- Ripple CEO Brad Garlinghouse is exploring the possibility of an initial public offering once the SEC vs. Ripple lawsuit ends.
- Ripple network whales holding between 1 and 10 million XRP have continued accumulation and hold the highest percentage of the asset's supply in two months.
- Despite the crypto market crash that wiped billions in market value from cryptocurrencies, analysts believe XRP could recover soon.
Whales in Ripple's network have continued their accumulation of the altcoin and now hold the highest percentage of XRP. CEO Garlinghouse revealed that Ripple will explore the possibility of an IPO once the ongoing lawsuit with the Securities & Exchange Commission ends.
Ripple could explore an IPO
Brad Garlinghouse, the CEO of Ripple, told CNBC that the payments giant will explore the possibility of a public offering once the SEC's lawsuit against XRP ends. XRP has been used to facilitate cross-border payments and convert it to fiat, which considerably lowers the transaction cost.
Ripple has explored the possibility of an IPO for years now, however, the end of the SEC vs. Ripple lawsuit would be the ideal time for the payments giant to take steps towards it. Despite the recent crypto market crash that wiped out billions from market value, analysts are bullish on the altcoin's recovery.
The SEC vs. Ripple lawsuit has been ongoing for nearly fifteen months and is expected to end this year. Garlinghouse told CNBC,
I think we want to get certainty and clarity in the United States with the U.S. SEC. You know, I'm hopeful that the SEC will not slow that process down any more than they already have.
Whales accumulate millions of XRP, holding a high percentage
According to data from crypto intelligence platform Santiment, XRP whales have been busy accumulating the altcoin. With the XRP price drop, whales have scooped up the altcoin.
Whales have scooped up between 1 million and 10 million XRP tokens after collectively accumulating it. Large wallet investors now hold the highest percentage of XRP supply in the last two months. Whales in this category are the most active and hold 6.12% of the coins in circulation.
Whale accumulation hits 2-month high
Ripple has formed higher highs since the crash on March 20, 2022. Analysts at FXStreet believe Ripple price has produced higher lows, and RSI is producing lower lows, a sign of bullish divergence.
Analysts are therefore bullish on the Ripple price rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.