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SEC Escalates Legal Pressure on Ripple, Impacting XRP Market Performance

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Ripple’s ongoing legal battle with the SEC intensifies as the agency demands two years of audited bitcoin financial records.XRP’s value witnesses a significant decline, reaching a three-month low amidst legal uncertainties and market volatility.Technical indicators like RSI and MACD suggest a bearish trend for XRP, with a potential for reversal under favorable market conditions.Ripple (XRP), a prominent player in the cryptocurrency world, is currently grappling with heightened legal scrutiny from the Securities and Exchange Commission (SEC). The latest rivalry in this ongoing saga is the SEC’s move to bolster its case against Ripple by filing a reply supporting its motion to compel.This legal maneuver is designed to acquire crucial financial documents and responses to specific interrogatories from Ripple, primarily focusing on the company’s audited financial statements for the past two years and detailed information regarding post-complaint Institutional Sales contracts.This recent action by the SEC underscores its unwavering commitment to pursue this case and to secure a favorable outcome. The regulatory body’s determination is evident from its partial victory earlier in the proceedings, where XRP was classified as a security concerning institutional sales. Despite this, the SEC is not relenting in its pursuit of comprehensive disclosure from Ripple, reflecting the agency’s stringent approach to regulatory compliance in the crypto sector.Read full article at CryptoTale.

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