The Ripple vs. SEC lawsuit is evolving daily and taking on a fresh angle as the company gains new allies. According to a recent update, Coinbase had submitted a request for an amicus brief in support of Ripple because it thinks the SEC’s case poses a threat to the entire crypto industry. However, the number of people who have jumped on board with the company has increased.
🚨BREAKING: FOUR amicus brief requests have been filed on behalf of @Ripple today.— Eleanor Terrett (@EleanorTerrett) November 1, 2022
The @crypto_council which describes itself as an alliance of industry leaders dedicated to unlocking the promise of crypto has just filed within the last hour and so has VC firm @ValhilCapital.
As per some reports, nearly 10 briefs have been filed on behalf of Ripple that includes Coinbase, VC firm Valhil Capital, Chamber of Digital Commerce, Blockchain Association, John E Deaton, The Crypto Council for Innovation, and a few more.
Meanwhile, Coinbase’s entry into the camp has raised the possibility of the platform relisting the token and opening trading to US citizens. In such a scenario, the XRP price, which appears to have ignited a significant upswing since the early trading hours, may continue to rise in the coming days.
Following significant bearish pressure in a previous couple of days, the XRP price, which was on the verge of breaking down from the bullish ascending pennant, made an exit. However, as market conditions deteriorated, buying volume increased, pushing trading volume beyond $1.4 billion, a 21.39% increase with only 50% of XRP in circulation.
As the Ripple vs SEC case progresses, more allies may join in support of the company, potentially easing the process of relisting the token on their platform.