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XRP Whales Dump 46 Mln Tokens, Is Nosedive To $0.55 Inevitable?

The XRP price has plummeted lower than the $0.57 level after a massive selloff move by whales and its parent company, Ripple.
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XRP Whales Dump 46 Mln Tokens, Is Nosedive To $0.55 Inevitable?

All’s not well for XRP, the native token of Ripple. The crypto has been registering new lows after being hit by a bearish turn. The pullback comes right after the token’s massive gains last week. Moreover, the situation has worsened due to massive whale selloffs alongside Ripple’s offloading of 80 million XRP.

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XRP Whales Offload 46 Million Tokens

On Wednesday, January 17, two major whale transactions were recorded for XRP, according to a post on X by Whale Alert, a blockchain tracking avenue. Over 46 million tokens were dumped onto exchanges via these transactions. The first transfer marks a shift of 26.1 million XRP worth $14.92 million from an unknown wallet to Bitstamp, a crypto exchange headquartered in Luxembourg.

Whilst, the second transaction witnessed a transfer of 20.1 million XRP from an undisclosed to Bitso, a crypto trading platform founded in Mexico. The transaction was worth $11.48 million, leading to a total XRP whale dump worth $26.4 million. This move could trigger further declines in XRP price.

Earlier, Ripple had also initiated a significant selloff move. On Tuesday, the company moved 80 million XRP tokens to an unidentified wallet. This marked an offloading of two-thirds of the company’s XRP reserves, signaling a selloff of over $46 million worth of XRP.

Also Read: Ripple’s Brad Garlinghouse Cancels US IPO Plan, What’s Next?

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XRP Price Falls To $0.56 Level

The XRP price continued plummeting after Ripple shifted the tokens, signaling that it played a catalyst in the nosedive. Moreover, it extended lower than the $0.57 mark. As of writing, XRP traded at $0.5667, down by 0.73% on Thursday, January 18, and held a market cap of $30.83 billion.

Meanwhile, the 24-hour trade volume witnessed a slight increase. The trading volume was recorded to be $910.79 million, up by 2.04%. Earlier, the crypto managed to soar to a high of $0.6223 last week. However, the gains were short-lived and the XRP price is now 85.23% lower than its all-time high of $3.84. In addition, the recent selloffs could push the price lower to the $0.55 level.

Also Read: XRP Lawyer John Deaton To Attend Coinbase & SEC’s Face-Off

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