The price of XRP increased by 20% as investors became more confident that Ripple will win its appeal against the SEC.
XRP’s gains emerged as investors bet on Ripple’s continuing legal fight with the United States Securities and Exchange Commission (SEC).
On March 6, United States District Judge Analisa Torres released a decision on applications filed by Ripple and the SEC to remove expert witness statements from the impending summary judgment. Torres granted and refused the requests in part, emphasizing that there is no clear victor or loser in the case.
Nevertheless, the removal of so-called “Expert No. 1,” Patrick Doody, whom the SEC had enlisted as its principal witness to speak about the views of a reasonable XRP purchaser, prompted XRP market participants to anticipate that Ripple would win the case.
In other words, the SEC’s claim that Ripple offered XRP to naive investors as an unregistered securities may fall flat.
According to Cointelegraph, Ripple CEO Brad Garlinghouse anticipates the litigation to be resolved “in the next single digit months.”
XRPL users are increasing despite macroeconomic hardship.
Ripple was also vulnerable to Silicon Valley Bank, which just declared bankruptcy, in addition to regulatory pressure. On March 12, Ripple CEO Brad Garlinghouse told the community that the firm is in a healthy financial position.
Despite the present challenges in the crypto industry, Ripple’s XRP ledger continues to expand. On February 23, total XRP accounts approached 5 million.
Although Ripple continues to onboard customers to the XRP ledger, any favorable or bad news about the SEC litigation will undoubtedly have a substantial influence on the XRP price.