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The third most valuable cryptocurrency by market value, XRP has become a favorite with institutional investors lately, suggesting that there may be more than meets the eye.
The data, however, retrieved by Whale Alert revealed that a large entity moved 119,999,980 XRP (75,551,782 USD) from an unknown wallet to Coinbase a few hours ago.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 119.999.980 #XRP ($ 75,551,782) transferred from unknown portfolio to #Coinbase
Tx: https://t.co/jLvBuVXElJ
– Whale Alert (@whale_alert) December 3, 2020
- Wealthy cryptocurrency investors appear to be upping their game in the last quarter of 2020, as far as moving XRP, the third most valuable cryptocurrency by market value, was seen recently by Nairametrics.
- Many cryptocurrency experts predict that the movements of such cryptocurrencies come from Ripple’s major stakeholders, as some of these wallets contain a significant amount of XRP.
At the time of writing, XRP was trading at $ 0.628191 with a daily volume of $ 11 billion. XRP grew 1.16% in the past 24 hours, with a market capitalization of $ 28.5 billion. It has a circulating supply of 45,334,295,892 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
What you should know: Ripple is a privately held fintech company that provides a global payment solution via its proprietary payment network called Ripple Network (also known as RippleNet).
XRP still remains the only cryptocurrency that is gaining ground among global banks as Japan-based financial group Mitsubishi UFJ, with assets of over $ 2.8 trillion, announced in November 2018 that, in partnership with Ripple, would provide an international payment corridor money transfer service from Japan to Brazil
Why do whales buy?
Economic historian Barry Eichengreen has provided a detailed analysis of why cryptocurrencies should not be considered for speculative reasons alone, as major crypto assets have shown characteristics of being tangible assets.
“I don’t think that thinking of cryptocurrencies as speculative investments is really a viable long-term business model. Speculative investments have come and gone throughout history. The tulips came as a speculative investment and they are gone. Digital assets that provide effective tangible services such as cross-border payments are the ones that are likely to have legs “, Eichengreen said.
Barry went on to explain why cryptography has become the new digital gold.
He said: “Gold really has no intrinsic value. People [believe] it will keep its value because other people appreciate it. There is, from that point of view, a parallel with cryptocurrencies. People pay actual US dollars because they think other people will appreciate it and will pay actual US dollars for it. “
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