Crypto exchange Coinbase has filed its Amicus Brief with the support of ‘Ripple Fair Notice Defense’. Meanwhile, the whales added 139 million XRP to their wallets. These significant developments became the catalyst for XRP’s price jump. Also, Ripple is adding new ODL corridor with potential value of around $1 trillion.
Judge Torres agrees to Coinbase’s Amicus Brief
On Tuesday, Judge Analisa Torres granted Coinbase’s request to file the Amicus Brief in support of Ripple Fair Notice Defense. This significant development in the Ripple case has directly skyrocketed the price of XRP. In addition, this development has increased the interest of whales in XRP.
Attorney SECJames Filan of Coinbase has submitted the Amicus File to support the cryptocurrency exchange Ripple. Thus, the exchange revealed that it is against the SEC in setting rules for cryptocurrencies. Coinbase mentioned that the official rulemaking led to some unexpected enforcement actions. He especially underlined that it creates market uncertainty. It also heavily impacted US crypto trading platforms like Coinbase. He noted the difficulty of competing with offshore platforms in jurisdictions where regulatory risk is minimal.
This development is good news for Ripple in its long-running legal battle with the SEC. cryptocoin.comAs you follow, Coinbase was one of the first crypto exchanges to delist XRP after the SEC took legal action against Ripple. It is also important in this respect.
Whales flock to Ripple (XRP), altcoin price jumps
Coinbase development helped Ripple price to rise amid growing selling pressure in the market. Altcoin price was the highest-grossing crypto in the last 24 hours, up 9.43% at press time. XRP is currently trading at $0.3827. 24-hour trading volume increased 19% to $2.35 billion.
Meanwhile, whale watching platform Whale Alert reports that crypto whales are on a buying spree. Whales added more than 139 million XRP tokens to their wallets in the last 24 hours. Thus, the total whale accumulation of XRP has reached a value of approximately $54 million. According to the data, whales bought $22.4 million worth of XRP from crypto exchange Bitstamp. This was recorded as the platform’s biggest transaction.
Ripple (XRP)’s ODL expands to Africa
Blockchain revealed in a recent tweet about a new strategic partnership that allows it to establish a new ODL corridor with high profit potential. Ripple mentions that Africa’s mobile money value potential is close to $1 trillion. MFS Africa is the largest mobile payment gateway in Africa and has customers in 35 countries.
After expanding its chain of ODL corridors to various countries around the world, Ripple partnered with a major fintech company in Africa to help it make seamless and low-cost payments for its customers worldwide. On-Demand Liquidity (ODL) stands for On-Demand Liquidity.
The number of customers using mobile cash transfers on the continent is increasing exponentially. Therefore, the need arose to bring the electronic payment system to MFS Africa. In the near future, the majority of mobile payment users globally are expected to be from Africa and the Asia-Pacific region, which makes up 70% of the global population. As such, these areas are likely to attract many wire transfer businesses. Ripple’s ODL will help them access capital without traditional resources.
The ODL platform significantly improves the various barriers that often arise when making cross-border money transfers via traditional payment routes, such as high commissions and slow payment times.
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