XRP Whale Accumulation Surges! What to Expect on June 10th in the Ripple VS SEC Ongoing Lawsuit

XRP Whale Accumulation Surges! What to Expect on June 10th in the Ripple VS SEC Ongoing Lawsuit

XRP price

The post XRP Whale Accumulation Surges! What to Expect on June 10th in the Ripple VS SEC Ongoing Lawsuit appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

XRP whales owning between 1 million and 10 million XRP have been on a collecting binge, based on, on-chain analytics firm Santiment, as XRP owned by this type of whale approaches a two-month top.

One such level of whales, according to Santiment, has become the most engaged of non-exchange accounts, holding 6.12 % of “all XRP.”

The current circulating supply of XRP is 48.3 billion XRP, as per CoinMarketCap statistics, with an overall capacity of 100 billion XRP.

At the time of posting, XRP is the globe’s sixth-largest cryptocurrency by market capitalization, priced at $0.38. Whales have already been aggressively acquiring and growing their stakes by purchasing at a discount during the stormy market movement seen at the beginning of 2022.

XRP, which has plunged about 89 % from its all-time high despite the continuing SEC litigation, has become a prey of the sudden drop.

Ripple, on the other hand, remains upbeat about the SEC case. After the business’s dispute with the US Securities and Exchange Commission resolve, Ripple CEO Brad Garlinghouse stated that the company would seek an IPO.

Ripple hopes the lawsuit will be concluded this year, after it has been underway for roughly 15 months. The business will then contemplate making it public, according to the Ripple CEO.

Updates on the Ripple Vs SEC

According to recent updates provided by defense attorney 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.”

Due to the upcoming holiday and various filing schedules, the US Securities and Exchange Commission has indeed told the court that it intends to submit an objection to an additional plea for approval filed by XRP holders, asking for an extension of delay until June 7th.

John Deaton, the lawyer for XRP investors and the founder of CryptoLaw, filed a motion to participate in the case in October, but it was denied. The court, on the opposite end, granted six XRP owners amici status, allowing them to assist the court.

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