XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply
May 27 2022 - 12:46AM
NEWSBTC
The total supply of XRP circulating in the market is now at 48.3
billion from the total XRP supply of 100 billion. XRP whales
currently hold from 1 million to 10 million XRPs and are on a
massive hoarding spree with an uptick in supply stretching out to a
two-month high. These active XRP whales currently chalked up over
6.12% of the total XRP. Despite the collapse of the crypto market,
Ripple whales have resurfaced to be increasingly daring and
active. According to Santiment, “XRP Network whales
holding between 1M and 10M $XRP have collectively been
accumulating, and now hold their highest percentage of the asset’s
supply in 2 months.” This is the most active tier of non-exchange
holders who are currently keeping 6.12% of all $XRP. Suggested
Reading | Lido (LDO) Sheds 58% Of Its All-Time High TVL At $11
Billion XRP Trades At $0.40; Now Sixth Largest Crypto XRP, Ripple’s
cryptocurrency, has adjusted more than 50% in the last two months,
with the crypto market going on a downward spiral. The crypto is
currently the sixth largest digital asset by market cap and is
trading at $0.40. Brad Garlinghouse, Ripple CEO, attended the World
Economic Forum held in Davos, Switzerland, and expressed the
possibility of launching an initial public offering (IPO). The
plan’s all set once they have put the lid on the legal dispute with
the U.S. Securities and Exchange Commission (SEC). Ripple is very
optimistic about the legal battle they have with the SEC, which has
been going on for 155 months. The commission has been dragging this
lawsuit for the longest time. Ripple has been accused of selling
securities that aren’t registered and XRP tokens, but they are firm
with their stance in the courts. Industry experts are optimistic
that everything will turn in Ripple’s favor. XRP total market cap
at $19.11 billion on the weekend chart | Source: TradingView.com
Ripple Soldiers On Despite the headaches of the regulatory
proceedings, Ripple soldiers on in the international market. XRP
has dipped by nearly 90% from its all-time high values but forges
on. Quarter 1 of 2022 revealed XRP cross-border payments of $8
billion, dubbed eight times larger when compared to the liquidity
settlement in Q1 of 2021. By looking at the trading action
performed since the beginning of 2022, it’s apparent that XRP
whales have been amassing or hoarding XRPs by purchasing at a
discounted price. Suggested Reading | Ripple (XRP) Plunges To $0.43
With Bears In Full Swing The SEC has informed the court of their
intent to file for the opposition in response to the amicus request
by the XRP holders, wherein they requested a time extension to June
7 in light of the incoming holidays and other deadlines. The
application filed by John Deaton, attorney of the XRP holders and
founder of CryptoLaw, was dismissed in favor of the commission.
Meanwhile, more than six crypto holders were given the amici
status, which allows them the privilege to assist the court.
Featured image from The Daily Hodl, chart from TradingView.com
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