Ripple (XRP) investors are confident that the outcome of the Securities and Exchange Commission’s lawsuit filed against the blockchain company in 2020 could see the token’s value gain significant growth.
Several reports suggest that crucial documents will be unsealed on February 17, 2022, which could eventually put an end to the more than a one-year legal battle.
According to Ripple’s general counsel Stuart Alderoty, the documents will provide interesting revelations that in 2012, the blockchain company received the necessary legal clearance that XRP is not an investment contract.
“The fact that it took the SEC eight years to suggest they disagreed with that analysis — while XRP traded in a massive global market — is baffling,” Alderoty said.
However, other sources revealed that the SEC on the same day, will file a motion for partial reconsideration over Judge Sarah Netburn’s DPP ruling.
The motion will not be briefed until February 25, 2022, and Ripple will be required to issue a response within a week.
Since the unsealing of the Ripple memo does not seem to favor the agency, there is a tendency that the SEC may look for other possible means to stall the ruling.
Interestingly, during the delay, Ripple may continue to exploit the necessary loopholes that could put an end to the lawsuit.
Investors Confident in Another XRP Surge
Recall that following the ruling made by Judge Analisa Torres last week that will see all sealed documents open, XRP price soared over 40% as investors believe that the case will be officially thrown out in favor of the lawsuit.
XRP surged to $0.91 at the time. However, general market correction has sent the price crashing down below $0.80.
Investors are still confident that the ruling will be in their favor come February 17, 2022, with several people buying Ripple-related assets, including XRP and the company’s equity.
Nick Burrafato, director of Linqto, a digital asset sales company, said yesterday that the firm has currently sold out all of Ripple’s shares.
The blockchain company also shows signs that the upcoming ruling will be in its favor. Ripple recently bought back some of its shares after raising $200 million in a Series C funding round.
Meanwhile, the crypto community is eagerly waiting on the lawsuit’s outcome as it will go a long way to determining future regulations in the industry going forward.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
