Analysts Expect A Surge In XRP Price As Coinbase Backs Ripple Against SEC

Coinbase, the second-largest cryptocurrency exchange has recently made it to the headlines, emerging as the Ripple supporter against the US SEC.

Ripple Gets More Support

Ripple Labs has been fighting its legal battle against the US Securities and Exchange Commission for a while. Many expect the long battle between both sides may soon reach its conclusion.

While both sides have been trying their best to win the battle against each other, many in the crypto industry Ripple Labs may emerge as the winner.

The issuer of XRP has found itself at an advantage as many cryptocurrency-related firms have started to back the platform.

A few weeks back, it was reported that 12 companies from the cryptocurrency industry vowed to back Ripple Labs. They even submitted amicus briefs at the court to provide support to Ripple Labs.

Coinbase also Backs Ripple Labs

Coinbase has now become the latest company from the crypto industry to declare its support for Ripple Labs against its battle with the US SEC.

According to the legal experts taking interest in the matter, the case may come to its conclusion by the first half of 2023.

As the chances of Ripple Labs winning the case keep rising, more companies are showing up to provide their support.

However, Coinbase has very prominent and respectable in the cryptocurrency industry. With Coinbase supporting Ripple Labs, the chances of Ripple Labs winning the case have risen significantly.

Paul Grewal’s Tweet

Paul Grewal, the chief legal officer at Coinbase recently tweeted about their company’s contribution to the Ripple Labs-US SEC battle

Grewal claimed that they have already sought approval from the presiding judge to submit their amicus brief.

This indicates that Coinbase may have some very strong information that it may share with the court to expedite the proceedings.

According to Grewal, Coinbase believes that whatever action has been taken by the US SEC against Ripple Labs is not justified.

Coinbase has added that no regulatory authority can take legal notice against an entity until its officials announce that its operations are illegal.

The US Constitution clearly supports the above claim and in order for the US SEC to take legal action, it had to send a warning over to Ripple Labs.

The warning should have clearly stated that their operations or offerings to the US locals were illegal or unauthorized.

The US SEC did none of that and resorted to posting statements against Ripple Labs on social media and took them to court.

XRP Price May Shoot Higher

Many expect that Coinbase’s entry would help Ripple Labs win the case against the US SEC. The news has already filled the XRP investors with excitement.

Coinbase’s explanation may help Ripple Labs win the case that would eventually push XRP’s price higher. For now, XRP’s price is down by 4.86%, which is due to the FTX crash.

As soon as the impact of the FTX fades away, XRP’s price may surge significantly.