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Ledger Nano X - The secure hardware wallet
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Best time to cash in on Bitcoin

6 October 2020
in XRP
Reading Time: 5 mins read
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The fourth most valuable crypto by market value, XRP is in the news again; large investors have increased the pace at which they make transfers, hinting that there might be more than meets the eyes.

As data seen from Whale Alert revealed 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 wallet to #Binance

Tx: https://t.co/3TLpqnlq5X

— Whale Alert (@whale_alert) October 6, 2020

READ: XRP losing steam as BTC & ETH gain investors’ funds

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The fourth most valuable crypto at the time this report was drafted, traded at $0.255594 with a daily trading volume of $1,688,608,417. XRP price is up by 3.2% in the last 24 hours.

Related articles

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XRP has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

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Quick fact: Ripple (XRP) plays dual roles; as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.


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READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges

Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered and Barclays for international transactions worldwide.

Why are whales buying?

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Economic historian, Barry Eichengreen, recently explained that cryptos should not just be considered for speculative reasons, as leading crypto assets have shown characteristics of being tangible assets.

READ: Crypto robber behind over $200 million theft, found

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According to him, “I don’t think that thinking about crypto as speculative investments, is really a long-term viable business model. Speculative investments have come and gone throughout history. Tulips came as a speculative investment and they went. Digital assets that provide actual tangible services like cross-border payments are the ones that are likely to have legs.”

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READ: Thrive Agric drama: What it means for Nigerian investment startups

Barry went on to explain why cryptos have become the new digital gold, “Gold doesn’t really have any intrinsic value. People [believe] it will hold its value because other people value it. There is, from that point-of-view, a parallel with cryptocurrencies. People pay actual U.S. dollars for it because they think other people will value it and pay actual U.S. dollars for it.”





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