A new development in the Ripple VS SEC case has kept the market on its toes. In its most recent filing, Ripple requests to pay a $10 million fine rather than the $2 billion the SEC has suggested.
The company bases this proposal on Terra’s consent judgment. Ripple cited the recent Consent Judgment in the TerraForm Labs case, in which the SEC arranged with the business for the disgorgement of more than $3.58 billion and a $420 million civil penalty.
Ripple Cites Terra Settlement
Ripple has decided to defend itself against the SEC’s huge fine in its recent filing. According to Ripple the heavy sum of fine should ideally be unjust and unfair given the rules previously followed by the SEC.
The SEC has suggested a huge $2 billion fine against Ripple for selling XRP to institutional investors. But comparing the sentence to previous cases, they contend it is unjust. The business behind XRP cited the recent $4.47 billion settlement reached with Terraform Labs, a company that was accused of fraud, as proof of the SEC’s discrepancies. It highlighted that Terraform’s settlement is within the range in which the SEC normally seeks penalties, which are between 0.6% and 1.8% of a defendant’s income.
Market participants are now going to keep a close eye on whether or not the SEC pays heed to this argument and what will their reaction to this situation be.
What Is The Ripple VS SEC Case?
Since the beginning of December 2020, Ripple and the SEC have been engaged in a court battle about XRP. The SEC claims that Ripple raised more than $1.3 billion by marketing unregistered securities (XRP tokens) to institutions and regular investors. The CEO and co-founder of Ripple were the primary targets of the lawsuit, however, the accusations were dropped in October 2023.
The Ripple VS SEC case has had a huge impact on XRP prices. At the press time, XRP is trading at $0.4745, down 0.41% as compared to the same time last day. Investors are now questioning if this trajectory is going to continue in the upcoming days as well.
By July 14, 2024, the price of XRP is expected to have increased by 20.94% to reach $ 0.576092, per estimates. Various technical indicators indicate that the current mood is bearish, and the Fear & Greed Index is currently reading 74 (Greed). During the previous 30 days, XRP had 14/30 (47%) green days and 2.91% price volatility.
Analysts at present indicate that there is an overall bearish feeling for the price prediction of XRP, with 4 technical analysis indicators indicating bullish signs and 28 indicating bearish signals.
