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SEC Files Final Response in Ripple XRP Case, as XRP’s Price Declines

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The U.S. Security and Exchange Commission (SEC) and Ripple Labs have progressed in their legal battles. Notably, the SEC has filed its final reply in the lawsuit remedies stage.

According to this filing, the SEC challenges Ripple’s stance that it acted without recklessness.

The SEC is also determined to prevent Ripple from engaging in similar actions in the future. However, Ripple has not broken any rules since the lawsuit began in 2020.

Notably, most investors and crypto enthusiasts eagerly await the conclusion of this ongoing legal battle.

SEC and Ripple Legal Battle Moves to Remedies Stage

According to the information in the remedies brief, Ripple has attempted to downplay its shortcomings.

However, Ripple continues to highlight its cooperation with the SEC since XRP’s initial coin offering (ICO) in 2013.

Nevertheless, the SEC believes that a breach can occur despite Ripple’s restraint from committing violations.

Also, the SEC noted that Ripple’s claims on seeking legal counsel and changing future XRP sales are deceptive.

The regulatory body claims that Ripple misinterpreted the order refusing to accept its implications.

So, the SEC believes that Ripple’s claims do not remove the need for injunctions to prevent future breaches.

Reacting to these statements, Ripple’s chief legal officer, Stuart Alderoty claims that the SEC’s reputation is diminishing.

However, he expressed optimism about resolving the XRP lawsuit soon with the final judgment expected around September.

The ongoing legal issue seems to have affected XRP’s price in the last 24 hours. So, XRP’s price at 9:23 a.m. EST is $0.52 with a 2.6% decline in the past 24 hours.

XRP Declines Will the Sellers Continue to Dominate?

XRP/USD Daily Chart | Source: Tradingview.com

XRP dropped below the $0.52 support on May 7, forming a red candle and dropping to the $0.51 support zone.

Notably, XRP has dropped below the median band of the Donchian Channel (DC) which is a bearish signal.

Additionally, the RSI indicator confirms the bearish pressure dropping from the neutral zone with a value of 45.83.

If the RSI drops below 30, then XRP will enter the oversold region and decline further. Therefore, XRP will likely drop below $0.51 in the coming days based on negative investor sentiments.

xrp

Source: X

He noted that international financial regulators with strong crypto licensing structures might be surprised at the SEC’s actions.

Alderoty claims that the SEC has no respect for crypto licensing structures and treats them like fishing licenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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