Friday, June 21, 2024

SEC Reiterates Request for Ripple Documents as XRP Price Rises from August 2023 Low.

The Securities and Exchange Commission (SEC) is making an effort to turn one of its most significant setbacks into a partial success. The regulatory body’s most recent complaint against Ripple, which seeks judicial action over hidden document requests, makes this clear. On the other hand, the price of XRP is going negative.

SEC pursues Ripple once more
On Tuesday, the SEC submitted a reply to the court, providing more evidence in favor of its move to compel Ripple. The regulatory authority stated that Ripple filed this in order to respond to one interrogatory about pre-complaint institutional sales as well as to produce audited financial accounts for the previous two years and post-complaint institutional sales contracts.

A party who feels the other side hasn’t sufficiently reacted will submit a motion to compel. The motion lists the outstanding issues, highlights the legal backing, and asks the court to step in and order the other party to comply with disclosure requirements. The motion is a mechanism to address noncompliance and promote a fair resolution of the case through the required sharing of significant information, which emphasizes timeliness and adherence to court rules.

This further shows that, even though the SEC partially prevailed in court by having XRP classified as a security for institutional sales, the SEC is not about to give up on the issue without a victory.

The XRP price sees a decline.
As of this writing, the price of XRP is trading at $0.514, continuing the downward trend that began at the beginning of the year. The altcoin lost support during this period between $0.600 and $0.550, and it is currently getting closer to tagging support at $0.500.

Currently trading at a three-month low, the altcoin might drop to as low as $0.476 if it continues to decrease. For the first time in five months, the Relative Strength Index (RSI), which is currently in the oversold region, is likewise not very optimistic. Typically, this indicates a possible reversal, but the price of XRP will continue to wait for a rebound rally trigger until more general market indications corroborate this theory.

If that happens, traders should be on the lookout for the price of XRP to rise to $0.540. If this price breaks over this resistance level, the bearish thesis would be refuted, and the Ripple token would rise to $0.551 and higher.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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