XRP, Ripple’s native token, faces a downturn as its price drops below $0.57 following substantial selloffs by both major whales and Ripple itself.
Key Takeaways
- XRP experiences a bearish turn with a drop below $0.57 following substantial selloffs by major whales, involving two transactions totaling 46 million XRP.
- Ripple, the parent company, compounds the situation by initiating a significant selloff, transferring 80 million XRP to an undisclosed wallet, amounting to over $46 million worth of XRP.
- The combined effect of whale transactions and Ripple’s selloffs triggers a decline in XRP price, extending below $0.57.
- XRP, currently trading at $0.5667, reflects a 0.73% decrease as of January 18. The market cap stands at $30.83 billion, with a 2.04% increase in the 24-hour trade volume, reaching $910.79 million.
Whale Transactions and Ripple’s Selloff
XRP, Ripple’s native cryptocurrency, is facing a turbulent period as its price takes a nosedive below $0.57. This downward trend follows significant selloffs, both by major whales and Ripple itself.
Two major whale transactions, totaling 46 million XRP, were recorded on January 17. The first involved the transfer of 26.1 million XRP from an unknown wallet to Bitstamp, while the second saw 20.1 million XRP move from an undisclosed wallet to Bitso, resulting in a combined XRP dump worth $26.4 million.
Read More: Big Whale Move 127 Million XRP as Price Drops Below $0.56
XRP Price Statistics and Market Outlook
Adding to the market pressure, Ripple initiated a notable selloff, transferring 80 million XRP tokens to an unidentified wallet on January 18. This move represents a significant portion of Ripple’s XRP reserves and amounts to over $46 million worth of XRP.
The cumulative impact of both whale transactions and Ripple’s selloff raises concerns about the potential for XRP’s price to dip further, possibly reaching the $0.55 level.
As of the latest update, XRP is trading at $0.5667, reflecting a 0.73% decrease on January 18. The cryptocurrency’s market cap stands at $30.83 billion, with a 2.04% increase in the 24-hour trade volume, reaching $910.79 million.
To Conclusion
XRP finds itself in a challenging position as a result of significant selloffs by whales and its parent company, Ripple. The combined impact of whale transactions and Ripple’s offloading has led to a drop in XRP’s price below $0.57, with concerns looming about a potential descent to the $0.55 level.
