Scott Chamberlain, a former attorney, and co-creator of XRPL’s Evernode, recently used Twitter to address the concerns of XRP investors about the ongoing SEC vs Ripple lawsuit. He mentioned that several community members expressed dissatisfaction with Judge Torres’ lengthy decision-making process.
However, he argued that rendering a verdict in such a complex case in just a few months would be extraordinary. Chamberlain cited an instance from his local jurisdiction in which the Canberra Supreme Court took an unprecedented four and a half years to deliver a judgment.
Latest on Ripple’s Legal Struggle
Last week, Ripple shared an update on the legal battle that has persisted for more than two years. The update highlighted the March 6, 2023 order from Judge Analisa Torres, which determined which expert opinions from both the SEC and Ripple might be considered by the court during the summary judgment.
Renowned cryptocurrency lawyer and XRP supporter John Deaton recently projected that the summary judgment in the Ripple versus SEC case may be issued on or before May 6, 2023. Additionally, Ripple’s CEO anticipates the ruling could come within the first six months of 2023.
In Ripple’s Q1 2023 financial report, the company anticipates the summary judgment decision will be made before the year’s end. However, the report stresses that the timing of the summary judgment is ultimately in the court’s hands.
Remarkable Growth in XRP Sales and On-Chain Activity
In spite of legal obstacles and intensifying regulatory examination in the United States, Ripple’s XRP sales saw a substantial increase in Q1 2023, with net sales amounting to a staggering $361.06 million, compared to the prior quarter’s $226.31 million.
The XRP Ledger on-chain activity also witnessed a significant rise, with decentralized exchange volumes growing by 34% to $115 million in Q1 compared to Q4 2022. Furthermore, XRP’s average daily volume on centralized exchanges leaped 46% to $1 billion from $698 million in the previous quarter.
