XRP News: Whale Makes Waves With 25 Mln XRP Dump, Price Sinks Below $0.58

After a strong bullish run, XRP’s gains have come to a standstill due to a bearish turn. Moreover, major whale activity has been noted amid the price dip. Lately, an XRP whale offloaded nearly $15 million worth of XRP tokens to crypto exchange Bitstamp, which could be detrimental, considering the recent nosedive.

XRP Whale Activity: 25 Mln Tokens Offloaded

According to Whale Alert, an on-chain data tracking forum, over 25 million XRP tokens were transferred to Bitstamp. The transaction registered a shift of 25.5 million XRP worth $14.75 million to Bitstamp via an undisclosed wallet. It indicates a massive selloff, which could push the XRP price further into the red.

This comes after another significant XRP dump on Bitstamp. Earlier, 26.2 million XRP tokens worth $15.16 million were offloaded by an unidentified wallet to the Luxembourg-based crypto exchange. Moreover, a humongous Bitfinex whale transaction had sent shockwaves through the XRP community.

As reported by Coingape earlier, apparently 25.6 billion XRP (worth $14.85 billion) was transferred to Bitfinex, another leading crypto exchange, on Monday. The transfer marked nearly 50% of the crypto’s total supply, which took the XRP community by storm.

Bitfinex CTO, Paolo Ardoino, weighed in on the matter and labeled it as a ‘Partial Payments Attack’, however, that wasn’t the case. Whale Alert then clarified that it was an erroneous report. They took to X and stated that there was a mistake in reading the Ripple node response.

Also Read: XRP News: XRP Whale Dumps 26 Mln Tokens Amid $15 Bln Bitfinex Saga

XRP Price Today

Last week, XRP rallied toward and leaped past the $0.60 mark, however, the bullish run was short-lived. The XRP price fell below $0.58 in today’s trading session. At press time, the XRP price was down by 1.01% as it traded at $0.5743 on Tuesday, January 16.

Moreover, the crypto’s value dipped below $0.57 before rebounding back. The crypto currently holds a market cap of $31.16 billion, indicating a 1.07% decline. Whilst, the 24-hour trade volume dropped by 3.65% to $948.30 million.

The XRP price attained a high of $0.6223 on January 11, marking a significant move for the crypto. However, the recent bearish downturn washed off these gains as the 1-week returns now stand at 0.49%. Furthermore, the 1-month losses amount to nearly 7%, which has taken the XRP community aback.

Also Read: Bitfinex Thwarts $15 Billion Worth Attack on XRP Tokens on Platform