Amid the aftermath of the $15 billion Bitfinex XRP incident, an XRP whale executed a massive sell-off, dumping 26 million tokens to Bitstamp.
Key Takeaways
- Following the $15 billion Bitfinex XRP incident, an XRP whale sold 26 million tokens on Bitstamp, causing concern and accounting for almost half of the XRP supply.
- Initial panic was attributed to an error in reading Ripple’s node response, clarifying that the significant transaction was not an intentional sell-off but a misunderstanding.
- Bitfinex CTO labeled the incident a “Partial Payments Exploit,” emphasizing that Bitfinex successfully prevented the attack by managing the ‘delivered_amount’ data field.
- Despite the controversy, XRP’s market cap stands at $31.4 billion, and the price, although experiencing a minor dip, remains relatively stable at $0.5792.
Bitfinex XRP Saga and Initial Panic
In the wake of the $15 billion Bitfinex XRP incident, which stirred the cryptocurrency community, a substantial sell-off of 26 million XRP tokens occurred on Bitstamp. This move initially fueled concerns as it represented almost half of the total XRP price. The situation escalated amid the XRP community and Bitfinex supporters.
Read More: Big Whale Move 127 Million XRP as Price Drops Below $0.56
Clarification on Bitfinex Incident
The panic surrounding the Bitfinex situation was later attributed to an error in reading Ripple’s node response. Bitfinex’s CTO, Paolo Ardoino, categorized the incident as a “Partial Payments Exploit” but assured the public that Bitfinex effectively prevented the attack by managing the ‘delivered_amount’ data field.
XRP Whale’s Sell-off to Bitstamp
Despite the controversy and the Bitfinex incident, a significant XRP whale transaction unfolded. The whale offloaded 26.2 million XRP tokens to Bitstamp, totaling $15.16 million. This move, occurring shortly after the Bitfinex situation, indicated a deliberate sell-off by the trader, presumably capitalizing on the recent uptrend in XRP prices.
Despite the notable controversies and significant sell-offs, the XRP price has maintained its positive momentum. Currently trading at $0.5792, the price experienced a slight dip from its recent high of $0.5921.
To Conclude
The recent turmoil surrounding the $15 billion Bitfinex XRP incident, initial panic, and subsequent clarification underscore the volatility in the cryptocurrency market.
Despite concerns, the XRP price has demonstrated resilience, maintaining an upward trend. The substantial sell-off by an XRP whale to Bitstamp, while initially alarming, appears to be a strategic move, contributing to ongoing market dynamics.
