The number of accounts holding over a million Ripple [XRP] has increased by around 3.7% with 30 new whales appearing over the last 2 weeks, consistent with Santiment’s holder distribution chart.
These investors now hold between $240k and $2.4 Mln in XRP each, that has contributed to upwards pressure on price. After a reasonably uninspiring few months, XRP has seen a price hike of over 30% from $0.19 USD to $0.25 USD within a fortnight. Around 30 leading investors with deep pockets believe the worth rise is about to continue.
Ripple Still Claiming 3rd Rank Above Tether
There’s no obvious reason behind the recent increase in whales apart from speculation. The token has reclaimed the 3rd rank from Tether but the company is additionally presently in court facing a class action from investors.
Ripple was recently recognised within a bill proposal from the Bureau of Consumer Financial Protection in the United States regarding cross border payments. Earlier this week, Ripple’s Director of Product Craig DeWitt announced a P2P payment platform built on XRP.
Investors Turning Towards Digital Assets
Within a recent podcast with Ripple’s CTO David Schwartz, Professor of Economic & Political Science at the University of California, Berkeley, Barry Eichengreen suggested investors are turning to digital assets generally as an immediate response to the threat of post-pandemic inflation:
“Some people believe increased liquidity within the market will cause hyper-inflation and are trying to find investment opportunities which will maintain value if dollar prices soar. Gold is traditionally considered a secure bet, while digital assets are increasingly seen as a replacement inflation hedge.”