Altcoins

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.

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?

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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