XRP Is Going Up Amidst Ripple Vs. SEC Lawsuit – Will XRP Make It To $1?

The legal battle between Ripple and the US Securities and Exchange Commission continues, with the SEC opposing Ripple’s motion to seal and redact specific evidence.

 

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Ripple aimed to maintain the confidentiality of financial reports, post-complaint XRP institutional sales, and other sensitive information, citing significant risks to Ripple Labs. 

However, the SEC argues that these details are crucial for the court’s decision-making regarding the remedies and for public comprehension of penalties. 

In its response filed today, the SEC contends that Ripple’s request to conceal financial and securities sales information is unlawful. The SEC emphasizes the necessity of disclosing Ripple’s current assets, recent sales, revenues, expenses, and discounts to institutional investors for determining penalties and injunctive relief. 

The SEC calls upon the court to mandate the disclosure of these business particulars in the remedies briefing submitted on March 22. 

XRP Price Update

In the last 24 hours, XRP saw notable gains, surging by 5.86% to reach $0.54. This increase has propelled its market capitalization to $29 billion, marking a 4.70% increase and solidifying XRP’s position as the 7th largest cryptocurrency. Moreover, trading volume has also increased significantly by 123.71% to $1.7 billion, indicating an increased market interest and activity.

In the past week, XRP has been experiencing a significant uptrend, although bulls have faced challenges in sustaining momentum. XRP recorded an 8% increase, just managing to stay above the $0.53% threshold. This resilience indicates a robust support level near this price point. 

If this positive momentum persists, XRP could soon reach $0.60. Increased bullish activity might even push it to $0.90 and eventually $1.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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