Public Outrage Shifts Support from SEC as Ripple Successfully Defends Against $2 Billion Fine

Is the SEC losing public support as Ripple challenges their $2 billion fine? The ongoing legal battle between Ripple and the SEC has reached a critical point, with the SEC seeking a massive fine against the blockchain company. Ripple, in response, is proposing a much lower civil penalty. Ripple’s Chief Legal Officer, Stuart Alderoty, argues that the case lacks allegations of recklessness or fraud and suggests that the SEC’s actions are part of a broader pattern of intimidation against the crypto industry. Ripple CEO Brad Garlinghouse also warns of the long-term consequences of the SEC’s actions. Despite the legal dispute, Ripple claims to have adapted its practices and complied with regulatory requirements. Public opinion seems to be turning against the SEC, with social media users expressing frustration and concerns. XRP, after a recent market crash, has shown signs of recovery, trading at $0.55. However, its trading volume has decreased, suggesting a potential correction in the near future. XRP faces resistance levels between $0.57 and $0.58, but a breach could lead to a significant increase. It is important to monitor key support levels at $0.52 and $0.50. Wallet accumulation of XRP has been increasing, indicating potential bullish momentum. The outcome of the legal battle could have a significant impact on XRP’s value. Additionally, the recent Bitcoin halving event could also affect XRP’s price. Traders should closely follow the legal proceedings and market trends to identify trading opportunities.