As Ripple pushes back against the SEC’s demand for $2 billion, is public sentiment beginning to shift against the regulator, fueled by frustrations within the crypto community?
In the ongoing legal battle between Ripple (XRP) and the U.S. SEC, the stakes are high as the SEC seeks a massive $2 billion fine against the blockchain company. This includes $876 million in compensatory damages, $198 million in interest, and another $876 million in civil penalties.
Ripple’s response, detailed in a court filing dated Apr. 22, proposes a different approach, advocating for a civil penalty not exceeding $10 million. Stuart Alderoty, Ripple’s Chief Legal Officer, emphasized the lack of allegations of recklessness or fraud in the case. He views the SEC’s demand as part of a broader pattern of intimidating actions against the U.S. crypto industry.
Ripple CEO Brad Garlinghouse echoed these sentiments, cautioning about the long-term consequences of the SEC’s actions and policies. Amid the legal battles, Ripple asserts that it has adjusted its practices to comply with court mandates and regulatory requirements both domestically and internationally.
How has the public responded? Social media users have expressed various opinions, reflecting concerns and frustrations towards the SEC. Some have criticized the SEC for straying from its intended purpose and questioned the accountability of the investigators. Others have criticized SEC Chair Gary Gensler’s approach, suggesting it harms the U.S. crypto industry.
Many users feel that the proposed $10 million penalty would be a fair resolution and urge the SEC to resolve the matter quickly. Overall, the public seems to support Ripple Labs over the SEC.
XRP’s price has shown signs of recovery after the recent market crash, trading at $0.55 as of Apr. 24, marking a 30% rebound. Despite this, the trading volume has decreased, indicating a potential correction towards $0.50.
Technically, XRP faces resistance levels between $0.57 and $0.58, with bulls needing to surpass this zone to sustain recovery momentum. Key support levels to monitor include $0.52 and $0.50.
Despite recent price fluctuations, XRP has maintained a range between $0.45 and $0.70, attracting investors who see this range as a buying opportunity. The number of wallets holding at least 1 million XRP tokens has been steadily increasing, reaching 2,013.
Looking ahead, the outcome of the legal battle between Ripple and the SEC could impact XRP’s value. Additionally, the recent Bitcoin halving event may influence market trends and XRP’s price in the coming weeks. It’s important to monitor developments in the legal proceedings and broader market trends for potential trading opportunities.