XRP has stunned the community and the broader crypto market with activities on its ecosystem within the past 24 hours. According to data shared by analytics tracker Whale Alert, two notable whale transactions have seen the movement of huge amounts of XRP valued at over $30 million from unknown wallets to Bitstamp and Bitso.

Large XRP transfers shake market sentiment

Details of the transactions reveal that the first whale moved 26,740,000 XRP, equivalent to $15,120,498, from an unnamed wallet address to Bitstamp. About four hours later, a similar transaction was initiated from an unknown wallet, this time to Bitso. The Bitso transaction involved 27,600,000 XRP worth $15,504,258.

While these transactions emanated from the same wallet address and appear similar in terms of volume transferred, it remains unclear if the whales were solidifying their positions on exchanges. However, market reality shows that XRP has stayed below the $0.57 support level due to bearish sentiment. In light of this, the whales might have plans that could include a buy-back when the assets dip further.

Despite being the seventh most capitalized asset in the crypto space, the XRP asset has yet to enjoy remarkable price performance on the market. The asset’s price has remained largely stagnant and, if not for its huge community, may have long crashed out of the top 10 cryptos.

Speculation around whale activity and market impact

Whale actions such as the one currently reported have characterized XRP, with almost all of them shrouded in mystery as to the intent of the movers. As recently reported by U.Today, at the beginning of this week, a whale moved a whopping 99,225,384 XRP worth $61,644,558 from an unidentified wallet to an unknown new wallet.

While market watchers continue to speculate about motives, the market has reacted negatively, as XRP has dropped by 2.26% to $0.562, according to data.

However, some XRP have decided to stay bullish based on the tightening of the Bollinger Bands on the coin’s price chart. This phenomenon usually occurs before major price movements, hence their optimism.