Investors are increasingly confident that Ripple will win its legal battle with the US SEC, according to data from investment firm CoinShares. Moreover, recent developments in the lawsuit have reinforced investor belief in XRP.
The digital currency’s price has risen by around $0.39 over the past week. This is a significant development, as it suggests that investors believe Ripple has a strong case against the SEC and are confident that the company will eventually prevail.
CoinShares’ head of research, James Butterfill, said that the data showed investors were becoming more confident in Ripple. Hence, they are tying more of their investment in products affiliated with this digital currency.
This positive development for Ripple shows investors’ belief in the company and its technology. However, Ripple continues a legal battle with the SEC, with the regulator accusing the company of selling unregistered securities.
Ripple has denied these allegations and has argued that XRP is not a security. The case is in the discovery phase, with both sides exchanging documents and preparing for a trial.
According to industry analysts and legal practitioners, the trial would likely wrap up by mid-next year. Investors’ confidence in a Ripple win is evident in the recent price increase of XRP.
More Complications For Ripple?
The SEC’s recent victory against LBRY Inc. in the United States District Court could have implications for Ripple’s legal case. A Partner at Hogan & Hogan, Jeremy Horgan, believes that the results against LBRY will be used by the SEC in their final brief against Ripple.
Meanwhile, Crypto lawyer John Deaton has taken to Twitter to share his thoughts on the recent Ripple Labs Inc. v. SEC lawsuit ruling. On Nov. 8, Deaton took to Twitter to share his thoughts on the recent court ruling.
Deaton said that the ruling didn’t shake his composure and teased a lengthier explanation for his 224,000 followers. This isn’t the first time Deaton has shared his thoughts on the case.
In October, the Ripple lawyer said he was “bullish” about Ripple’s chances of winning the case. A month earlier, he said the SEC’s lawsuit was “legally and factually flawed.” The good news is that 12 autonomous entities vowed valid support for Ripple.
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