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: Trump Signals Rapid Progress in US-Iran Negotiations, Bulls Target $90 Recently, silver prices ( XAGUSD) have been fluctuating within the $73.60-$78.00 range, impacted by shifting U.S.-Iran tensions. However, as signals emerge of further easing in the situat
Author  TradingKey
11 hours ago
Recently, silver prices ( XAGUSD) have been fluctuating within the $73.60-$78.00 range, impacted by shifting U.S.-Iran tensions. However, as signals emerge of further easing in the situat
placeholder
Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike betsGold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.
Author  FXStreet
20 hours ago
Gold price (XAU/USD) declines to around $4,485 during the early Asian session on Tuesday. The precious metal loses ground as renewed tensions in the Middle East continue to fuel concerns over inflation and expectations of elevated interest rates.
placeholder
Bitcoin Price Forecast: BTC risks losing $70,000 as AI and chip rally steal the spotlightBitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.
Author  FXStreet
Yesterday 10: 57
Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.
placeholder
Fed’s Powell says credibility lost if President can fire officialsFormer Federal Reserve (Fed) Chair Jerome Powell said the US central bank would damage public trust that’s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements, Bloomberg reported on Monday.
Author  FXStreet
Yesterday 01: 24
Former Federal Reserve (Fed) Chair Jerome Powell said the US central bank would damage public trust that’s required to support a strong and stable economy if any president were free to dismiss Fed officials over policy disagreements, Bloomberg reported on Monday.
placeholder
Forex Today: Yet to be confirmed US-Iran MOU caps US Dollar's upsideHere is what you need to know on Friday, May 29:
Author  FXStreet
May 29, Fri
Here is what you need to know on Friday, May 29:
Related Instrument
goTop
quote