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The fourth most valuable cryptocurrency by market value – XRP, has been experiencing huge transactions in its market lately due to the bias that large investors are rushing to have a stake in the supposedly undervalued cryptocurrency versus bitcoin and Ethereum.
Whale Alert data revealed that an unknown identity transferred 89,999,980 XRP worth USD 22,515,762 from an unknown wallet to Coinbase.
READ: Because the largest bank in the United States, JP Morgan Chase is bullish on Bitcoin
🚨 🚨 89,999,980 #XRP ($ 22,515,762) transferred from unknown portfolio to #Coinbase
Tx: https://t.co/0CB7dfTC2K
– Whale Alert (@whale_alert) November 9, 2020
- At the time of this report, XRP was trading at $ 0.248352 with a daily trading volume of $ 2 billion.
- The XRP price fell -2.3% in the past 24 hours.
- It has a circulating supply of 45 billion coins and a maximum supply of 100 billion coins.
READ: A large entity moves Ethereum worth $ 75 million
What you should know
Ripple (XRP) plays a dual role: payment platform and currency. The platform is an open source platform created to enable quick and cheap transactions.
Unlike its crypto rival, Bitcoin, which was never conceived as a simple payment system, Ripple has attracted the attention of major global banks such as Standard Chartered and Barclays for international transactions around the world.
READ: THORchain, the most profitable crypto in the last 24 hours
What does it mean
Economic history, Barry Eichengreen, he recently explained that cryptocurrencies should not be considered for speculative reasons alone, as major cryptocurrencies have shown characteristics of being tangible assets.
In his opinion, “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. Tulips have come as a speculative investment and gone. Digital assets. providing effective tangible services such as cross-border payments are the ones that are likely to have legs.
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Barry went on to explain why cryptocurrencies have become the new digital gold.
“Gold really has no intrinsic value. People [believe] it will retain 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 others will appreciate it and will pay actual US dollars for it. “ He said.
Explore the data on the Nairametrics research website
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