An Unnatural Activity
Ripple whales have become active once again while the market keeps going down. According to Santiment, Ripple whales possessing between 1m to 10m XRP are buying more. This set of holders is observed to be accumulating much more XRP.
Santiment wrote that high-end holders of XRP are recently going all out. They currently hold the highest percentage of the commodity’s market supply in two months. They are the most active sector of holders outside crypto exchanges.
Large XRP holders are said to currently hold up to 6.12% of the asset’s supply. Ripple (XRP) has suffered its fair share of the ongoing crash in the market. The cryptocurrency has had a correction of over 50% in the last two months.
XRP is currently trading at $0.40. And it also holds its place as the sixth top crypto asset in the world. It has the sixth-largest market capitalization.
Ripple Might Be Considering Public Listing
The CEO of Ripple, Brad Garlinghouse, has been at the World Economic Forum, Davos, Switzerland. He granted an interview with CNBC where he hinted at the consideration of an IPO. This would, however, follow the conclusion of the legal tussle with the US SEC.
The battle between Ripple and SEC has been on for more than 15 months. SEC accused Ripple of selling XRP and some unregistered assets. Ripple has firmly stood its ground on not doing any wrong before the court.
Analysts in the industry think judgment will be in Ripple’s favor before the year ends. About the IPO, Garlinghouse said Ripple wants to get more clarity. The clarity sought in the US has to do with the SEC and regulations.
Garlinghouse said he hopes the SEC will not slow down the process anymore. However, he agrees that it is a possibility for the SEC to do so. He said that will be looked into once the lawsuit is over.
In spite of the headwind caused by regulation battles, Ripple keeps growing abroad. In quarter one of this year, XRP on-demand liquidity across borders hit $8 billion. It was more than eight times the settlement on liquidity for the previous year.
The general crypto market has been undergoing a series of corrections this year. It is largely due to the poor macroeconomy resulting from several factors. Geopolitical instability and recent COVID cases top the list.