An absence of case-related information left traders to invest in regards to the looming SEC reply transient.
The SEC should file its remedy-related reply transient by Monday (Might 6). In March, the SEC filed its remedy-related opening brief, urgent for a punitive penalty and an injunction. The SEC alleged that Ripple continued to breach US securities legal guidelines after the December 2020 grievance.
In April, Ripple filed its remedy-related opposition brief, stating that post-complain XRP gross sales had been to accredited traders and thru ODL agreements. ODL agreements guarantee XRP holders keep away from earnings or losses.
The SEC reply transient will give traders a greater sense of the energy of the SEC’s case for a punitive penalty and an injunction. XRP may come beneath promoting stress if the SEC may give proof of Ripple persevering with to breach US securities legal guidelines after the grievance.
Notably, an injunction prohibiting Ripple from promoting XRP to institutional traders would affect its plans for the US market.
On Saturday (Might 4), Fox Enterprise journalist Eleanor Terrett shared updates from XRP Las Vegas 2024, saying,