NewsletterXRP News: XRP Whale Offloads 26 Mln Tokens, Price Decline To Continue?
XRP, one of the most prominent cryptocurrencies by global market cap, birthed a tidal wave of speculations across the broader crypto market on Monday as the token recorded another significant whale activity recently. As per blockchain data spotlighted by the tracker Whale Alert, a whopping 26.8 million XRP on the move sparked inferences among crypto market enthusiasts globally.
Meanwhile, market charts for the Ripple-backed token continued to trade in the negative territory today, aligning with the whale’s noteworthy offloading chronicle. However, XRP Whale, a renowned crypto market analyst, appeared to remain positive on the token’s revival shortly ahead.
A Closer Look Into Today’s XRP Whale Transaction
As per on-chain data revealed by the blockchain tracker Whale Alert, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, was noted transferring 26.8 million XRP to a CEX on Monday, January 22. Concerning this, XRP worth $14.75 million was shifted to Bitstamp, an exchange in Luxembourg City, Europe.
Notably, the exact address shifted similar amounts of XRP to Bitstamp amid price dips in recent days, gaining significant traction among crypto market traders and investors globally. The transfers to Bitstamp followed Ripple’s recent strategic stake acquisition in the exchange, resonating with why such XRP transfers to Bitstamp nabs traders’ attention.
Moreover, as per numerous recent reports by CoinGape Media, the above-mentioned wallet transfers to Bitstamp appear to be positioning themselves as a recurring phenomenon, also aligning with Ripple’s stake acquisition.
Meanwhile, as the token’s price continued to plunge, the whale’s dumping chronicle curated additional inferences. Crypto market fanatics across the globe expected further declines, mirroring the staggering selloff to Bitstamp. However, a prominent analyst shared sentiments contrastingly.
Also Read: Bitcoin Price Won’t See Any Move Until Complete Liquidation of Grayscale Bitcoin Trust
XRP Price Plunges
As of writing, the XRP price showcased a substantial drop of 4.43% over the past 24 hours and is currently trading at $0.5271. Moreover, the token’s weekly chart also portrayed a noteworthy fall of 7.64%, escorted by a monthly downturn of 15.3%.
Intriguingly, the whale’s XRP dump to the centralized exchange further aligns with today’s price fall. In addition, even the market cap and trading volume plunged significantly today.
However, crypto market analyst XRP Whale shared sentiments otherwise to the fall. As per the analyst’s statement, February is set to be a great month for the Ripple-backed token.
Also Read: Union Budget 2024: Anticipating Key Announcements From Crypto to Capex
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
- 125+ Crypto Firms Mount Unified Defense as Banks Push to Block Stablecoin Rewards
- BlackRock Bitcoin ETF Ranks Among Top ETFs In 2025 Despite Crypto Downturn
- Stablecoin Adoption Deepens as Klarna Turns to Coinbase for Institutional Liquidity
- Ripple, Circle Could Gain Fed Access as Board Seeks Feedback on ‘Skinny Master Account’
- Fed’s Williams Says No Urgency to Cut Rates Further as Crypto Traders Bet Against January Cut
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
