No Good Ripple News Coming From SEC, After $2B Fine Demand

The latest Ripple news is negative after being in a legal battle with SEC, making it miss the recent rally in the crypto market.

Skerdian Meta•Tuesday, March 26, 2024•1 min read

Ripple has been in a legal battle with the SEC, making it miss the recent rally in the crypto market. While Bitcoin has made new record highs, XRP is trading in a range, waiting for the outcome of the court case, however, it remains supported and there’s a slight bullish tilt, as the lows keep getting higher.

Ripple Chart Weekly – The 200 Is Keeping XRP Supported

The lows are still getting higher on the weekly timeframe

Ripple’s record high comes from backing 2018 when it reached $3.29, while the high in 2021 was $1.97, which means missed the strong rally back then. Now it seems like XRP/USD is missing the rally again as it has only been making major gains since October, around 50%, while other digital currencies have surged 2-3 times in value, with Solana (SOL) increasing around 10 times in several months. But, the legal bound with the SEC in the US is keeping it bound.

SEC Planning to Ask Court for $2 Billion from Ripple

Yesterday Alderoty, who is the legal representative of Ripple, made a statement regarding the ongoing civil case between Ripple and the U.S. Securities and Exchange Commission (SEC). According to Alderoty, the SEC has requested a judge to impose $2 billion in fines and penalties against Ripple. This request was part of a filing that was under seal until March 26. The civil case against Ripple has been ongoing since the SEC filed it in 2020.

Alderoty’s statement suggests that Ripple believes the SEC’s actions are not in line with the law and are motivated by a desire to punish and intimidate Ripple and the wider cryptocurrency industry. However, Ripple trusts that the court will handle the remedies phase of the case fairly.

XRP Ripple Live Chart

XRP/USD

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.