Ripple Labs has formally opposed the hefty financial penalties proposed by the U.S. Securities and Exchange Commission (SEC), countering the federal agency's request for over $1 billion in disgorgement and penalties with a proposed settlement of just $10 million. This legal stance comes as the high-profile case between Ripple and the SEC, which centers on the alleged unlawful sale of XRP tokens, appears to be drawing to a close.
Disagreement on Penalties and Future Compliance
In recent court filings dated April 22, Ripple refuted several of the SEC’s claims and penalties related to its sale of XRP under what the SEC deemed unregistered securities offerings. The SEC had initially requested $876,308,712 in disgorgement and an additional $198,150,940 in prejudgment interest, alongside a similar amount as a civil penalty. In contrast, Ripple has consented to a maximum civil penalty of $10 million, arguing that the SEC's demands were disproportionately high and not reflective of the company’s current compliance efforts.
Ripple presented key arguments in its defense:
Future Violations Unlikely: Ripple argued that the SEC has not demonstrated a significant likelihood of future violations, questioning the need for an injunction.Disgorgement Not Justified: The company contended that the SEC failed to prove direct financial harm that would justify disgorgement, suggesting that any such calculations should subtract legitimate business expenses.Excessive Penalties: Ripple maintained that the penalties should not exceed $10 million, citing the SEC's historically lower fines in similar digital asset cases.
Ripple’s Adjustments and Compliance Efforts
Following the court’s directives, Ripple has adjusted its sales strategies for XRP, acquired necessary licenses for international operations, and revised its contracts to align with U.S. securities laws. These changes were highlighted in Ripple’s filings as part of its efforts to demonstrate compliance and argue against the SEC’s claim for ongoing oversight based on speculative future violations.
Upcoming Legal Proceedings
The SEC is scheduled to submit its reply brief under seal by May 6, with subsequent deadlines through May 20 for all parties, including third parties, to file motions related to sealing specific details of the court filings.

Ripple’s Legal Outlook
Stuart Alderoty, Chief Legal Officer at Ripple, criticized the SEC’s approach, describing it as overly aggressive and indicative of an intent to intimidate the broader cryptocurrency industry in the United States. Alderoty expressed confidence that Judge Torres, overseeing the case, would recognize the lack of recklessness or fraud in Ripple’s actions and rule fairly on the final remedies.
As the case nears its conclusion, the cryptocurrency community closely watches, aware that the outcome could have significant implications for the regulation of digital assets in the U.S.
$XRP

#ripple #SEC #XRP

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

XRP has leaving many investors wondering when the good times will return. While the future remains uncertain, technical analysis can offer some insights into potential support and resistance levels that could guide XRP's price movement in the near term.
The Supportive Side
The positive sign is that buyers are stepping in to prevent further price declines. Key support levels are at $0.45, $0.48, and $0.50 providing potential zones where the price might find some stability. A crucial support level sits at $0.440, and a breach below this point could indicate a continuation of the downtrend.
Facing Resistance
On the flip side, XRP faces some hurdles to overcome. Significant resistance levels exist at $0.5450 and $0.580, and a break above these areas would be a bullish sign. The key resistance lies at $0.54. If the price can break and hold above this level, a potential trend reversal could be in sight.
Looking Ahead
A significant challenge awaits XRP at $0.62, where notable Fibonacci resistance sits. Overcoming this hurdle could signal the end of the corrective phase and usher in a new period of price growth. If XRP manages to break through $0.62, a potential resistance level could emerge at $0.75.
The Takeaway
While technical analysis can't predict the future with certainty, these support and resistance levels offer valuable information for XRP investors. By keeping an eye on these price zones, investors can make informed decisions about their XRP holdings.Always remember doing your own research please ,stay safe 🍀$XRP #ripple #Ripple #xrp

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$XRP

Brad Garlinghouse, the CEO of Ripple, has revised his earlier bold forecast for the market capitalization of the cryptocurrency industry, admitting that he had underestimated the market's potential surge.

CEO of Ripple Underestimates Crypto Market Cap

In a recent interview with Fox Business, Garlinghouse discussed the cryptocurrency market's performance since the start of the year as well as its potential for growth.

When asked about his earlier optimistic prediction that the market capitalization of the cryptocurrency industry would double to about $5 trillion by the end of the year, the CEO of Ripple was questioned. The current valuation of the worldwide cryptocurrency market is estimated by CoinMarketCap to be approximately $2.25 trillion.

Garlinghouse responded to the question by stating that he thought his earlier projections weren't unduly optimistic and emphasized the market's potential for more expansion. He acknowledged that he had underestimated the industry's potential market capitalization by the end of 2024, pointing to elements like the dynamics of supply and demand that are currently driving further increases.

Increased demand and decreased supply are the hallmarks of the current market conditions, according to Garlinghouse, and these dynamics have a big impact on how well cryptocurrencies perform.

He revealed that demand for Bitcoin has increased dramatically as a result of the Spot Bitcoin ETF market and public perception of the cryptocurrency's worth. Meanwhile, as more and more large-scale investors buy Bitcoin at a rapid pace, the cryptocurrency's supply is running out. Furthermore, the upcoming Bitcoin halving event is anticipated.

According to Garlinghouse's assessment of the current state of the cryptocurrency market, Bitcoin has increased by over 250% in the last six months, and more increases are expected. Additionally, he claimed that the impending halving of Bitcoin as well as the approval and introduction of Spot Bitcoin ETFs were the main causes of this outperformance.

Rules Are Essential To The Growth Of The Market

According to Garlinghouse, creating appropriate regulatory frameworks for the cryptocurrency market will benefit it in the long run.

He clarified that the United States' pervasive anti-crypto position was one of the main things impeding the development of this emerging market, implying that the nation's enforcement actions against the industry were “problematic.”

The CEO of Ripple cited a number of nations, such as Singapore, Dubai, and the UK, that have been actively embracing cryptocurrencies and putting in place the necessary regulatory frameworks to support the market's continued expansion.

According to Garlinghouse, the US has been slow to acknowledge the revolutionary and inventive potential of the cryptocurrency market. He blames this delay on the US Securities and Exchange Commission (SEC) and its current Chair, Gary Gensler.

With a $2.2 trillion market capitalization. Source: Tradingview.com's Crypto Total Market Ca

The chart on Tradingview.com and the featured image are from Bitcoinist.

Disclaimer: This article is solely meant to be educational. It does not reflect NewsBTC's views on whether to purchase, sell, or hold any investments, and investing inherently entails risk. Before making any investment decisions, it is advisable that you carry out independent research. You use the information on this website at your own risk.

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The first article to appear on Crypto Breaking News was Ripple CEO Walks Back $5 Trillion Crypto Marker Prediction, Unveils New Target.
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The ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) has been a major focal point for the XRP community. As the case appears to be approaching a resolution, crypto market analysts like prominent YouTuber Mickle scrutinize XRP’s price action for signs of an impending move.
Consolidation, Regulatory Clarity, and Historical Precedent
Mickle’s recent analysis identified XRP’s trading behavior within a significant consolidation pattern. This pattern, often indicative of an upcoming asset price shift, is expected to reach a turning point around the outcome of the SEC vs. Ripple lawsuit.
Past instances demonstrate the impact of regulatory clarity on XRP price action. Judge Analisa Torres’ July 2023 ruling triggered a surge in investor demand, propelling a substantial price rally for the cryptocurrency.
Bollinger Band Analysis and XRP’s Strength Against Bitcoin
Beyond the price pattern, Mickle highlights that the Bollinger Bands on XRP’s weekly chart display a tight squeeze. This technical indicator is often followed by periods of significant volatility. Historically, similar squeezes in 2017 and 2020 preceded rallies of massive proportions.
Additionally, XRP appears to be entering a price zone that has consistently indicated significant gains in XRP’s value relative to Bitcoin. This pattern has been observed multiple times over the past decade.
The Influence of the Macroeconomic Landscape and Investor Sentiment
Market analyst Mickle also factors the current macroeconomic climate into his assessment. The crypto market has been under pressure from the Federal Reserve’s high-interest rates aimed at curbing inflation. However, Mickle contends that economic pressures, including substantial losses from high rates, could force the Fed to pivot towards lowering interest rates.
This shift would likely foster a more favorable environment for risk-on assets, including cryptocurrencies like XRP. Importantly, a positive outcome in the SEC’s case against Ripple could significantly bolster investor sentiment across the broader cryptocurrency market.
In conclusion, the convergence of several indicators, including the Bollinger Band squeeze and XRP’s historical performance against Bitcoin, combined with the potential for a favorable resolution to the SEC lawsuit, suggests a bullish scenario for XRP’s price trajectory.
A positive legal outcome could remove a significant uncertainty surrounding XRP, unleashing pent-up demand and potentially driving a surge in value for the asset.
While there are no guarantees in the volatile world of cryptocurrency, the alignment of these factors presents a compelling case for XRP investors to keep a close watch as the legal case nears its conclusion.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#ripple #XRP