Although the altcoin market has been stagnant for a while, it seems that some whales are chasing news to opportunity. News of a massive IPO has invited whales back onto the field.
Whales are accumulating wildly on this altcoin project
Altcoin whales are back in action amid the market crash. According to on-chain analytics firm Santiment, Ripple whales with between 1 million and 10 million XRP are going through a crazy period of accumulation. In a recent tweet, the firm said:
Whales holding between $1 million and $10 million are collectively accumulating XRP, and now within 2 months, they have reached the highest percentage of their holding XRP supply. This is the most active tier of over-the-counter investors, and they currently own 6.12% of all XRP.
XRP has lost more than half its value from ATH due to the bearish trend of recent months. At the time of writing, it is trading at $0.3897.
This news led whales to XRP
As quoted by Cryptokoin.com, Ripple CEO Brad Garlinghouse attended the World Economic Forum’s annual meeting in Davos on Tuesday. At this meeting, the Prime Minister of Georgia invited the company to establish a headquarters in Georgia. In their statement, they stated that after the end of their legal battle with the SEC, they will explore the possibility of an initial public offering (IPO). Parallel to this development, a significant increase is observed in the XRP stocks of whales.
Ripple and SEC lawsuit 155th month left behind. In December 2020, the SEC filed a lawsuit against Ripple company and its CEOs for selling unregistered securities and XRP. However, in court, Ripple vigorously defended its stance of no wrongdoing. Many analysts predict that a deal will be reached in favor of Ripple this year. Ripple CEO Brad Garlinghouse spoke about the company’s desire to go public:
I believe we want consistency and clarity from the SEC in the US. I hope the SEC will not stifle the process any more than it already has. But you know, we’re definitely in a dimension where that’s possible. We’ll take a look once we’re done with the SEC case.
Ripple continues to thrive in the international market despite regulatory challenges. On-demand XRP liquidity for cross-border payments was $8 billion in the first quarter of 2022. This was eight times the liquidity payout for the same period of the previous year.
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