XRP, Ripple’s native token, continues to experience whale activity, seemingly impacting its price negatively. Following a recent uptrend, XRP’s price is now on a downtrend, moving towards lower levels. This price pullback comes after a significant surge last week. Additionally, Ripple’s sale of 80 million XRP has had adverse effects on the market.
According to data from Whale Alert, known for tracking whale transactions on the blockchain, over 46 million XRP were transferred to exchanges on January 17. The first transfer involved 26.1 million XRP, worth $14.92 million, from an unknown wallet to the frequently mentioned Bitstamp exchange.
In a second transaction, 20.1 million XRP were sent from an unknown wallet to the Bitso exchange, valued at approximately $11.48 million. These large-scale movements, totaling $26.4 million in XRP, are observed to trigger market downturns.
Previously, Ripple executed a significant sale by transferring 80 million XRP tokens to an unknown wallet on Tuesday. This has raised concerns about potential market impacts.
Following the transfer of Ripple’s tokens to exchanges, a price decline was noted, reinforcing the view that such transfers are a market downturn catalyst. XRP’s price has fallen below $0.57, with the situation worsening. As of January 18, XRP’s price has decreased by 0.73%, trading at $0.5667, while its market value also dropped by 1% to $30.68 billion.
Meanwhile, the trading volume saw a 1% increase over 24 hours, reaching $893.79 million. Last week, XRP’s price had risen to $0.6223 but failed to maintain those gains. At the time of writing, XRP’s price is trading 85.23% below its all-time high of $3.84, and further whale sales could potentially deepen the decline, possibly pushing the price down to $0.55.
