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The fourth most valuable cryptocurrency by market value, XRP is in the news again; big investors have increased the pace at which they make transfers, suggesting that there may be more than meets the eye.
As data seen by Whale Alert revealed that a large entity transferred 20,000,000 XRP (5,117,298 USD) from an unknown wallet to Binance
Explore the Nairametrics research website for economic data
20,000,000 #XRP (5,117,298 USD) transferred from unknown portfolio to #Binance
Tx: https://t.co/3TLpqnlq5X
– Whale Alert (@whale_alert) 6 October 2020
READ: XRP loses strength as BTC and ETH gain investor funds
The fourth most valuable cryptocurrency at the time this report was written, trading at $ 0.255594 with a daily trading volume of $ 1,688,608,417. The XRP price has risen 3.2% in the past 24 hours.
XRP has a circulating supply of 45 billion coins and a maximum supply of 100 billion coins.
Fast Done: Ripple (XRP) plays two roles; as a payment and currency platform. The platform is an open source platform created to enable quick and cheap transactions.
READ: Bullish Signs: 2.6 million Bitcoins are held in crypto exchanges
Unlike its cryptocurrency rival, Bitcoin, which was never intended 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.
Why do whales buy?
Economic historian Barry Eichengreen recently explained that cryptocurrencies should not be considered for speculative reasons alone, as major crypto assets have shown characteristics of being tangible assets.
READ: Crypto thief found behind over $ 200 million in theft
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. The digital assets that have come and gone. providing actual 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 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 like it and will pay actual US dollars for it. “
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