Lawyer Hints Ripple’s Counter Over Massive XRP Holding – Crypto News – Crypto News
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Lawyer Hints Ripple’s Counter Over Massive XRP Holding – Crypto News

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The long running XRP lawsuit is moving towards the final phase of the Summary Judgment. US SEC and Ripple defendants reportedly have begun to file replies to opposition to Motions for summary judgement, under seal. However, Ripple benefiting from holding a massive amount of XRP will still be a major talking point in the case.

Judge to address Ripple holdings?

It is very certain that the Judges or the commission will bring Ripple’s massive XRP holding in the XRP lawsuit. It can be inquired whether the defendants benefited from the jump in XRP price. This was the main reason that they promoted the XRP.

However, John Deaton, Amicus curiae and XRP holders’ lawyer in the case hinted that Ripple is ready to face it in court. He said that the defendants know that the judge is likely to address this matter.

To counter this assertion Ripple will be mentioning the De Beers Diamond Company. They claim that the diamond companies own 30% of the diamond market.

How much XRP does Ripple hold?

As per the quarter 3 2022 XRP markets report, Ripple is holding less than 50 billion XRP tokens. It added that the firm operates only four of 130 validator nodes on the XRP Ledger (XRPL). Meanwhile, this is the first time ever that Ripple’s XRP holding has dropped below the 50%.

Earlier, Coingape reported that Ripple has unlocked 900 million XRP tokens from escrow wallets in multiple transactions. While its circulating supply stands at over 50.2 billion.

Ashish believes in Decentralization and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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