Ripple Stands Firm Against The Excessive SEC Penalties

Ripple, the company behind the XRP cryptocurrency, has responded to Securities and Exchange Commission (SEC) charges. The SEC had sought a whopping $2 billion penalty, but Ripple believes the $10 million penalty is sufficient.

Ripple’s Words in Filling 

“The Court should deny the SEC’s requests for an injunction, for disgorgement, and for pre-judgment interest, and should impose a civil penalty of no more than $10 million,”. 

Ripple denies most of the SEC’s allegations in its filing, saying the regulator failed to present evidence of negligence or fraud. The company says it changed product lines and contracts to avoid future violations. Ripple also argues that the SEC’s requested penalty is excessive, citing smaller penalties for similar violations at other companies.

Ripple’s lawyers insist that the —

“The agency acts as though it had prevailed entirely and had proved reckless conduct. It has done neither. The agency also seeks disgorgement barred by controlling Supreme Court and Circuit precedent and a separate penalty that exceeds by more than 20 times what it has obtained from any other defendant or respondent in a digital-asset case.”

Technical Analysis: Price Trends in XRP

XRP has risen to $0.55, extending the uptrend that began on April 14. The next major resistance is $0.60, followed by a high of $0.6431 on April 9. Technical indicators such as Chaikin Money Flow and Donchen Channel support a bullish thesis for XRP.

The Chaikin Money Flow indicator, which measures the amount of money flowing in and out of an asset, has climbed above zero, highlighting the way Ripple is cracking. 

However, closing the daily candle below $0.5310 could invalidate the bullish thesis. In the event of a decline in prices, XRP could find support at the April 20 low of $0.4981, a level that has acted as support on a daily chart for more than two months.

Overall, Ripple’s response to the SEC’s allegations and technical analysis of XRP’s price movement indicates that the company is confident in its position and can continue to raise the price of the cryptocurrency.

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