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The fourth most valuable cryptocurrency by market value, XRP recently experienced huge transactions in its market on the excuse that large investors are rushing to have a stake in the supposedly undervalued cryptocurrency versus bitcoin and Ethereum.
What we know: Data from Whale Alert revealed that an unknown identity transferred 89,999,980 XRP worth $ 22,515,762 from an unknown wallet to Coinbase
🚨 🚨 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 this publication was written, 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.
What you should know: Ripple (XRP) plays a double role; as a payment and currency platform. 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.
What does it mean: 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.
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.
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.
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