Coinbase Leading XRP Price Rally?

XRP Price Surge: Judge Analisa Torres on Tuesday granted Coinbase’s request to file Amicus Brief in the support of Ripple Fair Notice Defense. This major update in the Ripple lawsuit has directly pushed the XRP price to shoot up. However, this has also spiked the whales’ interest in the XRP.

Will XRP price surge continue?

As per Attorney James Filan, Coinbase, a cryptocurrency exchange has filed its Amicus Brief in the support of Ripple. The exchange has slammed the SEC over rulemaking for Digital assets in its fillings.

Coinbase mentioned that formal rulemaking has led to an unexpected enforcement action like this. It has created market uncertainty and massively hit U.S. trading platforms like Coinbase. It is difficult to compete with offshore platforms in jurisdictions where there is minimum regulatory risk.

It is good news for Ripple in the long running legal tussle with the SEC. As Coinbase was one of the first crypto exchanges to delist and halt trading in XRP after the commission took legal action against Ripple.

However, this update has helped the Ripples native token price to surge amid increased selling pressure. XRP prices have jumped by a whopping 16% to emerging as the most gained crypto in the last 24 hours. XRP is trading at an average price of $0.376, at the press time. Its 24 hour trading volume is up by 26% to stand at $2.3 billion.

Are whales on XRP buying spree?

Whale Alert reported that some crypto whales are on a buying spree. Whales have added more than 139 million XRP tokens in the last 24 hours. The total whale accumulation of XRP is worth around $54 million.

As per data, whales added $22.4 million worth of XRP from Bitstamp, crypto exchange. This is recorded to be the biggest transaction recorded by the platform.

Ashish believes in Decentralisation 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]

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