Million

All’s not well for <a href="https://coingape.com/web-stories/is-xrp-poised-for-a-2017-like-bull-rally/" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, 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.
<h2 id="xrp-whales-offload-46-million-tokens">XRP Whales Offload 46 Million Tokens</h2>
On Wednesday, January 17, two major whale transactions were recorded for XRP, according to a post on X by <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/917A4D61F1E8CB94FFE85BF9222EAFDFCCA136421671D92BD877628659620525" target="_blank">Whale Alert</a>, 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, <a href="https://coingape.com/ripple-moves-80-mln-xrp-sparking-speculations-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> 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: <a href="https://coingape.com/ripple-brad-garlinghouse-cancel-us-ipo-plan-what-next/" target="_blank" rel="noopener noreferrer nofollow">Ripple’s Brad Garlinghouse Cancels US IPO Plan, What’s Next?</a>
<h2 id="xrp-price-falls-to-0-56-level">XRP Price Falls To $0.56 Level</h2>
The <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> 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: <a href="https://coingape.com/xrp-lawyer-john-deaton-to-attend-coinbase-sec-face-off/" target="_blank" rel="noopener noreferrer nofollow">XRP Lawyer John Deaton To Attend Coinbase &amp; SEC’s Face-Off</a>
The post <a href="https://coingape.com/xrp-whales-dump-46-mln-tokens-is-nosedive-to-0-55-inevitable/" rel="noopener noreferrer nofollow">XRP Whales Dump 46 Mln Tokens, Is Nosedive To $0.55 Inevitable?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

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