- The SEC continues its legal battle against Ripple, pushing for punishment and injunctions.
- Despite the ongoing dispute, Ripple’s Chief Legal Officer remains optimistic about the case’s conclusion.
- Amidst the legal turmoil, XRP has relapsed into a bear trend, with a nearly 3% decline on the 7th of May.
As the SEC intensifies its legal battle against Ripple, XRP’s price has taken a hit, falling into a bear trend. Despite the ongoing dispute, Ripple remains steadfast, with its Chief Legal Officer expressing optimism about the case’s conclusion.
SEC’s Latest Filing Against Ripple
The SEC has submitted its final reply to Ripple in the lawsuit’s remedies stage, challenging Ripple’s claim that it acted without recklessness. The SEC also disputed Ripple’s assertion that there should be no widespread uncertainty regarding the legal status of XRP. Despite a previous ruling that XRP was not a security, the SEC maintains its belief that Ripple would likely engage in similar actions in the future and argues for injunctions against the company.
Ripple’s Response and XRP’s Bear Trend
Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC for allegedly disregarding the law. Despite this criticism, Alderoty expressed optimism that the case was nearing its conclusion. Amidst this legal battle, XRP’s price has suffered, falling into a bear trend with a nearly 3% decline on the 7th of May.
XRP’s Trading Volume
At press time, Ripple’s trading volume has notably decreased. While it remained within the $1 billion range, the volume has dropped to around $1.17 billion from the over $1.8 billion recorded in the previous trading session. This decline in volume signals a reduction in trading activity, consistent with the recent trend observed for the asset over the past few weeks.
Conclusion
The ongoing legal battle between the SEC and Ripple continues to impact XRP’s price and trading volume. Despite the challenges, Ripple remains optimistic about the case’s conclusion. However, the outcome of this legal dispute and its impact on XRP’s future remains to be seen.
