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HomeNewsSEC Scores Major Legal Victory Against Ripple: What's Next for XRP?

SEC Scores Major Legal Victory Against Ripple: What’s Next for XRP?

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  • Following the SEC’s favorable ruling against Ripple, Uphold and XPUNKS launch exclusive XRP Army NFTs.
  • The Ripple case impacts the crypto world, while Uphold and XPUNKS celebrate with the minting of XRP Army NFTs.

In a legal ruling in New York, the U.S. Securities and Exchange Commission (SEC) achieved a legal victory against Ripple Labs. The court ordered Ripple to provide detailed financial statements for the years 2022-2023, contracts made after the complaint, and to respond to questions related to the institutional sales of XRP. These SEC demands could influence the outcome of the case.

Judge Sarah Netburn granted the SEC’s motion, requiring Ripple to deliver comprehensive financial statements for 2022-2023, post-complaint contracts, and clarify about the revenues from institutional sales of XRP after the complaint.

Ripple’s defense argued that the SEC’s request was untimely and had been previously rejected by the court in June 2021. However, Judge Netburn clarified that the previous rejection was linked to the discovery of expert merits and was not applicable in the current situation.

The court has ordered Ripple to provide its 2022-2023 financial statements, considered essential by the SEC to determine an appropriate remedy. Although Ripple claimed that its financial health was irrelevant and confidential, the court found this information potentially useful for the resolution stage.

Judge Netburn has ordered the production of these contracts, supporting the SEC’s position that they could reveal whether Ripple’s post-complaint behavior has complied with judicial decisions, potentially influencing the imposition of a court order.

How has this affected the price of XRP?

XRPUSDT_2024-02-06_08-06-42
Grafico via Tradingview

The current price of XRP is approximately 0.5021 USDT, with a short-term downward trend as indicated by the price line (blue). The 9-day exponential moving average (EMA) in orange is slightly above the current price, suggesting a possible resistance around 0.5112 USDT.

The trading volume remains stable. The Relative Strength Index (RSI) is near 36.14, which could indicate an oversold condition and the possibility of a rebound if buyers enter the market.

un-fondo-hexagonal-azul-con-la-palabra-nft
Foto de Mo en Unsplash

But not all is complicated news, in another vein, Uphold, in collaboration with XPUNKS, has launched an exclusive collection of non-fungible tokens (NFTs) called XRP Army Badge NFTs to reward the loyalty of its community members who submitted their XRPL addresses before the deadline of January 26, 2024. This initiative marks the fusion of digital art and finance within the XRP community.

This collection is available exclusively to members of Uphold’s XRP Army, created in collaboration with XPUNKS, the first NFT series of the XRP Ledger. Only Upholders who correctly submitted their XRPL address before January 26, 2024, at 23:59 UTC are eligible to mint an NRP Army Badge NFT.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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