XRP’s present circulating supply stands at 48.3 billion XRP
According to an on-chain analytics company SanimentXRP whales holding between 1 million and 10 million XRP have been on an accumulation frenzy as the supply held by this category of whale hits a two-month high.
According to Santiment, this tier of whales has been the most active of non-exchange addresses and now holds 6.12% of “all XRP.”
According to data from CoinMarketCap, the current circulating supply of XRP stands at 48.3 billion XRP, while the total supply is 100 billion XRP.
XRP itself has been a victim of the market sell-off amid the ongoing lawsuit with the SEC, having fallen roughly 89% from its all-time high. XRP is the world’s sixth-largest cryptocurrency by market cap as of press time, valued at $0.38. Following the choppy trading action recorded since the start of 2022, whales have been actively accumulating and increasing their holdings by buying at a discount.
However, Ripple continues to show optimism in the case of the SEC. As Ripple CEO Brad Garlinghouse has hinted, the company may consider the possibility of an initial public offering once its lawsuit with the United States Securities and Exchange Commission is over. The dispute has been going on for about 15 months and Ripple expects it to be resolved this year. After that, the company will consider going public, the Ripple boss said.
Updates on the Ripple SEC lawsuit
In recent updates shared by defense lawyer James K. Filan, “The Court has granted the SEC’s motion for an extension of time to file an opposition to Amici’s request to participate in the expert challenge. The SEC’s objection is due by June 7, 2022, and any responses to that objection are due by June 10, 2022.”
The U.S. Securities and Exchange Commission has already informed the court that it intends to file an objection to an amicus clearance request requested by XRP holders, seeking an extension of time until 7 June due to upcoming holidays and other information delays.
In October, the application to intervene filed by XRP holders’ attorney and CryptoLaw founder John Deaton was dismissed. Six XRP holders, on the other hand, were awarded amici status by the court, allowing them to help the court.
