Whales in the Ripple network continue to accumulate and currently hold the highest percentage of XRP. CEO Brad Garlinghouse has revealed that he will consider the possibility of an IPO of the altcoin project once the ongoing lawsuit with the Securities and Exchange Commission (SEC) is settled. This statement got the whales in motion.
Ripple may go public after SEC litigation ends
Ripple CEO Brad Garlinghouse told CNBC that the payments giant will explore the possibility of an IPO once the SEC’s lawsuit against XRP comes to an end. . XRP was used to facilitate cross-border payments and convert it to fiat, which significantly reduced the transaction cost. The company has been exploring the possibility of an IPO for years, but the end of Ripple’s lawsuit against the SEC would be an ideal time for the payments giant to take a step towards it. Despite the recent crypto market crash that wiped billions from market cap, analysts are optimistic about the altcoin project’s recovery.
SEC vs. The Ripple lawsuit has been going on for about fifteen months and is expected to conclude this year. Garlinghouse tells CNBC:
I think with the US SEC we want to achieve certainty and clarity in the United States. You know, I’m hopeful that the SEC won’t slow this process down any more than it already has.
Altcoin whales are accumulating millions of XRP holding a high percentage
XRP whales are busy accumulating altcoins, according to data from crypto analytics platform Santiment. With the XRP price drop, whales have been accumulating in the altcoin project. Whales have collected 1 million to 10 million XRP after accumulating them en masse. Major wallet investors now have the highest percentage of XRP supply in the last two months. Whales in this category are the most active and have 6.12% of the circulating supply.
Ripple has formed higher highs (HH) since the crash on March 20, 2022. FXStreet analysts believe that Ripple price is producing higher lows (HL) and the RSI is producing lower lows (LL) as a sign of bullish divergence. Analysts are therefore bullish on the Ripple price rally.
As we have mentioned in the news of Kriptokoin.com, on May 24, Ripple CEO Brad Garlinghouse, who attended the annual meeting of the World Economic Forum in Davos, received an offer from the Prime Minister of Georgia for the company to open a headquarters in the country.
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