SEC Files New Lawsuit Against Ripple, XRP Value Dips Slightly

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Ripple vs SEC: Does XRP face a fall below $0.6 following latest lawsuit?

The US Securities and Exchange Commission (SEC) filed a new lawsuit against the Ripple [XRP] team on January 11th. According to the latest lawsuit, the SEC is asking the Southern District Court of New York to compel Ripple to make its financial statements for the years 2022 to 2023 public.

SEC wants insight into Ripple’s finances

In addition, the SEC demanded that Ripple provide the court with its contracts received after complaint. The lawsuit reads: “The SEC respectfully requests an order compelling Ripple Labs, Inc. (“Ripple”) to produce two narrow categories of documents: (a) its financial statements for the years 2022-2023; and (b) its contracts received after complaint regarding “Institutional Sales”.

Last year, Ripple achieved a partial victory against the SEC when Judge Analisa Torres stated that the sale of XRP did not make the token a security. However, recent lawsuits from the regulator show that it is not satisfied with the ruling.

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Ripple supporters remain loyal

The outcome of the latest negotiations now lies with Judge Sarah Netburn. AMBCrypto has checked the public profiles of accounts associated with Ripple and found that the company has not yet commented on the matter.

At the time of the press release, CEO Brad Garlinghouse’s X-account was free from the SEC lawsuit. It was also the same with the Stuart Alderoty handle, whose last comments were about the approval of Bitcoin (BTC) ETFs.

Price of XRP drops

Nevertheless, the XRP price has lost 1.59% of its value since the development emerged. At the time of publication, XRP was changing hands at $0.59. This was a notable drop from its rise to $0.62 a few days ago.

Despite the price drop, sentiment around Ripple’s native token remained positive. This conclusion was drawn from the weighted sentiment data created on the Santiment platform. At the time of publication, the weighted sentiment had risen to 1.3. This suggests that market participants are bullish on the cryptocurrency despite the legal challenges.

XRP remains stuck

This perception was also evident in the number of XRP holders. According to AMBCrypto’s evaluation of Santiment data, the number of XRP holders was 5 million and has remained so for some time. This was also evidence that many holders have refrained from liquidating their holdings.

From a technical perspective, the Awesome Oscillator (AO) indicated a value of 0.02. However, the red bars of the histogram suggested that the momentum could become fully bearish. This would only be the case if the AO becomes negative.

Further indications

Further signs from the Directional Movement Index (DMI) showed that bulls were trying to ward off a potential decline. At the time of the press release, the +DMI (green) was 24.54, while the -DMI (red) was 16.75. However, for XRP to return to $0.60, the ADX (yellow) must rise above 24.84.

Sources: Santiment, TradingView

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