XRP value drops amid stalled SEC vs. Ripple proceedings

There was absolutely no real news regarding the status of XRP, which did not seem to go down well with the investors, particularly with its value dropping by 1.36%. It stood at $0.4993. 

No action was witnessed on the SEC vs. Ripple front. 

Following the disciplinary brief filings, the court is supposed to pass its verdict on Ripple’s penalty amount for breaking the US securities rules. Last year, Judge Analisa Torres passed a ruling that spoke of Ripple having gone against the law of the land by not listing XRP as security about its selling to institutional investors.  

As per the correctional brief, the SEC imposed a $2 billion penalty and an injunction forbidding Ripple from selling XRP. The court is also expected to decide whether or not Ripple broke the law following the complaint filed in 2022. In its defense, Ripple said that the selling was carried out to accredited investors through ODL contracts. 

In the response statement, the SEC mentioned that institutional selling via ODL contracts was against US securities regulations. Additionally, the agency stressed Ripple’s intention to introduce a stablecoin, which, in the opinion of the SEC, would be an unlisted security. 

The SEC has the option of appealing against the programmatic selling of XRP towards the finishing of the Ripple matter. This could influence other cases in many ways, such as that of Coinbase, ultimately impacting the Ripple case. The repercussions could finally extend right up to the US Presidential Election itself.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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