Ripple Rises 6% As Legal Fray Persists

Following a period of consecutive declines, Ripple [XRP] has seen a prominent resurgence in the last week. Despite these positive movements, obstacles loom large on the path to recovery. The altcoin’s price rose by 6% and even peaked at $0.5687 earlier today. XRP went on to outpace other altcoins in the market. At press time, the altcoin was trading at $0.5497 with a 2.75% daily surge.

The altcoin’s market cap reached $30 billion following a 2.71% surge. The daily trading volume surged by 67%. Amidst this, the number of wallets holding over 1 million XRP has been steadily rising. It is even nearing its all-time high with a 3.1% increase throughout the past six weeks.

Also Read: Will Halving Mayhem Push XRP Closer to $1 In May?

Legal Battle with SEC

Ripple Labs is currently embroiled in a legal dispute with the U.S. Securities and Exchange Commission [SEC]. Ripple recently countered the SEC’s push for nearly $2 billion in penalties and even detailed the same in a recent filing. The SEC has been accusing Ripple of violating securities laws by selling the token to institutional investors. They are even proposing fines close to $2 billion. In response, Ripple vehemently contests the penalties, advocating for a figure closer to $10 million.

Ripple’s Chief Legal Officer, Stuart Alderoty went on to reiterate the firm’s position. He highlighted the absence of recklessness or fraud allegations in the case. Additionally, he portrayed Ripple’s legal victories as evidence against the SEC’s assertive stance. Alderoty characterized it as intimidation against the entire U.S. crypto industry.

This did not stop Ripple from staying optimistic. Alderoty expressed confidence in a fair judicial process and 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.”

As Ripple navigates through legal complexities and market volatility, stakeholders closely monitor developments that could shape the trajectory of the cryptocurrency ecosystem.

Also Read: Ripple [XRP] April End Price Prediction