•All is not well for XRP, Ripple's native currency. The cryptocurrency recorded new lows after experiencing a bearish shift. The decline comes directly after the huge gains the currency achieved last week. Moreover, the situation was exacerbated by the massive sell-off of whales coupled with Ripple offloading 80 million XRP.
•XRP whales dumped 46 million coins on Wednesday, January 17. Two major trades were recorded for XRP whales. According to a post on X by Whale Alert, a blockchain tracker. More than 46 million coins were dumped on trading platforms through these transactions. The first transfer represents a transfer of 26.1 million XRP worth $14.92 million from an unknown wallet to Bitstamp. It is a cryptocurrency trading platform based in Luxembourg.
•While the second transaction saw the transfer of 20.1 million XRP from an undisclosed party to Bitso. It is a cryptocurrency trading platform founded in Mexico. The value of the deal was $11.48 million. Resulting in a total dump of XRP whales worth $26.4 million. This move could lead to a further decline in the price of XRP.
•Earlier, Ripple also started a major selling move. On Tuesday, the company transferred 80 million XRP to an unspecified wallet. This amounted to a dump of two-thirds of the company's XRP reserves. This indicates the sale of over $46 million worth of XRP.
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