Ripple is on the rise again after a long period of declining prices. [XRP] The last week has witnessed a notable resurgence. Although there have been positive developments, the road to recovery still faces many obstacles. Today, the altcoin price grew by 6%. It even reached its highest point of $0.5687. XRP has surpassed other altcoins. The altcoin traded at $0.5497, with a daily increase of 2.75%.
After a surge of 2.71%, the altcoin market cap reached 30 billion dollars. The volume of daily transactions increased by 67%. In the midst of this, wallets with more than 1 million XRP have been steadily growing. With a 3,1% rise over the past six-week period, it is close to reaching its record high.
Also Read: Will Halving Mayhem Push XRP Closer to $1 In May?
SEC Legal Battle
Ripple is embroiled with a dispute between the U.S. Securities and Exchange Commission and Ripple. [SEC]. Ripple responded recently to SEC demands for penalties of nearly $2 billion and described the same in an upcoming filing. Ripple has been accused by the SEC of breaking securities laws when it sold tokens to institutional investors. Even fines approaching $2 billion are being proposed. Ripple, in response, vehemently disputes the fines, advocating a figure of closer to $10,000,000.
Stuart Alderoty, Chief legal officer at Ripple, reiterated the company’s position. The case was not a recklessness or fraud allegation, Alderoty said. Ripple’s court victories were also used to counter the SEC’s assertion. Alderoty called it intimidation towards the U.S. Crypto industry.
Ripple remained optimistic despite the setback. Alderoty is confident in the fairness of a judicial system. said,
“In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing intimidation against all of crypto in the U.S. We remain confident that the Judge will approach this final remedies phase fairly.”
While Ripple negotiates legal complexity and volatility on the market, all stakeholders are closely monitoring developments that may shape the future of the crypto ecosystem.
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Source: watcher.guru