XRP whales increase enthusiasm for accumulation

The market’s total supply of XRP is now 48.3 billion, down from a total supply of 100 billion. XRP whales are currently hoarding 1 million to 10 million XRPs and are on a massive hoarding spree, with supply increasing to a two-month high.

These active XRP whales currently account for more than 6.12 % XRP. Despite the crypto market’s collapse, Ripple whales have resurfaced, becoming more daring and active.

“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,” according to Santiment. This is the most active tier of non-exchange holders, with 6.12 % of all $XRP currently in their possession.

XRP is now the sixth largest cryptocurrency, trading at $0.40(R6.27)

Ripple’s cryptocurrency, XRP, has dropped more than 50% in the last two months, as the crypto market continues to fall. The cryptocurrency is currently the sixth most valuable digital asset by market capitalization, with a price of $0.40(R6.27).

Ripple CEO Brad Garlinghouse spoke at the World Economic Forum in Davos, Switzerland, about the possibility of launching an initial public offering (IPO).
The plan is complete once they have resolved their legal dispute with the Securities and Exchange Commission of the United States (SEC).

Ripple is upbeat about their legal battle with the SEC, which has been ongoing for 155 months. For the longest time, the commission has been dragging this lawsuit.

Ripple has been accused of selling unregistered securities and XRP tokens, but they maintain their position in court. Experts in the industry believe that everything will work out in Ripple’s favor.
The SEC has informed the court of their intention to file an opposition in response to the XRP holders’ amicus request for a time extension to June 7 due to upcoming holidays and other deadlines.

The application filed by John Deaton, an attorney for XRP holders and the founder of CryptoLaw, was denied by the commission.

Meanwhile, more than six cryptocurrency holders have been granted amici status, which allows them to assist the court.

XRP whales increase enthusiasm for accumulation

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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