Today’s total XRP in circulation stands at 48.3M out of a 100B total supply. It’s estimated that XRP whales hoard anywhere from 1,000,000 to 10,000,000 tokens. The supply has recently increased to its highest level in over two months. These active XRP whales own more than 6.12% of the entire XRP.
There has been a rise in Ripple whale activity since the crypto market’s demise. It’s been 2 months since the XRP whales with 1 to 10 million XRP hit their largest percentage share in the supply. Presently, non-exchange holders in this tier hold 6.12% of all $XRP.
Ripple Currently Ranking as the Sixth Largest Crypto
Ripple is keeping pace with the rapidly depreciating crypto market. The price of Ripple’s XRP token has dropped by over 50% in the past 2-months. The cryptocurrency is trading at $0.40. It is the sixth most valuable cryptocurrency by market capitalization.
During the WEF in Davos, Switzerland, Ripple’s CEO talked about the prospect of an IPO. Once they’ve resolved their legal fight with the SEC, the strategy is complete. Ripple is upbeat about its 155-month court battle with the SEC.
The Commission has dragged its feet on this litigation for the longest period. They claim that Ripple has been selling unregistered securities and XRP coins. But it has remained solid in its position before the courts. Experts in the industry believe that everything will work out in Ripple’s favor.
XRP Holders On
Despite the complexities, Ripple continues to thrive in the worldwide market. XRP has dropped close to 90% from its ATHs, but it continues to trade. They said it saw an eight-fold increase in Ripple cross-border payments in Q1 2022 over Q1 2021.
Experts have examined the trading activity since the start of this year. From the report, it’s clear that Ripple whales were stockpiling or amassing Ripples. The XRP holders who filed an amicus brief ask for an extension until 7th June. That’s because of the upcoming vacations and other deadlines.
The SEC notified the court that they wanted to file a resistance. But, it will be against the proposed rule change. The Commission rejected John Deaton’s request for a hearing on behalf of the holders of XRP. Yet, they’ve granted over 6 XRP holders amici status, allowing them to help the court.