Ripple sold XRP to more than 80 institutions, SEC says the fine amounts to nearly $2 billion
- The SEC has filed a Motion for Remedies and Entry of Final Judgment in the lawsuit against Ripple, asking for $2 billion in penalties.
- The filing reveals that Ripple sold XRP to over 80 institutions and nearly all its revenue from 2023 is from the altcoin’s sales.
- XRP price continued its uptrend and climbed past $0.64 early on Tuesday.
The US Securities and Exchange Commission (SEC) will seek $2 billion in fines in its legal fight with Ripple and its XRP token, according to the latest filing from the financial regulator in its lawsuit against the payment remittance firm. The SEC filed a Motion for Remedies and Entry of Final Judgment, in which it also lists details of the institutional sales of XRP that the firm was compelled to reveal.
Daily digest market movers: Ripple faces up to $2 billion in penalties
The SEC asked the judge for $2 billion in penalties on the cross-border payment remittance firm Ripple in its recent motion, whose content was made public on Tuesday.
Ripple’s Chief Legal Officer Stuart Alderoty says the firm will file its response next month and critiques the SEC’s statements in his recent tweet on X. The Ripple CLO expressed his trust in the court to approach the remedies phase fairly.
As you will see when the SEC’s brief is made public tomorrow, they ask the Judge for $2B in fines and penalties. 1/4 https://t.co/HM8dBbn7lp
— Stuart Alderoty (@s_alderoty) March 25, 2024
Ripple CEO Brad Garlinghouse called out the US financial regulator for “gross abuse of power entrusted to it by the Congress.”
Gensler’s SEC has repeatedly acted outside the law – not going unnoticed by Judges admonishing the agency for a "gross abuse of the power entrusted to it by Congress" (DEBT Box case) and for acting without "faithful allegiance to the law" (Ripple case). Let’s not also forget… https://t.co/vay6WDBfJc
— Brad Garlinghouse (@bgarlinghouse) March 25, 2024
Attorney James Filan shared the redacted version of the motion that was made public earlier today.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its Motion for Remedies and Entry of Final Judgment, its Memorandum of Law in Support of that Motion, and its "Proposed" Judgment.https://t.co/uPlpJ7Tmon
— James K. Filan (@FilanLaw) March 26, 2024
Ripple was compelled to reveal that it made 80 institutional sales of XRP. The financial statements show that most of Ripple’s revenue from 2023 comes from the sale of XRP tokens.
SEC vs. Ripple lawsuit, latest motion.
Technical analysis: XRP price could trigger a 50% rally
XRP price has been trading in a tight consolidative range for over 250 days. Akash Girimath, technical analyst at FXStreet, notes that XRP price has established a support floor at $0.586.
The altcoin continues to hover above $0.586, suggesting that buyers are still in control, Girimath says.
XRP/USDT 1-week chart
While XRP price sustains above $0.586, Girimath expects a breakout in the altcoin, on the condition that Bitcoin price sustains above $59,000. Find out more here.
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