The number of entities supporting Ripple against the US SEC has reached 12.
The past week was eventful for Ripple, as the San Francisco-based company saw its allies grow in the lawsuit against the United States Securities and Exchange Commission (SEC), leading to speculation that XRP might finally explode.
The lawsuit between the SEC and Ripple has been underway since December 2020, but any chance of a resolution any time soon is shrinking after both parties opposed each other’s motion for summary judgment.
The SEC recently requested an extended deadline to respond after new entities filed amicus curiae briefs to be part of the case. Now the number of entities supporting Ripple has increased to 12.
The latter two are as follows: a publicly traded crypto exchange Coinbase, and a Wyoming-based decentralized autonomous organization, VeriDAO.
As reported a few days ago, Coinbase, one of the largest cryptocurrency exchanges by trading volume, has joined groups arguing that the US SEC case against Ripple threatens the cryptocurrency industry.
Even the influencer BitBoy, who had criticized the XRP community in the past, is now trying to get in on the action.
He recently shared screenshots showing that he applied for the position of Director of Strategy and Operations at Ripple Labs. In addition, he called himself Supreme Leader of the XRP Army, stating that he had changed his mind about the community.
However, the SEC does not appear to be backing down on the case. Many Ripple supporters believe that asking for an extension is another delaying tactic by the regulator.
Ripple XRP Whales in Action
Meanwhile, various interested parties are closely watching the case. With Ripple’s chances of winning now higher, XRP whales have moved more chips in recent days.
Recent data shows that on October 29, 40,614,705 XRP worth $19.29 million was moved from BitStamp to an unknown wallet.
Around the same time, another wallet transferred 30,000,000 XRP worth $14.25 million to BitStamp. It is unknown if the purses belong to the same person.
In recent days, the number of wallets with between 1 and 10 million XRP has also increased, suggesting that the whales could be preparing for the outcome of the case.
However, XRP continues to trade within the range, even with a 4.6% gain in the last seven days. But there are several optimistic predictions about its performance in the coming months, especially after it broke the 200 moving average.
Currently, it is trading at $0.49 and many expect it to break the 50-cent barrier soon. But even so, it would be 80% below its all-time high of $3.40.
By Audy Castaneda
