XRP has managed to hold above the $1 mark following several days of bearish selling. The SEC charges appear to be playing less of a role in price movement lately as support against the SEC case grows
Ripple Labs have been battling with the securities and Exchange Commission (SEC) for several months already. However XRP has seen a dramatic increase in price. Following an impressive 250% surge in price from $0.58 up to $1.96, the token has taken a big hit this week as the market sell-off sees everything drop in price.
However XRP currently still holds the $1 support levels as Ripple Labs continues to fight their case against the SEC.
The SEC case which was opened in December 2020 related to the selling of unregistered securities in the form of the XRP token. The SEC claimed that Ripple Labs and its executives sold over $1.3 billion in XRP to investors.
The latest twist in the case saw the SEC asking the judge to deny Ripple’s request to stop contacting foreign regulators. The SEC had previously also asked for approval to access financial records of the company’s executives. However Ripple opposed this, and consequently won the ruling to not have to supply personal records to the SEC.
The ongoing legal battle between the SEC and Ripple Labs is expected to continue for the foreseeable future. However XRP continues to hold firm, even with all the negative press related to the SEC charges.
XRP holders offer support against SEC
It now appears that XRP holders are backing Ripple Labs in the case. A recent legal filing which was submitted by John Deaton, an attorney based out of Rhode island, is backing Ripple. Over 12,600 XRP holders and supporters have joined the fight to back Ripple.
Deaton states that the supporters include small businesses, holders, developers, and investors of the cryptocurrency. The users “have a significant interest in the property at issue in this enforcement action” he said.
Ripple appears to be recovering following a tumultuous several months. The price of XRP at the time of writing remains at $0.4. While down a lot over the last week, the cryptocurrency is currently still up 89% since the beginning of April.