XRP whales, whose holdings range from 1 to 10 million, currently control around 6% of the total XRP supply. These whales appear to be continuously amassing XRP coins, according to a recent report by Santiment, as they are now accessible at a discounted price.
As a result, the number of investors with holdings of $1 million to $10 million has jumped dramatically in recent months.
This indicates the likelihood of a significant rise in the near future.
The current circulating supply of XRP is 48.3 billion XRP, according to data from CoinMarketCap, with a total supply of 100 billion XRP.
XRP has plunged nearly 80% from its November highs in amid ongoing SEC litigation. The Whales thus took advantage of this discount to strengthen their positions on XRP.
Given the current excitement around the project, even transaction volumes have increased. As the litigation continues to take new turns, investors are beginning to have confidence in the XRP token.
Ripple remains optimistic about its case against the SEC. Once the company’s dispute with the US Securities and Exchange Commission is resolved, Ripple CEO Brad Garlinghouse has maintained that the company would consider going public.
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Ripple expects the lawsuit to be concluded this year, after it has been ongoing for around 15 months.
Ripple – technical analysis
As the price of XRP trades with moderate volatility, the crypto is consolidating above the $0.37 support. Despite the positive fundamentals, the technical setup of the price is leaning more to the downside with the formation ofa bearish pennant on the daily chart.