By
Steve Muchoki
April 19th, 2024
There are twelve different independent organizations currently pledging legal backing for Ripple.
According to investment statistics from James Butterfill, head of research at CoinShares, recent developments in the Ripple vs. the US Securities and Exchange Commission (SEC) lawsuit appear to have increased investor trust in XRP-tied investment products.
In its latest report on digital asset fund flows, released on November 7, Butterfill stated that XRP investment products had attracted institutional inflows for a third straight week totaling $1.1 million.
The results suggest “growing investor confidence as the SEC case against Ripple looks increasingly fragile,” according to Butterfill.
Several significant players in the cryptocurrency industry, including Coinbase and the Blockchain Association, have backed Ripple as a result of its consistent success in its fight against the SEC over the past few weeks.
Stuart Alderoty, general counsel for Ripple, posted on November 4 that “A dozen independent voices, including corporations, developers, exchanges, public interest, and trade association retail holders” have offered their assistance in demonstrating how “dangerously incorrect the SEC is.”
The Crypto Council for Innovation, the non-profit Investor Choice Advocates Network, the cryptocurrency mobile app SpendTheBits, and the XRP “decentralized community” are additional organizations that are offering their support for Ripple.
There are twelve different independent organizations currently pledging legal backing for Ripple.
The XRP price continues to exceed market expectations as supporters, whales, holders, and crypto investors await the summary judgment in the XRP lawsuit.
The XRP community also recently received some good news when attorney Jeremy Hogan announced that the US Securities and Exchange Commission’s (SEC) move for summary judgment would not be granted for several reasons.
Despite Hogan’s encouraging comments, the social anticipation had no impact on the price of XRP. However, the recent activity of ripple whales may have negative effects on the price of XRP this time.
The price of XRP at press time was trading at $0.4394, falling by 3.22% daily. On November 7, ripple whales made several significant deposits from wallets to exchanges. Coins worth over $190 million were sent by whales from wallets to various exchanges or from wallet to wallet, according to a number of Whale Alert notifications.
Over $190 million has moved in the last 10 to 12 hours according to reports as Ripple whales are reportedly sending XRP on exchanges to take profit in case the price drops further.