A class action could likely be made out against the SEC by XRP holders.
[1] The SEC failed to act in a timely manner with respect to XRP allowing XRP to continue for 5 years with no complaint.
[2] The SEC's failure has contributed to or caused losses it's action now has directly or indirectly caused.
The SEC's filings admit they knew or constructively knew in 2013~2014
You have a good point, they allow Ripple to take off, made a lot of money, and build a community of investors, these investors are long term investors I even read there are investors that bought their shares on Ripple's all-time high, believing that Ripple will take off and become a giant in the Cryptocurrency industry, now with the filing every investor's dream is shattered, some of them are cutting their losses some are on a wait and see attitude, hoping that Ripple can reach an agreement with SEC, everybody's waiting for updates on the fate of Ripple.