• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Bitneni

  • News
  • Bitcoin
  • Ethereum
  • XRP (Ripple)

Ripple SEC Saga Continues as XRP Takes a Dive Against the USD

Ronald Henderson/October 19, 2022News

FacebookTwitterReddit

The ongoing Ripple lawsuit against the United States Security Exchange Commission has reached a pivotal level. Following the request for a summary judgment by the SEC, Ripple has executed its right to request a memorandum of law against the SEC. In light of the set of events, the XRP token has taken a deep dive against the USD over the last 24 hours.

Ripple vs SEC and What it Means for XRP

About one month after the SEC filed a motion for summary judgment against Ripple, the company behind the XRP token made a move. According to circulating reports, the request for summary judgment was supposed to stop the trial altogether. If this happens, the SEC would have won the case against Ripple and XRP may have been deemed security.

With the memorandum of law, Ripple is contesting the motion for summary judgment by the SEC. While the document is not available to the public, these types of documents are usually used to reinforce the defendant’s position. It means that Ripple is not backing down and is winning to take the case to the next level.

XRP Price Analysis

In other news, the XRP price is down by 3.40% against the USD, trading at $0.4542 at the time of writing. The token is trading within the $0.4536 and $0.4723 trading ranges. The token has lost a significant chunk of the value it accumulated over the last few months. Thanks to the bullish rally, the XRP token was able to rise above the $0.54 level against the USD. However, it has now taken a bearish turn.

All long-term indicators show that the token is still bullish despite the current bearish momentum against the USD. It is also important to note that Bitcoin, Ethereum, and many other cryptocurrencies are currently bearish against the USD. The BTC cryptocurrency is trading at $19,187.06, down by 2.12% against the USD. Ethereum is trading at $1,298.04. It is down by 2.32% against the USD.

Tags:Bitcoin/ Bitcoin Price/ BTC/ BTC Price Analysis/ News/ Ripple SEC/ SEC

FacebookTwitterReddit
Henderson

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Could Federal Regulation Lead to a Surge in the Price of Bitcoin?

Bitcoin (BTC) Slides Down, Breaking Major Support Levels – Will it Fall Below $20,000?

United State Regulator Talks About Bitcoin’s Future as a Replacement for Fiat

Footer

Every Bit of Internet!

  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Copyright © 2023

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT