XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

Christian Encila

1 year ago

3 mins read

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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.

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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.

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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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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