Interestingly, it seems that we were using the encrypted password generated through cPanel (phpAdmin) rather than the actual password. This fixed our issue.
Thanks for the reply, Dan.
If this were a sure fix, then we would consider it, however the issue may still persist even after wiping it completely, after which we would be back to square one (or worse). Changing passwords on cPanel does not necessarily change passwords when logging in and we already tried using phpMyAdmin amongst other things to try and change the password. It seems like a WordPress bug.
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