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Whale activity in Ripple‘s native token XRP continues, and it appears to be negatively impacting the price. Following a downward trend in XRP, the price continues to move to lower levels. The price pullback came after a rise in the token last week. On the other hand, the sale of 80 million XRP by Ripple has created worse effects in the market.
Current XRP Status
According to data announced by Whale Alert, known for tracking whale transactions on the blockchain, on Wednesday, January 17, more than 46 million XRP were transferred to exchanges. In the first transaction, 26.1 million XRP worth $14.92 million from an unknown wallet were transferred to the Bitstamp exchange, which has been frequently mentioned in whale transactions lately.
In the second transaction, 20.1 million XRP from an unknown wallet were sent to the Bitso exchange. The approximate value of the transaction was $11.48 million, and in total, $26.4 million worth of XRP was suddenly sent to the markets. Such moves are seen to trigger a downturn in the market.
Previously, Ripple had also made a significant sale. It was revealed on Tuesday that the company had transferred 80 million XRP tokens to an unknown wallet.
What is the Price of XRP in Dollars?
Following the transfer of Ripple’s tokens to exchanges, a decline in prices was observed. The decline reinforced the view that the transfer to exchanges was a trigger. On the other hand, the price of XRP fell below the $0.57 level, and the situation is worsening.
As of Thursday, January 18, the price of XRP experienced a 0.73% decrease and is trading at $0.5667 at the time of writing. In addition, the market value also decreased by 1% to $30.68 billion.
On the other hand, there was a 1% increase in trading volume over 24 hours, amounting to $893.79 million. Last week, the price of XRP was seen to rise to $0.6223. However, the gainful environment could not sustain itself for very long.
At the time of writing, the price of XRP is trading at a level 85.23% lower than its all-time high of $3.84. In addition, the price could be driven down to $0.55 if whales continue to sell.
