- Ripple CEO Brad Garlinghouse is exploring the possibility of an IPO once the SEC-Ripple litigation is over.
- Ripple network whales, holding between 1 and 10 million XRP, have continued their accumulation, holding the highest percentage of the asset’s supply in two months.
- Despite the crypto market crash that has wiped out billions in cryptocurrency market value, analysts believe that XRP may recover soon.
Whales on Ripple’s network have continued their accumulation of altcoins and now hold the highest percentage of XRP. CEO Garlinghouse announced that Ripple will explore the possibility of an IPO once the ongoing litigation with the Securities & Exchange Commission is resolved.
Ripple could consider an IPO
Ripple CEO Brad Garlinghouse 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 them to fiat, significantly reducing transaction costs.
Ripple has been exploring the possibility of an IPO for years, but the end of the SEC vs. Ripple litigation would be the ideal time for the payments giant to take steps in that direction. Despite the recent crypto market crash that wiped out billions in market value, analysts are optimistic about 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 security and clarity in the United States with the US SEC. You know, I hope the SEC won’t slow down this process any more than it already has.
Whales accumulate millions of XRP and hold a high percentage
According to data from crypto intelligence platform Santiment, XRP whales have been busy accumulating the altcoin. With the price of XRP falling, whales have snapped up the altcoins.
Whales have collected between 1 million and 10 million XRP tokens after accumulating them collectively. Large wallet investors now hold the highest percentage of XRP supply over the past two months. Whales in this category are the most active, holding 6.12% of coins in circulation.
Whale aggregation hits 2-month high
Ripple has been making higher highs since the March 20, 2022 crash. Analysts at FXStreet believe that ripple price has produced higher lows and the RSI is producing lower lows, a sign of bullish divergence.
Analysts are therefore bullish on Ripple’s price rally.
Comments are closed.