The case between the US Securities and Exchange Commission (SEC) and Ripple is about to reach its climax. The SEC will announce its response to the case today. Before this important document, an increase in XRP Coin whale transactions is noticeable. Also amid the legal showdown, a notable transaction by a mysterious whale intensified market reactions and volatility. On the other hand, the price of XRP Coin has started to rise.
SEC will announce the response text in the Ripple case!
Expectations are increasing for the response text that the SEC will announce on May 6. This document is crucial because it precedes Judge Analisa Torres’ ruling on penalties for Ripple’s alleged securities violations. cryptokoin.comAs you follow from, previously, in July 2023, Judge Torres found that Ripple violated the U.S. Securities Act by not registering XRP as a security during institutional sales.
The stakes are high, as the SEC is proposing a staggering $876 million in damages plus equal civil penalties and additional interest, for a total of about $1.95 billion. In response, Ripple maintains that any fine should not exceed $10 million. In this context, he underlines that there is no fraud or deception in his activities. Amid these developments, the crypto community remains wary of the SEC’s next moves, especially after Judge Torres’ July 2023 decision not to classify programmatic sales of XRP as securities transactions. This decision is a very important element that the SEC is likely to appeal, continuing the legal pressure on XRP.
XRP Coin price rose before the document!
Before Judge Torres’ decision, whales carried large numbers of XRP Coins. The transfer of 28.24 million XRP tokens, worth approximately $14.94 million, to the Bitstamp exchange attracted attention. This move comes at a time when market sentiment for XRP is improving and there is a sharp increase in positive expectations. Increasing speculations caused XRP Coin prices to fluctuate. Thus, the token rose from $0.53 to $0.57 for a short time, gaining approximately 8% in value. However, later XRP Coin lost some ground. At the time of writing, the token was trading at $0.5515, up 4.27% on a daily basis.
Still, the crypto market’s reaction to the upcoming court decisions will be critical. According to experts, it is possible that the sales will increase in intensity or pave the way for further price recovery. The XRP community is eagerly awaiting the outcome of this development.
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