By Tobi Loba
Grayscale, the popular crypto investment company has doubled its investment in the third-largest cryptocurrency by market capitalization, XRP, within 24 hours filled with moments of a positive price trend.
XRP Keeps Up Positive Price Momentum
Over the past 24 hours, the Ripple’s digital currency XRP has been one of the best performers among the top 10 cryptocurrencies, in terms of price appreciation.
This positive trend is already attracting the attention of a number of top investors, which resulted in an increase in the number of XRP whales as earlier reported.
According to the behavioral analytics firm, Santiment, the number of addresses holding 1 million to 10 million XRP has been experiencing a drastic increase since 18th July 2020. Roughly 30 new whales have joined the network, representing a 3.7% increase within a short interval.
Before this significant increase, XRP had lingered below $0.2 price level, while other altcoins such as Ethereum (ETH), Cardano (ADA), Chainlink (LINK), and others were in the state of a notable price uptrend. But the situation is starting to turn in favor of XRP in the market.
Ripple’s digital currency has managed to surpass multi-month barriers as it surges towards its next resistance that stands at $0.28. At the time of filing this report, XRP is trading at $0.268191, with a 9.39% price upsurge in the last 24 hours.
Some crypto analysts believe that XRP could consolidate its present positive trend, due to the long-standing barriers it managed to break and the increase in the number of big investors.
Grayscale Doubles Its XRP Investment within 24 Hours
The recent update about the Grayscale’s Assets Under Management (AUM) indicates that the crypto investment firm doubled its XRP investment within 24 hours.
Grayscale manages a number of assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Stellar Lumens (XLM), and others. The recent report released by the firm indicates that the total investment under its management is now totaled $5.2 billion.
According to the update released by the firm on 30th July, Grayscale has a total of $3.7 million in XRP under its management.
07/30/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $5.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/ComT1tnmfI
— Grayscale (@Grayscale) July 30, 2020
However, the latest update released by the firm indicates a relatively 100% increase in its XRP investment. The record shows that it now has $6.2 million under its management.
07/31/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $5.2 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/2qDVCNzLAY
— Grayscale (@Grayscale) July 31, 2020
In conclusion, the increase in the number of XRP whales and their investments is significant to the recent gains recorded. If this trend continues, there is a possibility for the cryptocurrency to keep surpassing its challenging barriers.