SEC vs. Ripple: Regulator addresses Terraform Labs ruling letter
SEC criticizes Ripple for referencing Terraform Labs' cheaper settlement and compares two instances.
Ripple faces a $102.6 million penalty, not the $10 million, according to the regulator.
In the previous week, XRP has remained below $0.50.
Ripple's letter to the SEC explains why the settlement sum is unjustified. The payment business suggested a $10 million punishment against the SEC's $2 billion.
Nearly unchanged in seven days, XRP is below $0.50 resistance.
The US financial regulator addressed Ripple's SEC fine claims.
The SEC requested $2 billion in penalties and settlements, while the money remittance business offered $10 million.
The SEC replied to the request by explaining Terraform Labs' penalties, circumstances, and permanent closure.
In its letter, the regulator notes that two board members resigned, the business shut down, burnt digital asset wallet keys, and completed the appropriate actions for the $420 million securities breach.
The SEC claims Ripple is “agreeing to nothing,” operates, and “fails to recognize or acknowledge its violation of securities laws.”
The settlement amount is $102.6 million, compared to Ripple's $10 million punishment.
XRP stays below $0.50.
All week, Ripple failed to break $0.50. The altcoin's Binance seven-day price is practically unchanged. Technical indications suggest XRP might continue to lose below $0.50.
XRP may fall below $0.4665, its April 19 low, an almost 5% decrease.
The MACD indicator flashes red histogram bars beneath the neutral line, supporting the bearish XRP thesis.
A daily candlestick close over $0.50 might contradict the bearish thesis for XRP and push the cryptocurrency above its May 21 high of $0.55.
