The post XRP Surges 1.21% Amid SEC Backlash: New Court Precedent? appeared on BitcoinEthereumNews.com.

The Ripple and XRP community have continued to slam the US SEC for its harsh regulations by enforcement, especially outside its jurisdiction. The upcoming US general elections will be a major turning point for the mass adoption of crypto in the United States, which will be a relief for XRP holders. Ripple Labs-backed XRP price registered a relief rebound on Thursday and Friday after being trapped in a bearish trend for nine days. The large-cap altcoin, with a fully diluted valuation of about $47.7 billion and a daily traded average volume of around $732 million, has been approaching the apex of its multi-year triangular consolidation. With the ongoing bullish crypto macro outlook, it is safe to assume that the XRP price is on the verge of a major bullish uproar, which will be triggered by the settlement between Ripple and the US SEC. As Crypto News Flash previously reported, the settlement plan between the US SEC and Ripple has gained more momentum amid the approaching end of the current administration. Notably, the US SEC filed a motion to the presiding Judge requesting that Ripple be fined around $102 million for violating securities laws. The US SEC has continued to argue that XRP sales in crypto exchanges violate securities laws despite last year’s ruling that indicated otherwise.  Ripple Fights SEC’s Rogue Moves The US SEC, led by Chair Gary Gensler, has been accused of overstepping its powers by attempting to crack down on the crypto industry by regulating via enforcement. According to Ripple’s Chief Legal Officer, Stuart Alderoty, Gensler has failed the American people by not providing clear crypto regulations. Moreover, the court found the US SEC to have unlawfully overstepped its mandate to regulate the crypto industry, among other sectors. For instance, in the SEC vs. National Association of Manufacturers…

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Filed under: News - @ June 30, 2024 10:14 pm