Ripple Labs seems to be seeing the bright side of the ongoing litigation with the Securities and Exchange Commission (SEC). The case has been going on for almost two years and has reached a breakthrough. Additionally, it exposed the SEC’s failures and inspired several desperate moves from the SEC. As the lawsuit appears to be tilting in Ripple’s favor, proponents assume that if the company wins, it will have a positive impact on the price of XRP.
XRP Outlook Turned From Bearish To Bullish
On Twitter, one such supporter, David Gokhshtein, founder of blockchain media platform Gokhshtein Media, shared his opinion. Gokhshtein emphasized the importance of Ripple and his lawsuit regarding XRP price volatility.
Gokhshtein said Monday, “I believe $XRP will jump if they settle or win the case with the SEC.
General market direction is a major determinant of price movements for most assets. Nonetheless, some assets may surge more than others during a bull market due to their own sentiment within the community. may push down further.
The cryptocurrency community’s reaction to the Ripple incident has gone from bearish to bullish. XRP has been through tough times since the lawsuit started in December 2020. Nevertheless, as the litigation progressed and the SEC’s shortcomings became apparent, the community’s outlook changed.
Judge Netburn Recently Granted Subpoena Submission for Ripple
“I’m sure they[Ripple]will win. He emphasized the fact that the SEC had to “expand” its definition of the term in order to present the case. According to him, almost anything could be considered a security if the SEC wins.
In July, Judge Sarah Netburn accused the SEC of hypocrisy. This came after the watchdog cited attorney-client privilege as a tactic to cover up documents related to Hinman’s speech. Judge Netburn pointed this out when she dismissed the SEC’s motion.
On July 19, the court ordered the SEC to certify comments on seven videos of interest. The video contains public comments from SEC officials. The SEC agreed to authenticate the statement after Ripple provided a downloadable version of the video. On August 3, Ripple requested subpoenas be filed on two of her platforms where the videos are hosted.
Recently, Judge Netburn granted Ripple’s submission of a subpoena. Certification of the statement by the SEC should be forthcoming. As the case progresses, XRP is trying to make profits in other markets but faces constant rejection at the $0.38 price point. After that, it is currently trading at $0.374.