The Founder of CryptoLaw.US, John Deaton, who is one of the Ripple supporters that has been closely following the SEC-Ripple suit, has stated that he believes that the current surge in XRP wallets is attributed to the SEC lawsuit against Ripple.

Deaton believes the lawsuit has acted as a good “promotion campaign,” for Ripple (XRP) even though the SEC is suing the company, its CEO and co-founder claiming that XRP is an unregistered security rather than a cryptocurrency.

Ripple lawsuit has attracted many new XRP buyers

According to Deaton, most of the new XRP buyers came to know about the token following the SEC attack on Ripple.

A majority of people replying to the tweet by Deaton have confirmed that they bought their first XRP after hearing about the SEC lawsuit against the company. One by the name drew_xrp said “I first bought my XRP around 2017. I wasn’t aware yet of the “utility function” of XRP. I bought it because of a much lower price with the idea that if it doubles its value, then my money is also doubled”

Nevertheless, there are a majority of other people who bought XRP after liking what the company was all about believing that one day it would be worth more.

The stars are aligning for Ripple

A lot has been happening within the crypto space, especially after the US SEC decided to go full throttle on big crypto companies including Binance and Coinbase.

Both Coinbase and Binance have, however, put up a spirited fight against the regulator with Binance even stating that the SEC issued misleading information in its lawsuit.

Coinbase, on the other hand, recently got a boost after the Supreme Court ruled in its favour in a case where it was looking for arbitration in California instead of the costly court battles. This was deemed a positive development for the entire cryptocurrency market seeing that it was the first time that the Supreme Court ruled in favor of a cryptocurrency entity.

Ripple has also had its wins after the courts ruled Hinman’s speech document to be released to the public. Hinman, who was a former director at the US SEC, had earlier stated that he is not convinced that Bitcoin (BTC) and Ethereum (ETH) were securities; something that Ripple is using to argue that the SEC is biased.

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