CoinShare Reports Recent Development of Ripple Against SEC Have Boost Investor Confident in XRP
CoinShare Reports Recent Development of Ripple Against SEC Have Boost Investor Confident in XRP.
CoinShares reports that $1.1 million of inflows have been recorded for crypto products focused on XRP.
The influx of funds could be understood as investors’ excitement over Ripple’s favorable outcome in the litigation between it and the SEC, explains analyst James Butterfill.
The Influx is Due to Increasing Support for Ripple
As the SEC case against Ripple (XRP) appears increasingly fragile, Butterfill said, the figures suggest investor confidence is increasing.
Ripple Labs has received increasing support from the crypto industry over the last few weeks, including Coinbase and the Blockchain Association. A total of 12 independent entities have pledged legal support to Ripple.
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“A dozen independent voices – companies, developers, exchanges, public interest and trade assoc.’s, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on,” said General Counsel for Ripple Stuart Alderoty.
On the other hand, XRP-focused funds are inflowing $1.1 million monthly, while $11 million annually. This is despite the fact that the number of inflows is the same month over month.
The XRP token has been joined by Solana (SOL) and Polygon (MATIC) as cryptocurrencies that are also attracting attention and funds from investors.
These two projects are now vying for a spot among the top 10 cryptocurrencies based on market cap.
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The Case Expected to Close by 2023
In spite of the support and calls for summary judgment, Ripple CEO Brad Garlinghouse, who spoke at DC Fintech Week on Oct. 11, warns that the case may still take several months to resolve.
According to Garlinghouse, the case could be concluded by the first half of 2023, but he admits that is only an estimate.
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