Ripple Requests Stay on Monetary Judgment
Ripple vs SEC latest update: On September 4, 2024, the Ripple Lab officially requested the court to pause the monetary part of the judgment which was ordered on August 7, 2024. As of now, the monetary portion of the judgment is still pending and is supposed to be paid on September 6, 2024. However, Ripple is asking the court to decide on their request to stay the payment before a certain deadline as it comes near.
Ripple vs SEC Latest Update
The judgment likely involves financial penalties or payments that Ripple is required to make if the court does not grant a stay. By requesting a stay, Ripple is asking for a temporary halt on these payments, possibly to allow for further legal review or appeal.
However, the Securities and Exchange Commission (SEC) has agreed to Ripple’s request, as they are not opposing the delay in enforcing the monetary judgment. Ripple and the SEC have agreed to an alternative security proposal in which Ripple will place 111% of the judgment amount in a bank account.
According to the recent report, under this proposal, the stay will last until 30 days after the deadline to appeal or until any appeal is resolved. During this period, interest will grow in favor of the SEC, as stated in the Judgment. Additionally, Ripple will still own the Fund but won’t control it. However, any interest earned will stay in the bank account.
XRP Price Momentum and Upcoming Levels
Following this latest update, Ripple’s native token XRP has experienced a price surge of over 2.6% and is currently trading near $0.563. Meanwhile, its trading volume has increased by 35%, indicating higher participation from traders and investors.
According to expert technical analysis, XRP is at a crucial support level and is facing strong resistance from the 200 Exponential Moving Average (EMA) in a four-hour time frame.
If the XRP price closes a four-hour candle above the $0.577 level, there is a high possibility it could rise to the $0.64 level in the coming days.
