- Large XRP Transfers Shake Market Sentiment
- Speculation Around Whale Activity and Market Impact
- Conclusion
XRP has stunned the community and the broader crypto market with activities on its ecosystem within the past 24 hours.
Large XRP Transfers Shake Market Sentiment
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. The first transaction involved moving 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, transferring 27,600,000 XRP worth $15,504,258 from an unknown wallet to Bitso.
Speculation Around Whale Activity and Market Impact
It remains unclear if the whales were solidifying their positions on exchanges, but 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. Whale actions like this one have characterized XRP, often shrouded in mystery. Earlier this week, a whale moved 99,225,384 XRP worth $61,644,558 from an unidentified wallet to another unknown new wallet.
Conclusion
While the market continues to speculate about the motives behind these large transfers, XRP has dropped by 2.26% to $0.562. However, some XRP holders remain bullish based on the tightening of the Bollinger Bands on the coin’s price chart, which typically occurs before major price movements.
Large XRP transactions continue to spark speculation and movements in the crypto market, and this phenomenon is likely to persist.
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