XRP Struggles for Gains Despite Growing Evidence That SEC Dropped $2 Billion Fine Demand

On Monday, XRP faced challenges in surpassing stubborn resistance at $0.50, with traders closely monitoring the legal disputes between blockchain company Ripple and the SEC.

Ripple’s legal team proposed a civil penalty of approximately $10 million, drawing comparisons to a recent settlement involving Terraform Labs, another crypto company in litigation with the SEC. In response, the SEC countered with a proposed figure of $102.6 million, significantly lower than its initial demand of $2 billion, citing alleged violations of securities laws.

Ripple’s Chief Legal Officer, Stuart Alderoty, remarked on Saturday that based on the SEC’s response to the judge, the regulator appears to have dropped its excessive request for $2 billion.

Last week, Ripple experienced a nearly 2% decrease in its value as it struggled to recover from declines seen earlier in the week. Despite attempts, the altcoin failed to breach the resistance level at $0.50 throughout most days. Currently trading at $0.49, it continues to approach the $0.50 mark on the daily chart.

Analysis of the XRP chart reveals red histogram bars below the neutral line on the Moving Average Convergence Divergence (MACD) indicator, indicating a downturn in XRP.

The MACD signals underlying negative momentum in Ripple’s price trend, suggesting potential further correction. If this continues, XRP may find support around the April 19 low of $0.46.

XRP being unable to surpass $0.50 and the bearish MACD indicators highlight the challenges Ripple faces in its current market sentiment and technical setup. 

At this stage, Investors and traders are closely monitoring these levels and indicators for potential shifts in XRP’s price trajectory in the near term.

ABOUT THE AUTHOR See More

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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