XRP Whales Drive Hoarding Appetite, Record 2-Month Max Supply Hold

The total supply of XRP circulating in the market now is 48.3 billion out of the total XRP supply of 100 billion. XRP Whales currently hold 1 million to 10 million XRP and are on a massive hoarding spree with a surge in supply stretching to a maximum of two months.

These active XRP whales currently accumulated more than 6.12% of the total XRP. Despite the collapse of the crypto market, the wavy whales have re-emerged to be ever more daring and active.

According to Santiment, “XRP network whales holding between $1 million and $10 million XRP have been collectively amassing and now have their highest percentage of the asset supply in 2 months.” This is the most active tier of no-exchange holders currently holding 6.12% of all $XRP.

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XRP trades at $0.40; Now the 6th largest crypto

XRP, Ripple’s cryptocurrency, has rallied more than 50% in the past two months, with the cryptocurrency market in a downward spiral. The crypto is currently the sixth largest digital asset by market capitalization and is trading at $0.40.

Brad Garlinghouse, CEO of Ripple, attended the World Economic Forum held in Davos, Switzerland, and expressed the possibility of launching an initial public offering (IPO).

The plan will be ready once they have settled the legal dispute with the US 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 a long time.

Ripple has been accused of selling unregistered securities and XRP tokens, but they stand firm in their stance in court. Industry insiders are optimistic that everything will turn in favor of Ripple.

XRP total market cap at $19.11 billion on the weekend chart | Source: TradingView.com

wavy soldiers in

Despite the headaches of regulatory procedures, Ripple continues in the international market. XRP is down by almost 90% from its all-time highs, but it’s still going strong.

The first quarter of 2022 revealed cross-border XRP payments of $8 billion, denominated eight times larger compared to the liquidity settlement in the first quarter of 2021.

Looking at the trading action since early 2022, it is evident that XRP whales have been accumulating or accumulating XRP by buying at a discounted price.

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The SEC has informed the court of its intention to file opposition in response to the XRP holders’ amicus request, in which they requested a time extension to June 7 in light of upcoming holidays and other deadlines. .

The request filed by John Deaton, a lawyer for XRP holders and founder of CryptoLaw, was dismissed in favor of the commission.

Meanwhile, more than six cryptocurrency holders were given the friend Status, allowing them the privilege of attending court.

Featured image from The Daily Hodl, chart from TradingView.com

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