As Ripple’s victory in the ongoing SEC lawsuit seems highly probable, XRP-affiliated investment products registered inflows for the 3rd consecutive week.
Since the US Securities and Exchange Commission has filed the lawsuit against Ripple, the trajectory of the firm’s performance is strongly tied to developments of the case. Fortunately, apart from the initial couple of months, the lawsuit has been a good one for Ripple. Because of Ripple’s clear lead in the lawsuit, the firm has successfully gained validation from the crypto community. Besides, the assets Ripple is parent to are also doing pretty Well.
According to a recent report-Digital Asset Fund Flows-published by head of research at CoinShares, James Butterfill, Ripple has registered a 3rd consecutive week of inflows. Institutional investment during the week amounted to $1.1 million. Butterfill noted that the numbers suggest ‘improving investor confidence as the SEC case against Ripple looks increasingly fragile’.
Over the past few weeks Ripple has gathered support from all over the crypto space. So far in total 12 companies have filed amicus briefs in support of Ripple. The entities include significant market players like Coinbase and the blockchain association.
In his recent tweet on November 4th Ripple’s Lead Counsel, Stuart Alderoty, stated that assistance for Ripple coming from dozens of firms prove how wrong the SEC is. Further, according to CEO Garlinghouse the may reach conclusion by the first quarter of 2023. It is notable here that SEC’s latest request to the court for extension of deadlines could further delay the case.
As for the expected result of the lawsuit, it is fairly tilted towards the defendant, with SEC’s back pushed to the Wall. Attorney Jeremy Hogan tweeted yesterday that let alone the lawsuit, the SEC could not even win the summary judgement.