Long-Term XRP Holders Unfazed by SEC Lawsuit
Investors of XRP continue to show their unwavering support for the token, proving that they remain confident in the cryptocurrency despite the lawsuit. According to data released by a New York-based exchange Uphold, most of the XRP users hold the cryptocurrency for a long time.
In a tweet, Uphold asked their 125K followers how many of them are long-term XRP holders. Members of the XRP community posted their holdings in the comments section.
Sandro Lombardi, an XRP advocate, is said to have held the coin ever since learning about Ripple and XRP in March 2020. The following developments suggest that XRP fans intend to hold the digital currency for a long time, even though XRP is currently involved in a legal battle with SEC.
Significant XRP holders were observed hoarding enormous amounts of XRP in the last weeks of 2022. These holders typically own 1 million to 10 million XRP. Santiment reported that 1,617 addresses in this group held 7.23% of the total supply of XRP.
Once the lawsuit was initially revealed in December 2020, the price of XRP fell significantly as big exchanges like Coinbase abandoned the digital currency. Nonetheless, Uphold made the decision to stand behind XRP, and the CEO of Uphold, JP Thieriot, said that the U.S. Securities and Exchange Commission’s actions may severely harm the cryptocurrency industry as a whole.
Uphold,which is touted as a Coinbase rival, has become interested in the #relistXRP hashtag. The cryptocurrency exchange, which has over 10 million users, used the occasion to remind members of the XRP community who live in the country that they can still purchase, keep, and trade XRP on the system