XRP Whales Massively Accumulating, Supply Held Reaches Two-Month High

As stated by on-chain analytics firm  Santiment, XRP whales holding between 1 million and 10 million XRP have been on an accumulation spree as the supply held by this category of whale reaches a two-month high.

According to Santiment, this tier of whales has been the most active of non-exchange addresses and now holds 6.12% of “all XRP.”

Read Also: Shiba Inu Metaverse’s Team Adds Former Technicolor Executive, Entertainment Veteran Marcie Jastrow

According to  CoinMarketCap data, XRP’s present circulating supply stands at 48.3 billion XRP, while the total supply is 100 billion XRP.

XRP has been experiencing the market sell-off amid the current ongoing lawsuit with the SEC, having fallen almost 89% from its ATH. XRP is the world’s sixth-largest cryptocurrency by market cap as of press time, valued at $0.38. Following the choppy trading action recorded since the start of 2022, whales have been actively accumulating and increasing their holdings by buying at a discount.

Although, Ripple proceeds to display optimism in the SEC case. As Ripple CEO Brad Garlinghouse hinted, the company might consider the possibility of an initial public offering once its lawsuit with the U.S. Securities and Exchange Commission has ended. The litigation has been ongoing for about 15 months, and Ripple expects it to be resolved this year. After that, the company will consider going public, the Ripple boss stated.

Read Also: SHIB Can Presently Be Used to Pay for Flights and Hotels Through This New Partnership

Updates on the Ripple SEC lawsuit

In the late news shared by the defense lawyer James K. Filan:

“The Court has granted the SEC’s motion for an extension of time to file an opposition to Amici’s request to participate in the expert challenge. The SEC’s objection is due by June 7, 2022, and any responses to that objection are due by June 10, 2022.”

The U.S. Securities and Exchange Commission already told the court that it intended to file an opposition to an amicus request for permission requested by XRP holders, requesting an extension of time until June 7 due to the forthcoming holiday and other briefing deadlines.

In October, the application to intervene filed by XRP holders’ attorney and CryptoLaw founder John Deaton was dismissed. Six XRP holders, on the other hand, were awarded amici status by the court, allowing them to help the court.

  • 1361 Posts
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you're a seasoned investor or just starting out, Cryptolifedigital's analysis offers valuable insights into the world of cryptocurrency.