The ongoing legal battle between Ripple (XRP) and the SEC heats up as Ripple pushes to keep certain financial documents confidential. This move comes as the court considers remedies for Ripple’s alleged securities violations involving XRP sales.
James K. Filan, a well-known figure in the XRP community, revealed Ripple’s latest legal strategy. The company argues that disclosing recent financial statements and past contract details is unnecessary for the court’s decision on penalties.
Ripple takes aim at the SEC’s claim that its financial health is crucial in determining penalties. Additionally, the company emphasizes the potential harm of publicly revealing past contracts, fearing future business partners could exploit this information.
This development follows Ripple CEO Brad Garlinghouse’s recent advocacy for crypto-friendly regulations. While Garlinghouse expresses confidence in a positive outcome for Ripple, XRP’s price remains stagnant, forming a Doji candle on the monthly chart, signifying market indecisiveness.
Also Read:Ripple Executive Makes the Case for Institutional Adoption as the Key to Crypto’s Future
However, analysts like Babenski remain optimistic, predicting a breakout for XRP, potentially surpassing its all-time high and reaching $6. This bullish sentiment is shared by analysts like U-Copy who foresee a significant price movement for XRP by year-end.
Despite the analyst optimism, XRP currently trades at $0.5213, with a slight dip in the last 24 hours. The legal battle’s resolution and its impact on XRP’s regulatory status will likely play a key role in determining the cryptocurrency’s future price trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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