XRP Is Up 30% and Has 30 New Whales

Thirty new whales are gobbling up XRP in a sign some big investors are rethinking the cryptocurrency.

The number of accounts holding more than one million XRP has increased by 3.7% with 30 new whales appearing over the last two weeks, according to Santiment’s holder distribution chart. 

These investors now hold between $240,000 and $2.4 million in XRP each, which has contributed to upwards pressure on price. After a fairly uninspiring few months, XRP has seen a price rise of over 30% from $0.19 to $0.25 in a fortnight. At least 30 big investors with deep pockets believe the price rise is set to continue.

XRP Holder Distribution vs. Price

XRP Holder Distribution vs. Price. Source: Santiment

Why Ripple?

There’s no obvious reason behind the recent increase in whales except for speculation. The token has reclaimed the number three spot from Tether but the company is also currently in court facing a class action from investors.

Ripple was recently recognised in a bill proposal from the Bureau of Consumer Financial Protection in the U.S. regarding cross border payments. Earlier this week, Ripple’s Director of Product Craig DeWitt announced a P2P payment platform built on XRP.

Big investors turn to digital assets

In a new podcast with Ripple’s CTO David Schwartz, Professor of Economic and Political Science at the University of California, Berkeley, Barry Eichengreen suggested investors are turning to digital assets in general as a direct response to the threat of post-pandemic inflation:

“Some people believe increased liquidity in the market will lead to hyper-inflation and are looking for investment opportunities that can maintain value if dollar prices soar. Gold is traditionally considered a safe bet, while digital assets are increasingly seen as a new inflation hedge.”

Publication date: 
07/31/2020 - 07:25
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