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
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
Jan 04, Thu
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Ethereum ETFs Debut: BlackRock Reigns With $260M Inflows, Grayscale BleedsNine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday.
Author  NewsBTC
Jul 25, Thu
Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday.
placeholder
Sooner Fed rate cuts may not save economy from recessionInvesting.com -- Sooner Federal Reserve rate cuts may not be enough to stop the central bank from falling behind the curve, throwing the economy and the current stock bull market into a wreck. The ris
Author  Investing.com
Yesterday 01: 13
Investing.com -- Sooner Federal Reserve rate cuts may not be enough to stop the central bank from falling behind the curve, throwing the economy and the current stock bull market into a wreck. The ris
placeholder
Ethereum Whales Rapidly Accumulate ETH Amid Price DeclineEthereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap.
Author  NewsBTC
Yesterday 01: 17
Ethereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap.
goTop
quote