Ripple sold XRP to more than 80 institutions, SEC says the fine amounts to nearly $2 billion

Source Fxstreet
  • The SEC has filed a Motion for Remedies and Entry of Final Judgment in the lawsuit against Ripple, asking for $2 billion in penalties.
  • The filing reveals that Ripple sold XRP to over 80 institutions and nearly all its revenue from 2023 is from the altcoin’s sales. 
  • XRP price continued its uptrend and climbed past $0.64 early on Tuesday. 

The US Securities and Exchange Commission (SEC) will seek $2 billion in fines in its legal fight with Ripple and its XRP token, according to the latest filing from the financial regulator in its lawsuit against the payment remittance firm. The SEC filed a Motion for Remedies and Entry of Final Judgment, in which it also lists details of the institutional sales of XRP that the firm was compelled to reveal. 

Daily digest market movers: Ripple faces up to $2 billion in penalties

The SEC asked the judge for $2 billion in penalties on the cross-border payment remittance firm Ripple in its recent motion, whose content was made public on Tuesday.

Ripple’s Chief Legal Officer Stuart Alderoty says the firm will file its response next month and critiques the SEC’s statements in his recent tweet on X. The Ripple CLO expressed his trust in the court to approach the remedies phase fairly. 

Ripple CEO Brad Garlinghouse called out the US financial regulator for “gross abuse of power entrusted to it by the Congress.”

Attorney James Filan shared the redacted version of the motion that was made public earlier today. 

Ripple was compelled to reveal that it made 80 institutional sales of XRP. The financial statements show that most of Ripple’s revenue from 2023 comes from the sale of XRP tokens. 

SEC vs. Ripple lawsuit, latest motion. 

Technical analysis: XRP price could trigger a 50% rally

XRP price has been trading in a tight consolidative range for over 250 days. Akash Girimath, technical analyst at FXStreet, notes that XRP price has established a support floor at $0.586. 

The altcoin continues to hover above $0.586, suggesting that buyers are still in control, Girimath says. 

XRP/USDT

XRP/USDT 1-week chart 

While XRP price sustains above $0.586, Girimath expects a breakout in the altcoin, on the condition that Bitcoin price sustains above $59,000. Find out more here.

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Understanding the first crypto market crash of 2024 and what to expect nextThe 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
Author  FXStreet
Jan 04, Thu
The 365-day MVRV ratio suggests that this crash may be just the beginning. If the ETF is rejected before the second quarter of 2024, it could trigger a sharp correction.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
The $589 XRP Dream: Believers Aren’t ‘Delusional’ Enough, Expert SaysA known market analyst sees the $6 per coin prediction for XRP crypto being claimed by some experts as too conservative.
Author  NewsBTC
Dec 17, Tue
A known market analyst sees the $6 per coin prediction for XRP crypto being claimed by some experts as too conservative.
placeholder
XRP Price Steals the Spotlight: Dips Look Increasingly AttractiveXRP price started a fresh increase above the $2.50 zone. The price is now consolidating gains and might soon aim for a move above the $2.62 resistance. XRP price started a fresh increase above the
Author  NewsBTC
Dec 18, Wed
XRP price started a fresh increase above the $2.50 zone. The price is now consolidating gains and might soon aim for a move above the $2.62 resistance. XRP price started a fresh increase above the
placeholder
Nvidia vs. Broadcom: Which Is the Better AI Chip Stock to Own in 2025?When it came to artificial intelligence (AI) infrastructure in 2024, Nvidia (NASDAQ: NVDA) reigned supreme.
Author  The Motley Fool
Dec 19, Thu
When it came to artificial intelligence (AI) infrastructure in 2024, Nvidia (NASDAQ: NVDA) reigned supreme.
Related Instrument
goTop
quote