As the chaos in the cryptocurrency market continues, whales continue to accumulate in hopes of rising prices. Santiment pointed to the spree of backlog for this altcoin.
According to on-chain analytics firm Santiment, whales holding between 1 million and 10 million Ripple (XRP) XRP are leading the accumulation spree. The supply in the hands of this category of whales has reached a two-month high.
According to Santiment, these whales currently hold 6.12% of the entire XRP supply. According to CoinMarketCap data, the current circulating supply of XRP is 48.3 billion, with a total supply of 100 billion.
Ripple has been hugely disappointing, down nearly 89% from its all-time high due to the ongoing lawsuit with the SEC. XRP is currently trading at $0.39 and is the sixth largest cryptocurrency by market capitalization, with whales actively accumulating XRP from the bottom due to the volatile price action that has continued since the beginning of 2022.
According to some Experts, there are still dark clouds over XRP. Many of those surveyed on prices are of the opinion that Ripple (XRP) can avoid the SEC lawsuit, fines and restrictions, but the whole process could cause permanent damage to XRP. James Edwards, a crypto expert at Finder.com, told CNBC:
“While investors are following the ongoing litigation process with the SEC, everyone is wondering whether XRP will be reborn from the ashes. This process is perceived as a bet.”
Ripple (XRP) CEO Brad Garlinghouse stated during the World Economic Forum in Davos that the company will implement its IPO plan as soon as the ongoing lawsuit with the SEC is over, CNBC reported. The lawsuit filed by the SEC against Ripple has been going on for more than a year. Ripple believes that the litigation could end at the end of 2022.
According to the executive, once the lawsuit is over, Ripple will take concrete steps regarding its IPO plan. Garlinghouse reiterated that the likelihood of Ripple being an IPO is very high at some point, but that the SEC lawsuit is a major hurdle. The SEC lawsuit is expected to end in 2023. It is a matter of curiosity to what level XRP will reach after the lawsuit.