The total supply of XRP circulating in the market has now increased from the total XRP supply of 100 billion to 48.3 billion. XRP whales currently hold between 1 million and 10 million XRP and are on a massive hoarding spree, with supply rising to a two-month high.
These active XRP whales currently account for over 6.12% of the total XRP. Despite the collapse of the crypto market, ripple whales have resurfaced, becoming bolder and more active.
According to Santiment, “XRP network whales holding between $1 million and $10 million in XRP have collectively accumulated and now hold the highest percentage of the asset’s supply in 2 months.” This is the most active among non-exchange holders tier, they currently hold 6.12% of all $XRP.
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XRP is trading at $0.40; now the sixth largest cryptocurrency
Ripple’s cryptocurrency XRP has adjusted more than 50% in the past two months, and the crypto market is in a downward spiral. The cryptocurrency is currently the sixth-largest digital asset by market capitalization, trading at $0.40.
Ripple CEO Brad Garlinghouse attended the World Economic Forum in Davos, Switzerland, and expressed the possibility of launching an initial public offering (IPO).
The plan is complete once they resolve their legal dispute with the Securities and Exchange Commission (SEC).
Ripple is very optimistic about their legal battle with the SEC, which has been going on for 155 months. The commission has been stalling the lawsuit for the longest time.
Ripple has been accused of selling unregistered securities and XRP tokens, but they stand firm in court. Industry experts are optimistic that everything will be in Ripple’s favor.
XRP total market cap at $19.11 billion on the weekend chart | Source: TradingView.com
Ripple Soldier on
Despite the regulatory headaches, Ripple has thrived in international markets. XRP is down nearly 90% from its all-time high, but it continues.
The first quarter of 2022 showed XRP cross-border payments of $8 billion, an eight-fold increase in size compared to liquid settlements in the first quarter of 2021.
Looking at the trades executed since the beginning of 2022, it is clear that XRP whales have been accumulating or hoarding XRP by buying at a discount.
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The SEC has notified the court that they intend to file an objection based on an amicus curiae request from XRP holders, which they are asking for an extension to June 7 in light of the upcoming holiday and other deadlines.
An application filed by John Deaton, an attorney for XRP holders and founder of CryptoLaw, was rejected by the committee.
At the same time, more than six cryptocurrency holders received friend status This gives them the privilege to assist the court.
Featured image from The Daily Hodl, graphic from TradingView.com