Ripple's XRP On The Verge Of Something Big As Number of Whales Reach Astronomical Levels
By Ponvang Bulus – October 31, 2020
Despite XRP's seemingly weak performance in the market, data from the crypto information platform Santiment reveals that the number of XRP whales is on the rise. The number has increased in the last six months with the number of whales holding 100,000 to 10,000,000 XRP seeing an astronomical rise.
Those holding 100 thousand to 1 million increased by 19.7% from 14,525 to 17,387 whales. This is the category of whales that recorded the highest increase. Those holding 10 million or more XRP increased by 10.4% from 280 to 309 while those holding 1 million to 10 million coins recorded the least increase of 2.2% from 1,307 to 1,336 whales.
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Investors still have confidence despite poor price performance
Since XRP reached its all-time high of $3.53 in January 2018, it has dropped continuously to the current price of $0.247. This is in spite of other altcoins posting huge growth such as LINK which has been one of the best performing cryptocurrencies this year. Because of the stagnated growth, Tether (USDT) also replaced it as the 3rd largest cryptocurrency by market capitalization.
The increasing number of whales holding the cryptocurrency however is a sign that investors still believe there is a bright future for XRP. The XRP community also known as the XRP army is one of the strongest cryptocurrency communities in the space and they have held on for a long time, believing that the cryptocurrency will increase in price to $589. Though they have been fiercely criticized for this optimism, it may not be all crazy as the mass adoption of a cryptocurrency is an important driver of price action. As more whales continue to accumulate, the price may eventually follow, but it is not certain when this may happen.
Market update
The market experienced a pullback yesterday with Bitcoin retracing towards $13,000. However, it has bounced back and XRP is not left behind. It has gained 2.84% in the last 24 hours and my gain even more as the market continues to boom.
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The original article written by Ponvang Bulus and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe