Nearly 500 Million XRP Bought by Whales Post Amicus Brief Grant

Over 500 Million XRP Bought by Whales Post Amicus Brief Grant
  • In the past day, whales have amassed almost $181 million worth of XRP.
  • There have been 16 Amicus who have been given permission to submit briefs thus far.

After the cryptocurrency exchange Coinbase was granted approval after submitting an amicus brief in favor of the defendants, the price of Ripple’s native token, XRP, spiked. More amicus briefs have now been filed in support of the Summary Judgment motion. Because of this, whales have been increasing their holdings of XRP coins.

According to the data provided by Whale Alert, cryptocurrency “whales” have acquired over 468M XRP over a number of transactions. In the past day, whales have amassed almost $181 million worth of XRP.

Whales Amassing XRP

There has been a record-breaking XRP whale transaction of 350 million XRP tokens. It has been discovered that around 134.8 million worth of XRP tokens were transferred from the cryptocurrency exchange Binance to an unknown wallet. In various transactions, however, more than 93 million XRP tokens were purchased via the Bitstamp cryptocurrency market, for a total estimated value of $36.1 million.

Over the last 24 hours, XRP prices have increased by 3%, only to retract due to market conditions.  According to prior reports, Judge Analisa Torres allowed an amicus brief to be filed in the case. Coinbase submitted an Amicus Brief supporting Ripple’s Fair Notice Defense. There has been 16 Amicus who have been given permission to submit briefs thus far.

However, 13 people are on Ripple’s side and 2 on the SEC’s side. In the meanwhile, Digital Chamber is remaining impartial. After Coinbase, the Crypto Council for Innovation, Reaper Financial, LLC, Veri DAO, The Six XRP Holders, and Paradigm Operations all filed amicus briefs, attorney James Filan said.

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