Pro-Ripple Lawyer Provides an Update on SEC Case – XRP Price Plunges

New evidence has surfaced in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), challenging the regulator’s approach. This evidence shows perceived disparities in the penalties the SEC has sought against Ripple. Concurrently, XRP’s price has seen a decline, echoing its historically volatile behavior.

Ripple Files Notice of Supplemental Authority

James K. Filan, an attorney following the Ripple case, recently shared an update. Ripple has filed a Notice of Supplemental Authority concerning the TerraForm Labs Consent Judgment. This legal move by Ripple seems to compare the SEC’s treatment across various crypto-related cases. It could underscore inconsistencies in the regulator’s penalty approaches.

Pro-XRP lawyer Bill Morgan has highlighted what he calls the SEC’s “strange animus” towards Ripple. He argues that the penalties the SEC seeks against Ripple starkly contrast with those in other crypto cases. This suggests an unusual bias. Morgan noted on X that Ripple’s opposition brief states the SEC accepted penalties ranging from 0.6% to 1.8% of gross sales in other crypto-related cases.

Morgan cites the TerraForm Labs case as a striking example. Despite a jury verdict finding “one of the largest securities frauds in US history,” involving two long-running fraudulent schemes and $40 billion in investor losses, the SEC accepted a consent judgment with a penalty equal to 1.27% of Terra’s gross sales.

In contrast, Morgan points out that against Ripple, where no fraud was alleged and institutional buyers suffered no losses, “the SEC seeks a penalty of $876 million.” This amount, he claims, is “20 times more than any other penalty in crypto related cases at that time.” Morgan concludes, “The behaviour of the SEC towards Ripple is very ill-motivated.”

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XRP Price Analysis: Echoes of 2017?

While legal discussions unfold, XRP’s price has experienced a downturn. According to CoinGecko, XRP is trading at $0.4789, down 2.04% in the past day and 8.51% over seven days, with a trading volume of $947,399,556.66.

Technical analyst Dark Defender compares current market conditions to the volatility seen in 2017. He imagines being in 2017, frustrated by years of price fluctuations, and selling just before XRP reaches $3.82. He observes that in 2024, XRP displays a similar pattern, evoking the same feelings as in 2017.

Dark Defender points out that on the weekly timeframe, XRP is holding above its support level. Indicators are nearing oversold conditions, which could challenge the continuation of the uptrend. He identifies resistance around $1 and suggests that breaking above $0.6640 and $1 will likely ease the upward movement.

Read also: Crypto Trader Who Predicted Ongoing Bitcoin’s Price Decline Expects Another 15% Drop: BTC Price Analysis

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.