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 Santimentâ€™s holder distribution chart.Â
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. Source: Santiment
Thereâ€™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, Rippleâ€™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 Rippleâ€™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:
â€œSome 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.â€�
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