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The number of accounts holding more than one million XRPs has increased 3.7% with 30 new whales appearing in the past two weeks, according to the Santiment Holders Distribution Chart.
These investors now hold between $ 240,000 and $ 2.4 million in XRP each, which has contributed to the upward pressure on the price. After a few uninspiring months, XRP saw a price increase of over 30% from $ 0.19 to $ 0.25 in two weeks. At least 30 large investors with deep pockets believe the price increase is likely to continue.
Distribution of the XRP holder with respect to the price. Source: Santiment
Why Ripple?
There is no obvious reason behind the recent rise in whales, except for speculation. The token has claimed third place from Tether, but the company is currently in court facing a class action lawsuit from investors.
Ripple was recently recognized in a US Bureau of Consumer Financial Protection bill regarding cross-border payments. Earlier this week, Ripple’s product director Craig DeWitt announced a P2P payment platform built on XRP.
Big investors are turning to digital assets
In a new podcast with Ripple CTO David Schwartz, a professor of economic and political science at the University of California, Berkeley, Barry Eichengreen suggested that investors are turning to digital assets in general as a direct response to the post-inflation threat. pandemic:
“Some people believe that increased liquidity in the market will lead to hyperinflation and are looking for investment opportunities that can hold value if dollar prices rise. Gold has traditionally been seen as a safe bet, while digital assets are increasingly seen as a new hedge against inflation. “
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