Published on april 29, 2024, 12:27 am
Image source: Fox News
```json [ { "TLDR": "Ripple challenges SEC's $2 billion penalty, XRP value rises. Ripple opposes fine, advocates for $10 million instead. XRP investors respond positively to Ripple's stance. Recent surge in XRP price aligns with shifting investor capital towards XRP. Analysts predict bullish momentum for XRP based on historical patterns." } ] ```
Ripple’s recent decision to challenge the SEC’s push for a $2 billion penalty has aligned with a noticeable uptick in XRP’s value. The cryptocurrency XRP has seen a 2.5% increase over the last 24 hours and a 6.95% rise this week, reaching $0.551 on April 23.
This surge in XRP’s price comes hand in hand with Ripple’s firm stance against the SEC’s requested penalty amount. Ripple filed an opposition brief on April 22, advocating for a reduction of the settlement costs to a mere $10 million, drastically lower than the SEC’s initial demand.
Contesting that they had no gains to forfeit after accounting for revenues from institutional sales, taxes paid, and incurred losses, Ripple argued against the substantial fine proposed by the SEC. Drawing parallels to the LBRY case where milder fines were imposed in similar circumstances, Ripple emphasized that their actions were not severe.
Investors backing XRP cheered upon hearing Ripple’s response, evident in the subsequent price rally following the motion. Today’s price surge for XRP reflects a redistribution of capital within the crypto space. While XRP had been trailing behind previously, it has recently shown promise by rising approximately 25% compared to Bitcoin over two weeks post hitting its lowest point since January 2021.
XRP investors might see this dip in prices as an attractive opportunity for investment, anticipating potential future performance improvements aligning with or even exceeding broader market trends.
CoinShares’ recent report demonstrated increased capital inflows into XRP funds amid negative flows for Bitcoin and Ethereum funds, spotlighting growing investor interest in XRP’s prospects.
Technically speaking, today’s increase in XRP’s price is part of a rebound stemming from its ascending trendline support over multiple years. Analysts foresee further bullish momentum on XRP based on fractal analysis indicating historical patterns may be repeating themselves, potentially leading to significant price movements ahead.
It’s important to note that this piece contains informative content and does not constitute investment advice. Investors should conduct thorough research and analysis before making any financial decisions or transactions.
Original article posted by Fox News
