The US SEC opposes Ripple’s initiatives to lower its fines

“Ripple is agreeing to nothing”, the Securities and Exchange Commission indicated in its response to Ripple’s request for lower fines. The company has been constantly engaging in legal battles with the Securities and Exchange Commission since 2022. The Securities and Exchange Commission refuted Ripple’s demand for low fines saying that the current situation is different.

According to the Securities and Exchange Commission, Ripple is fiercely opposing the new action. Ripple clearly stated that its civil penalty should not be more than $10 million. The SEC said that Ripple avoided comparing the Terraform settlement penalty to negligence.

There had been accusations against Ripple of raising $1.3 billion through the sales of XRP. The Ripple price will surge in the upcoming days due to the support it received from large wallet holders. The spike in Ripple price can be attributed to the institutional investor community and investors are optimistic about the potential of XRP. The new development occurs at a time when the FOMC maintains a hawkish stance on fiscal policy. XRP highlights the influx of funds from the institutional investor community and it is a signal of the growing popularity of altcoin.

The RSI is positioned in the bullish zone and it denotes that the buying pressure outweighs the selling pressure. The bullish RSI is an indication of growing investor sentiment and it sheds light on the possibility of the latest institutional investments being placed. The new trend will instill confidence in retail and institutional investors in the bullish prospects of XRP. Market reports indicate that altcoin is on the path of recovery and the long battle between Ripple and the SEC caught media attention.

The fierce legal battle between Ripple Labs and the US SEC has kept the global crypto fraternity on edge. The recent development will have a huge impact on the future of Ripple XRP tokens and the wider crypto market. The SEC had raised serious allegations against Ripple Labs of conducting unregistered securities offering more than $1.3 billion through the sales of XRP tokens. 

Ripple denied the allegations stating that XRP should not be treated as a security and they opposed the motion filed by the SEC. The company argued that the requested documents are protected by attorney-client privilege. Ripple had recently filed a motion to seal certain documents associated with the case and they highlighted the sensitive nature of the info contained.

The ongoing legal battle between XRP and Ripple will have a big impact on the cryptocurrency market’s performance. XRP is one of the top-rated cryptocurrencies by market capitalization and its price showed volatility. The lawsuit has far-reaching implications for the cryptocurrency industry as a whole and it will set a classic example for how digital assets are regulated in America. 

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The ongoing legal tussle will have a big impact on Ripple, XRP, and other cryptocurrency projects. The global crypto community is closely watching developments in the field as the legal fight between XRP and the SEC continues.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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