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Home Cryptocurrency news Bitcoin

Ripple Whale: It Only Takes $20,000 To Become a XRP One-Percenter

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news, Ripple
Reading Time: 3min read
xrp ripple whale crypto
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How cryptocurrencies like Bitcoin or XRP are distributed can impact a specific asset’s success, both in terms of trust in the asset, but also how scarcity might affect an asset’s long-term value.

And while XRP is often the target of much distaste surrounding the way the asset was distributed, becoming a Ripple whale and joining the top 1% of all XRP holders doesn’t take a lot of initial capital.

It Costs $20,000 To Become a XRP Whale

Because cryptocurrencies like Bitcoin and XRP are new, emerging technologies that are also financial assets, analysts look at a number of different data points to attempt to determine a fair market value. One such metric that’s often looked at, is the distribution of each asset across wallets, including the percentage breakdown of how many wallets are holding different levels of assets.

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Related Reading | Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support 

One crypto analyst has shared a chart that reveals the average assets held across the top 10% of XRP holders. The data shows that to become a “one-percenter” in XRP – a term coined to show high wealth inequality against the other 99% of the population – one only needs to hold roughly $20,000 in Ripple at today’s prices of 26 cents per XRP token.

A simple breakdown of what it takes to be in the top 10% of $XRP holders. Came across this and thought it was pretty interesting. If you are holding more than 70,000 XRP you are in the top 1% of holders. pic.twitter.com/kt6fEdvcBj

— Credible Crypto (@CredibleCrypto) September 15, 2019

The table shows that the top 1% of Ripple accounts hold roughly 69,000 XRP on average. To become a one-percenter in Bitcoin, one would need to hold an account containing 10 BTC or more – or the equivalent of more than $100,000.

To be in the top 0.1% of account holders, one would need to hold over 188,000 XRP, and to earn the highest spot at 0.01% of account holders, it would be over a cool $4.25 million USD for under 16.5M tokens.

Holders Divided Due to Ripple Escrow Selling During Downtrend

The distribution of XRP has been a controversial issue as of late. Much of the XRP supply is held in escrow by Ripple Labs, the company tasked with pushing adoption of the crypto asset. The assets held in escrow are unlocked, then sold on the market to fund important Ripple operations.

Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell? 

However, the regular selling of XRP assets during a downtrend has caused Ripple and CEO Brad Garlinghouse to come under fire by upset holders. Many Ripple holders, despite being “whales” due to holding such a large supply, could be down by as much as 90% if they bought anywhere near the peak of the crypto hype bubble in late 2017, and early 2018.

2/ XRP sales are about helping expand XRP's utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.

— Brad Garlinghouse (@bgarlinghouse) August 27, 2019

It’s among the worst-performing altcoins in the top ten crypto assets by market cap, even despite Brad Garlinghouse defending the company saying that Ripple has “decreased” sales by volume quarter over quarter. The continued selling has even prompted a subset of XRP holders to consider forking the asset.

Tags: bitcoinBrad GarlinghousecryptoRippleripple labsxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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