XRP appears to be suffering from investors’ growing apprehensions about the legal dispute between Ripple and the SEC.
Over the weekend, XRP declined 2.1%. After declining 0.46% on Saturday, XRP closed the week up 1.98% to $0.5092.
In the first quarter of 2024, investors negated news of a 40% jump in the trade value of XRP, along with a rush of XRPL-related transactions.
Where the continuing case of Ripple vs. SEC is concerned, the deadline for some sort of closure is only being extended. According to the information released, the Securities and Exchange Commission is insisting on a penalty of $2 billion for breaking US regulations.
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In the forthcoming months, Ripple anticipates a court ruling regarding the penalty amount. Subsequently, the SEC is anticipated to submit a request in opposition to the ruling concerning programmatic XRP sales. Last year, a Damocles’ sword hung over XRP as an SEC appeal posed an ever-present threat.
Recently, the SEC’s victories in the case could encourage the exchange to file an appeal after a motion regarding an informal request last year was rejected.
Towards the end of last year, Judge Rakoff passed a ruling against Terraform Lbas and Do Kwon regarding them having broken US regulations pertaining to not listing Luna and TerraUSD in the form of securities. Judge Rakoff spoke against the previous ruling by Judge Torres regarding the programmatic selling of XRP and called it a mistake.
Concerning the SEC vs. Coinbase case, this may have an effect on the SEC’s determination to file an appeal against the programmatic selling. Judge Failla largely denied the Coinbase Motion to Dismiss (MTD) in March. Coinbase subsequently submitted a motion seeking an informal request.
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The next stage of the Ripple vs. SEC case is on the horizon, but there is no guarantee of closure.
