Charles Gasparino, an American journalist and a senior correspondent for Fox Business, has delivered a sobering message to XRP investors, warning them of the financial risks associated with XRP as Ripple navigates its regulatory battle with the United States Securities and Exchange Commission (SEC) Gary Gensler Could Challenge XRP Ruling In a recent X (formerly […]
In an escalation of the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), the regulatory agency has advanced its position by filing a Motion for Remedies and Entry of Final Judgment, which notably includes a request for a $2 billion penalty against Ripple. Fred Rispoli, a pro-XRP lawyer and […]
In a rather shocking development, the United States Securities and Exchange Commission (SEC) has demanded a $2 billion sanction against Ripple. Responding to the startling demands, Ripple’s Chief Executive Officer (CEO), Brad Garlinghouse has taken a firm stance against the agency’s demands, determined to expose the true nature of the SEC. Ripple CEO Criticizes SEC’s Demands Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple recently disclosed in a post on X (formerly Twitter) that the US SEC has petitioned a Judge for $2 billion in fines and penalties against Ripple. According to the Ripple CLO, the SEC is in a relentless pursuit to “punish and intimidate Ripple,” rather than faithfully applying the law. Related Reading: Bitcoin To $50,000 Or $80,000? Crypto Expert Predicts Where Price Is Headed Next Challenging the SEC’s $2 billion penalty, Garlinghouse emphasized that the agency has consistently operated beyond the bounds of law in various enforcement actions. He disclosed that Judges have also taken note of the SEC’s actions, previously admonishing the agency for its extensive abuse of power entrusted to it by Congress. The Ripple CEO also criticized the SEC’s penalty demand, arguing that it lacks precedent and justification, particularly given the absence of any allegations, findings of fraud or recklessness in the case. As a result, Garlinghouse has vowed to expose the SEC for its conduct, emphasizing that Ripple will vigorously respond to the SEC’s action. Notably, Alderoty has disclosed that the company’s legal team will be addressing the SEC’s demands in a filing scheduled for next month. Offering his perspective on the SEC, the Ripple CLO characterized the agency as one “that trades in statements that are false, mischaracterized and designed to mislead.” SEC Actions Hurt XRP Holders The Most In its lawsuit against Ripple, the US SEC accused the payment company of violating securities laws by selling XRP in unregistered securities offering to investors in the US. According to the agency, the company and its executives had allegedly failed to protect its investors, depriving them of adequate disclosures of XRP. However, members of the Ripple community argue that the SEC’s enforcement actions against Ripple have not protected investors but caused even deeper challenges and financial losses for XRP holders. Related Reading: Bitcoin Whales Remove A Staggering $2.3 Billion From Exchanges, Is It Time To Buy? A popular XRP enthusiast, identified as XRPCryptoWolf has asserted that it should be the SEC, not Ripple, paying billions to XRP holders. “The SEC asking for $2 billion in fines and penalties is ridiculous when they’re the ones who financially hurt XRP holders the most. The SEC owes XRP holders tens of billions of dollars,” he stated. The XRP community member disclosed that after the SEC announced its lawsuit against Ripple, approximately $15 billion was wiped out from XRP’s market capitalization, and the token was also delisted from major exchanges. As a result of the lawsuit’s significant impact on XRP’s value, millions of XRP holders experienced financial losses. XRP price at $0.644 | Source: XRPUSDT on Tradingview.com Featured image from Inside Bitcoins, chart from Tradingview.com
In the XRP lawsuit between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC), the parties have submitted a joint sealing proposal to the United States District Court for the Southern District of New York. This proposal, aimed at governing sealing issues for the upcoming remedies-related briefing, underscores both parties’ commitment to transparency […]
Despite XRP lagging in this early stage of this bull run, crypto expert Zach Rector has shared his belief and given reasons why the crypto token is still bound to perform well. He went as far as ranking the token up there with Bitcoin to drive home his point on why the token will make a run soon enough. “XRP Will Not Miss This Bull Run” Rector mentioned in an X (formerly Twitter) post that XRP will not miss this bull run. In the accompanying video, the crypto expert highlighted the crypto token’s fundamentals as one of the reasons he holds this belief despite XRP’s tepid price action. Rector further claimed that the token and XRP Ledger (XRPL) have some of the best fundamentals in the crypto space. Related Reading: Dogecoin Influencer Sounds Critical Warning Alarm For Scams Targeting The Community Rector even challenged his followers to mention any other crypto token with a better fundamental than XRP. According to him, Bitcoin is the only other token that comes close to XRP in that regard. His statement echoes the sentiments of Ripple’s CEO Brad Garlinhouse, who recently stated the importance of real-world utility in driving a crypto’s growth. Meanwhile, Rector alluded to XRP’s recent pump as a sign of the great things to come for the crypto token. On March 11, XRP climbed to as high as $0.74 before seeing a sharp correction. However, the community will hope Rector’s conviction is correct, considering that XRP didn’t make any significant statement in the 2021 bull run. As Rector noted, community members’ faith in the token is fast waning, and there is a belief that a repeat of the altcoin’s sluggish 2021 run will ultimately erode this faith. XRP getting close to or surpassing its all-time high (ATH) of $3 will be a great place to start if it is to make a run in this bull run. Time For Price Predictions To Come True Crypto analysts like Crypto Rover and Egrag Crypto had before now made bullish price predictions for XRP, which are meant to be actualized sometime around this period. On his part, Crypto Rover predicted that the altcoin would see a “massive breakout” this March. Meanwhile, Egrag predicted that XRP will rise to $5 between now and April. Related Reading: Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year Other analysts like Dark Defender have also fuelled expectations for XRP this period. Dark Defender, in particular, recently stated that the next target for toke is the $1.33 price mark and that the $1.88 and $5.85 Fibonacci targets could be attained in the upcoming weeks. At the time of writing, XRP is trading at around $0.686, down over 1% in the last 24 hours, according to data from CoinMarketCap. Token price at $0.68 | Source: XRPUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com
The protracted legal confrontation between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) is advancing towards a critical juncture, as both parties face imminent deadlines for their remedies briefing submissions. This phase of the legal battle marks a significant step in the proceedings, potentially setting the stage for the case’s potential resolution. […]