Withdrawn XRP Price in Ongoing Ripple-SEC Dispute
Ruling on Ripple's Penalty Reduction Motion Swipes Aside
In an unexpected turn of events, Judge Analisa Torres of the Southern District of New York Federal Court has given a firm "no" to the joint plea from Ripple and the U.S. Securities and Exchange Commission (SEC) seeking a reduction in the $125 million penalty. Caught off balance, XRP saw a steep dip in value.
The Reducing Motion Sent Back to Shore
Many followed the news when Ripple and the SEC joined forces on May 8, asking for the judgment handed down last year to be scaled down to $50 million. But their agreement met with disappointment on May 15, as Judge Torres stepped in with a ruling that denied the motion due to procedural errors. According to Judge Torres, even if the court's jurisdiction had been reinstated, the motion would still be axed for procedural reasons.
Ripple Responds with Confidence
Stuart Alderoty, Ripple's general counsel, maintained that the ruling was purely technical. He assured the public that Ripple's spectacular accomplishments, including the non-security status of XRP, remain unscathed. Moreover, Alderoty hinted that Ripple and the SEC could table a new motion, citing their ongoing quest for a comprehensive settlement.
XRP Tumbles by 5%
The turbulent ruling caused a domino effect on XRP, which plummeted approximately 5.5%, plunging as low as $2.36 and then stabilizing at $2.38. Despite the momentary distress, XRP still struggles with a 5% daily loss.
In contrast, Bitcoin displays a commendable resilience, gradually approaching the $104,000 milestone.
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Despite the denial of Ripple's motion to reduce the penalty imposed by the SEC, the company remains confident about its non-security status of XRP. In the realm of finance and investing, this blockchain-based digital asset saw a 5% decrease in value after the ruling, demonstrating both the volatility of the market and the potential impact of legal decisions.
