that the price crash event would take place before XRP experienced a Falling Wedge breakout. In addition, XRP Captain noted that the XRP price would surpass the $0.64 after the breakout.
Also Read: XRP Whale Offloads 27 Mln Tokens to Bitstamp, Will XRP Price Drop Below $0.50?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
- Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
- Will Chainlink Price Soar to $20 with U.S. Spot ETF Launch?
- Is Pepe Coin Price at Risk After Forming This Bearish Pattern?
