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XRP Army: Here’s What to Expect in SEC-Ripple Case This Week

Published 28/04/2024, 12:42
XRP Army: Here’s What to Expect in SEC-Ripple Case This Week

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  • XRP price surged by 2.5% to reclaim $0.5245 but retained a 16% loss in 30 days.
  • Ripple filed motions contesting the SEC’s $2 billion penalty for alleged securities law violations.
  • The SEC must submit its opposition brief by Monday, after which Ripple will reply within three days.

On Sunday, XRP reclaimed the $0.5245 price level, advancing by 2.5% from the intra-day low of $0.5119. Despite this registered 24-hour gain, the asset still trades with a 2.3% loss in its one-week trajectory. On a 30-day scale, XRP shoulders a more substantial 16% loss.

Last week, the XRP community witnessed significant developments in the ongoing legal dispute between XRP payment firm Ripple and the U.S. SEC. Ripple submitted two court filings, one of which was a motion to strike out the SEC’s last-minute expert testimony regarding its financial accounts and post-complaint conduct.

The second filing opposes the SEC’s $2 billion penalty against Ripple for violating securities laws through its XRP institutional sales. The SEC proposed this penalty in March during its opening brief.

Specifically, the regulator requested a civil penalty of $876.3 million, an additional $876.3 million in disgorgement, and prejudgment interest totaling $198.15 million. This brings the total amount to a proposed fine of $1.95 billion.

Moreover, the regulator asserted that Ripple continued violating U.S. securities laws even after the December 2020 complaint. However, Ripple challenged this claim in its filings last week. Ripple contended that it did not persist in breaching U.S. securities laws post-complaint, with testimonies from its executive such as Monica Long, Ripple’s president.

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Currently, XRP investors are eagerly anticipating the SEC’s opposition brief to Ripple’s motion to strike expert testimony. The SEC is required to submit its opposition brief by Monday, April 29, after which Ripple must file its reply brief within three days.

Notably, these forthcoming court filings are expected to be the final submissions before the court makes the ultimate decision on this prolonged legal dispute.

The post XRP Army: Here’s What to Expect in SEC-Ripple Case This Week appeared first on Coin Edition.

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