Ripple sold XRP to more than 80 institutions, SEC says the fine amounts to nearly $2 billion

Source Fxstreet
  • 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. 

Ripple CEO Brad Garlinghouse called out the US financial regulator for “gross abuse of power entrusted to it by the Congress.”

Attorney James Filan shared the redacted version of the motion that was made public earlier today. 

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

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.

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD surges to record high above $56 amid bullish momentumSilver (XAG/USD) climbs to a fresh all-time high on Friday, buoyed by dovish Federal Reserve expectations alongside strong industrial and investment demand.
Author  FXStreet
Dec 01, Mon
Silver (XAG/USD) climbs to a fresh all-time high on Friday, buoyed by dovish Federal Reserve expectations alongside strong industrial and investment demand.
placeholder
Crypto Market Outlook: Bitcoin, Ethereum, and XRP Tumble as BoJ Hawkishness Sparks Risk-Off RoutBitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
Author  Mitrade
Dec 01, Mon
Bitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
placeholder
Solana Price Forecast: ETF Demand and Derivatives Flows Fuel a Sharper ReboundSolana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
Author  Mitrade
Dec 03, Wed
Solana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
placeholder
Gold Price Forecast: XAU/USD flat lines near $4,200 ahead of US PCE inflation releaseGold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data.
Author  FXStreet
Dec 05, Fri
Gold price (XAU/USD) trades on a flat note near $4,205 during the early Asian trading hours on Friday. Rising US Treasury yields and upbeat US jobs data cap upside for the precious metal. Traders might prefer to wait on the sidelines ahead of the key US inflation data.
placeholder
Bitcoin Pauses for Breath Above $92,000 as Bulls Weigh Next Run at $95,000Bitcoin consolidates above $92,000 and the 100-hour SMA as traders eye a breakout toward $96,450 or a potential retracement to $90,500 support.
Author  Mitrade
Dec 05, Fri
Bitcoin consolidates above $92,000 and the 100-hour SMA as traders eye a breakout toward $96,450 or a potential retracement to $90,500 support.
goTop
quote