As Ripple continues to challenge the SEC’s hefty $2 billion demand, is the tide of public opinion turning against the regulator due to frustrations within the crypto community?
In the ongoing legal battle between Ripple (XRP) and the U.S. SEC, the stakes are high as the regulator seeks a massive fine of $2 billion 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 from April 22, offers an alternative perspective by suggesting a civil penalty not exceeding $10 million. Stuart Alderoty, Ripple’s Chief Legal Officer, emphasized that the case lacks allegations of recklessness or fraud and criticized the SEC’s actions as intimidating towards the crypto industry.
Ripple CEO Brad Garlinghouse also warned of the long-term consequences of the SEC’s actions and policies. Despite the legal battles, Ripple has adapted its practices to align with court mandates and regulatory requirements, both domestically and internationally.
Public opinion seems to be turning against the SEC, with social media users expressing concerns and frustrations. Some users have criticized the SEC’s actions, questioning accountability and the impact on the crypto industry. Others have suggested that a $10 million penalty would be a fair resolution, urging a swift settlement.
In terms of XRP price analysis, after a recent market crash on April 11, XRP has shown signs of recovery, trading at $0.55 as of April 24. Despite this rebound, the trading volume has decreased, indicating a potential correction towards $0.50. Technically, XRP faces resistance levels between $0.57 and $0.58, with support at $0.52 and $0.50.
Whales seem to be active in the XRP market, with an increase in wallets holding at least 1 million XRP tokens. This trend could potentially lead to a bullish momentum for XRP.
Looking ahead, the outcome of the legal battle between Ripple and the SEC could impact XRP’s value. Additionally, the recent Bitcoin halving event adds another layer of complexity to the situation. Monitoring these developments and broader market trends will be crucial for trading opportunities with XRP.