Ripple v. SEC takes a new turn as XRP tumbles
Who will come out on top in the latest episode of the legal tussle between the SEC and Ripple?
- Ripple and the SEC continue legal wars over audits.
- The number of XRP holders continues to increase.
The ongoing legal dispute between Ripple [XRP] and the U.S. Securities and Exchange Commission (SEC) persists, which is evident in the recent court filings. Despite a previous year’s judgment providing temporary relief for Ripple, the legal conflict is still ongoing.
Ripple counters SEC’s compelling suit
The recent days have witnessed intense exchanges between the U.S. Securities and Exchange Commission (SEC) and Ripple.
Earlier this year, the SEC sought a court order compelling Ripple to disclose its financial statements for 2022 and 2023, along with institutional sales contracts, since the SEC initiated the lawsuit in late 2020.
In response, Ripple argued that the discovery phase had concluded in August 2021, and its post-suit conduct and financial condition were irrelevant, as it did not contest its ability to pay penalties.
On the 23rd of January, the SEC contended that a detailed examination of these contracts was crucial to assessing whether Ripple’s planned XRP sales aligned with the court’s summary judgment order.
However, in a response filed on 24th of January, Ripple submitted a Motion to File a Sur-Reply. It objected to the SEC’s request, deeming it “overly burdensome.”
Additionally, Ripple disputed the SEC’s assertion that it had documented and produced all XRP sales contracts, asserting that no contracts post-dating 22nd December, 2020, were provided in the ongoing class action suit.
Ripple dips into the oversold zone
The daily timeframe chart of XRP showed a recent downtrend over the past few days.
As of this writing, it was trading at around $0.5, reflecting a decline of about 1.8% in 24 hours. This downward movement has positioned it below the neutral line on its Relative Strength Index (RSI).
Presently, the RSI has dipped slightly below 30. This suggests that XRP is now in the oversold zone, indicating a strong bearish trend.
More XRP holders keep emerging
An analysis of the total number of Ripple XRP holders on Santiment showed a stable trend. At the time of this analysis, the total number of holders was over 5 million.
How much are 1,10,100 XRPs worth today
While there has not been a substantial increase in the number of holders, the noteworthy observation is that there has been no reduction.
This suggests that despite the asset’s current challenges, it continues to attract and maintain a consistent number of holders, reflecting ongoing interest and engagement in XRP.
