James Butterfill, Senior Director of Research at CoinShares, said recent developments in the court case between Ripple and the US Securities and Exchange Commission seem to have boosted investor confidence in investment products linked to the XRP token.
To Report Cointelegraph, in the new Coin Shares report on changes in capital flows in investment products for digital currencies, it is said that XRP-related products have seen 3 consecutive weeks of capital inflows at a rate of $1.1 million per week.
Butterfill said that these figures show the improvement of investors’ confidence, while the position of the Exchange Commission against Ripple seems more fragile than ever.
Over the past week, the Ripple group has seen the support of groups such as Coinbase and the Blockchain Association of America, which had turned their backs on them in the past. Stuart Alderoty, Ripple’s legal advisor, announced on November 4 (November 13) that a number of institutions, developers, exchanges, public and trade associations, as well as micro-investors of digital currencies have submitted proposals to the Ripple team to help explain that How dangerous can the mistake of the American Stock Exchange Commission be in this case?
Other organizations that have recently announced their support for Ripple include the non-profit Investor Choice Advocates Network, the SpendTheBits mobile app, the Crypto Council for Innovation, and the decentralized XRP community. In total, 12 independent institutions have publicly supported Ripple.
Despite requests from both sides of the lawsuit to shorten the proceedings, Ripple CEO Brad Garlinghouse says a final court ruling could still take months. He expects the assignment of this case to be determined in the first half of 2023; But he emphasized that this date is only a guess.
On the other hand, the recent ruling of the United States District Court in favor of the Exchange Commission in the case of blockchain company “LBRY” can also complicate Ripple’s case to some extent.
Jeremy Hogan, a business partner at Hogan & Hogan, said he expects the SEC’s final filing with the court to determine the outcome of the case.
He wrote about it:
Good fight LBRY series [با کمیسیون بورس] had But it ultimately lost on summary judgment. The judge relied heavily on the fact that the LBRY platform token had essentially no use at the time of the sale. I expect this issue to be included in the final presentation of the Stock Exchange Commission in the Ripple case.
John Deaton, an active cryptocurrency attorney, remains bullish on Ripple’s chances of winning the case and recently said that the court’s ruling against LBRY has not dented his confidence in any way.