Ripple Battles SEC in Court, XRP Price Feels the Heat

The legal battle between Ripple and the SEC continues to be a major focal point for the XRP community. Recent developments include Ripple’s response to the SEC’s arguments on remedies and a large XRP whale moving significant funds, causing price fluctuations.

Ripple’s Reply Letter

Ripple filed a response letter to the SEC’s arguments regarding potential remedies in the ongoing lawsuit. Ripple argues that its current financial health is irrelevant to the court’s decision and should not be disclosed.

They claim the SEC has no basis for demanding access to their confidential financial records. Additionally, Ripple refutes the SEC’s claim that their historical contracts lack relevance.

Institutional DeFi Focus

David Schwartz, Ripple’s CTO, will be discussing Ripple’s vision for institutional DeFi on the XRP Ledger at Consensus 2024. This signifies a strategic move by Ripple to bridge traditional finance and DeFi, potentially impacting the entire crypto industry.

XRP Price Volatility

The recent legal developments and a large whale transferring 51 million XRP to exchanges have caused XRP price fluctuations. XRP is currently trading at $0.5236, down 1.11% in the past 24 hours.

Technical analysis suggests a possible price swing between $0.5120 and $0.5400 in the near term. A break above $0.5400 could indicate a bullish trend, while a drop below $0.5120 might trigger further decline.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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