Just a couple of months back, Ripple Labs only had one company supporting it against its battle with the US Securities and Exchange Commission (SEC).
The particular company had supported Ripple Labs by submitting an amicus brief in favor of the crypto firm. The term “amicus brief” means supporting information that can help conclude the lawsuit.
The particular company had submitted the amicus brief for the case being fought between the US SEC and Ripple Labs. Analisa Torres was the judge presiding over the particular case.
In common terms, the amicus brief is called the ‘friend of the court’. The company filing the brief can come to support the particular entity, which in this case is Ripple Labs.
16 Amicus Briefs Filed in Support of Ripple
From the month of September until now, 16 companies have come in support of Ripple Labs. These companies have filed amicus briefs to provide useful information to support Ripple Labs in the case.
The more the companies file amicus briefs in support of Ripple Labs, the more are chances for Ripple Labs to win the case against the US SEC.
This eventually provides more confidence to the XRP investors who will try and gain from this opportunity. The trading price of XRP is expected to surge as a new (16th) amicus brief has been filed supporting Ripple.
Entities Supporting Ripple
The first entity that filed an amicus brief in support of Ripple Labs was the Chamber of Digital Commerce.
Other entities that came in support of Ripple Labs were Paradigm Operations, New Sports Economy Institute, Accredify, Reaper Financial, VeriDAO, Cryptillian Payments Systems, and Valhalla Capital.
More supporters include CCI, Deaton, Spend-the-Bits, I-CAN, I-Remit, TapJets, Blockchain Association, and the most important supporter is Coinbase.
Among all the companies that came to support Ripple, the most prominent and credible support is indeed the US-based crypto exchange, Coinbase.
With Coinbase entering the scene, the situation has changed completely for Ripple Labs. There were many speculations that Ripple Labs would end up losing the case to the US SEC.
The speculations came to life when the US SEC registered its legal victory against LBRY, a crypto firm offering assets to the US locals.
The nature of the lawsuit filed by the US SEC against LBRY was similar to Ripple Labs, and the regulator was able to win it. Many thought that the same fate has been decided for Ripple Labs.
However, with strong and highly reputable entities coming in for Ripple Labs’ support, its chances of winning have increased.
XRP Price has Surged
Ever since Coinbase submitted the amicus brief in favor of Ripple Labs, the XRP price has been flying high. In a matter of 24 hours, XRP’s price has shot up 12% and it currently trades at $0.3793.
XRP’s trading volume has also increased by 50% from what it was prior to Coinbase news. If XRP wins the case, it is expected its price may shoot over $1.00.