Ripple Offloads 46 Mln XRP Tokens Amid Price Rebound, Nosedive Ahead?

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Ripple Offloads 46 Mln XRP Tokens, Nosedive Ahead? – Crypto News

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1 year ago

January 30, 2024

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Ripple’s XRP has experienced a significant rebound today, erasing losses from the previous week. However, the XRP community is unsettled by significant selloffs and notable whale movements, further contributing to market uncertainty. Adding to the unease, Ripple has executed a substantial transfer of 46 million XRP tokens lately. This raised concerns about another impending selloff amid heightened volatility.

Ripple Dumps Massive XRP Reserve

A recent post on X by Whale Alert, an on-chain tracking platform, brought attention to this massive XRP transaction carried out via its parent company, Ripple. The sizable transfer has sent shockwaves through the community, with expectations of a considerable selloff that could potentially drive the XRP price lower despite the recent rebound.

The Whale Alert post suggests that Ripple has offloaded 46.34 million XRP tokens, valued at $24.74 million. The transaction was directed toward an undisclosed wallet. Moreover, according to data from Bithomp, an XRP ledger explorer, Ripple currently holds an extremely small XRP reserve now. Ripple currently holds just 270 XRP tokens, equivalent to $147. However, there are strong chances that Ripple might buy XRP to boost its reserve in the future.

Adding to the dynamics, another major whale transaction has been reported by Whale Alert. This transaction involved the transfer of 27.10 million XRP tokens, equivalent to $14.57 million, to Bitstamp, a crypto exchange. The transfer was conducted via an unidentified wallet. Moreover, the recurrence of significant selloff moves in these transactions raises further concerns within the XRP community as the crypto price has just rebounded past $0.53.

Also Read: Ripple Vs SEC: XRP Lawyer John Deaton Gears Up To Share Exclusive Insights

XRP Price Action

The XRP price recently climbed the $0.53 mark as the crypto market witnessed a shift to the green ahead of the upcoming FOMC meeting. As of writing, XRP traded at $0.533, gaining 1.03% on Tuesday, January 30. The crypto held a market valuation of $28.98 billion, up 1.01%.

Moreover, the 24-hour trading volume for XRP boosted by a massive 33.73% to $909.06 million. Furthermore, the XRP crypto price soared from a bottom of $0.5206 to a peak of $0.5396 during the day. However, according to XRP Captain, an XRP supporter and crypto analyst, the XRP price is poised to drop below $0.50 soon.

This prediction aligns with the concerns regarding the recent major sell-offs. On the contrary, he also noted that the price crash event would take place before XRP experienced a Falling Wedge breakout. In addition, XRP Captain noted that the XRP price would surpass the $0.64 after the breakout.

Also Read: XRP Whale Offloads 27 Mln Tokens to Bitstamp, Will XRP Price Drop Below $0.50?