The XRP community is elated owing to the crypto’s recent gains. Ripple’s XRP had registered substantial declines before the recent upswing. Moreover, Solana flipped XRP as the fifth largest digital currency in December 2023.

With everything on the right track, in a startling development, it was revealed that nearly $15 billion worth of XRP was dumped to Bitfinex, a crypto exchange headquartered in the British Virgin Islands. This caused a stir amid XRP and Bitfinex supporters as the transaction denoted almost 50% of the XRP supply. Within an hour, it was confirmed that it was nothing but an error in reading Ripple’s node response.

However, as the Bitfinex frenzy gained traction, a huge XRP whale transaction was recorded. Over $26 million XRP tokens were dumped to Bitstamp, a Luxembourg-based crypto trading platform.

Whale Offloads $15 Million XRP Amid Bitfinex Frenzy

According to Whale Alert, a blockchain tracking platform, 26.2 million XRP tokens were transferred to Bitstamp via an unidentified wallet. This transfer was made an hour after the erroneous Bitfinex shift came to light. The Bitstamp transaction amounted to $15.16 million and signaled a sell move by the trader.

Hence, it can be ascertained that the trader has extracted his share of profits from the recent uptrend in XRP price. Moreover, the Bitfinex transaction indicated the same but the accurate amount is yet not known.

When Whale Alert reported that 25.6 billion XRP tokens worth $14.85 billion were dumped to Bitfinex, the crypto exchange’s CTO, Paolo Ardoino, called it a “Partial Payments Exploit.” However, he also noted that the attack was prevented by Bitfinex which effectively manages the ‘delivered_amount’ data field.

On the contrary, in a recent post on X, Whale Alert acknowledged an error in marking the controversial transaction. It wrote, “There was an issue with properly reading the #Ripple node response, resulting in a few wrong posts. We fixed the issue.”

Also Read: Bitfinex Exchange Thwarts $15 Billion Worth Attack on XRP Tokens on Platform

XRP Price Today

Despite the recent controversial whale transaction and massive sell-off move by a trader, the XRP price has maintained its gaining momentum. However, the rate of increase tumbled significantly, which could be an effect of the significant sell-offs. At press time, the XRP price was up by 0.83% as it traded at $0.5792, falling below the $0.58 mark on Monday, January 15.

The current XRP market cap stands at $31.4 billion. On the other hand, in the past 24 hours, the trade volume skyrocketed by 67.71% to $993.92 million. Earlier, the crypto attained a high of $0.5921 as it raced to surpass the $0.60 mark during today’s trading session.

Also Read: XRP Price: XRP Whale Shifts 48 Mln XRP As Price Nears $0.6

The post XRP News: XRP Whale Dumps 26 Mln Tokens Amid $15 Bln Bitfinex Saga appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am