XRP appears to be entering a stagnant phase following recent price movements. Additionally, transactions by XRP whales, particularly during the price drop, have garnered attention. Recently, an XRP whale transferred approximately $15 million worth of XRP tokens to the cryptocurrency exchange Bitstamp, potentially impacting XRP’s price.
According to Whale Alert, known for tracking large cryptocurrency transactions, 25.5 million XRP were sent to Bitstamp from an unknown wallet, valued at $14.75 million. This transaction caused panic among investors, as such large transfers are often associated with potential sales.
This week wasn’t the first instance of whale activity; similar large transfers of XRP tokens to exchanges have been recorded. Rumors of a 25.6 billion XRP transfer ($14.85 billion) to Bitfinex surfaced on Sunday evening, but it was later reported as an attack.
Bitfinex CTO Paolo Ardoino immediately labeled it a ‘Partial Payment Attack.’ However, Whale Alert later clarified that the issue was due to a mistake in reading Ripple node responses, contradicting the CTO’s statement.
Last week, XRP’s price surged to $0.60 but failed to maintain that level. Recent attack news reversed the gains. At the time of writing, XRP has fallen to $0.58, with a market cap of $31.16 billion, reflecting a 1.07% drop, and a 24-hour trading volume decrease of 3.65% to $948.30 million. The price had previously risen to $0.6223 on January 11, giving investors hope for an upward trend, but the subsequent decline took back most of those gains.