XRP Goes Up by 30% and Has New 30 Whales

Last Updated on August 5, 2020 by Kings

Xrp whales

Number of accounts holding over one million XRP digital asset has increased by 3.7% with new 30 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 hodler distribution versus price

Why The Sudden XRP Increase?

Currently there seem to be no particular reason as to the recent increase in whales except for speculation. The token so far has reclaimed 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 digital payment platform built on XRP.

Big investors turning 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.”