Coinbase Leading XRP Price Surge? Whales Add 139 Mln XRP
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.
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- James Wynn Takes XRP Long Bet After Ripple Prime Announcement
- Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
