XRP Gains Steam As 12 Amicus Briefs Gets Filed In Support Of Ripple

November 6, 2022 4:07 pm Comments

XRP is currently considered the sixth largest cryptocurrency when measured by total market cap right now thanks to the recent bullish momentum that the asset has experienced over the past month.

This is likely due to the recent news where Ripple CEO Brad Garlinghouse shared on Twitter that a total of 12 amicus briefs have already been filed in support of Ripple.

So far, such an overwhelming amount of support has been unprecedented and will likely help turn the case in Ripple’s favor.

This is due to the fact that each brief that was filed presents its own set of reasons for why the SEC’s claim against Ripple in the lawsuit could potentially harm the entire crypto industry.

On the other hand, the SEC has not gotten the same amount of support as no other third-party entity has stepped in yet to support the SEC’s accusation.

TronWeekly.com reports:

XRP is currently priced at $0.4963, which is almost a change of 10.82% from yesterday’s price, and if it manages to surpass the critical $0.50 resistance level and maintain its strong momentum.

In addition, in the last 90 days, the price fluctuated between a minimum average price of $0.3159 and the highest average of $0.5523. So there is a chance of going through the following level of resistance as well.

The increase in the XRP’s 24-hour trading volume, which is up by roughly 31%, according to Nomics figures, indicates that the rise has been motivated by rising market sentiments.

As of the time of writing, the worldwide crypto market cap climbed by 3.6% in the previous day, while the entire crypto market volume over that period was $110.15 billion, representing a 28.43% gain.

The lawsuit between the SEC and Ripple has been going on for a long time as it has started since 2020 which makes the lawsuit close to approaching the two year milestone.

The main claim from the SEC is that XRP is a security which makes the capital that Ripple raised is part of an unregistered digital asset securities offering.

When it comes to tallying up the total amount of support that Ripple has gotten so far, the numbers show that more than 75,000 individuals and 12 organizations are defending Ripple right now.

Still, it seems that the case is still ongoing as the SEC continues to delay the case and is still not giving up on the lawsuit.

TronsWeekly.com concludes:

The SEC does not seem ready to give up. According to the November 3rd tweet by lawyer James K. Filan, the SEC has filed a motion asking the court to require that any other amicus briefs be submitted by November 11, 2022, and the time for submitting all “parties” reply briefs be extended until November 30, 2022.
Nevertheless, Stuart Alderoty, the general counsel for Ripple Lab, criticized the SEC on Twitter and said:

The SEC’s response? We need more time not to listen or engage but to blindly bulldoze on.

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