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The bitcoin cryptocurrency XRP, associated with Ripple, faces a legal storm as the Securities and Exchange Commission (SEC) intensifies its actions against the blockchain company. The SEC’s latest move includes enforcing compliance with document requests, which may pose a challenge for Ripple.
The legal maneuver focuses on Ripple’s compliance with requests for audited financial statements over two years, disclosure of post-complaint Corporate Sales contracts, and responding to inquiries regarding pre-complaint Corporate Sales.
The SEC’s enforcement action, initiated when a party finds the other’s responses insufficient, emphasizes allegations of Ripple’s non-compliance with certain disclosure obligations. This legal filing requires court intervention to ensure timely and complete information sharing.
Concurrently, XRP’s price struggles with its challenges, reflecting a downward trend since the year’s start. Currently trading at $0.514, XRP has breached support levels of $0.600 and $0.550, dangerously approaching the critical $0.500 support.
As XRP navigates this challenging landscape, investors should closely monitor key price levels. Overcoming the $0.540 resistance could invalidate the bearish outlook and open the door for a rise to $0.551 and beyond. Until a rally occurs, the altcoin remains vulnerable to further declines, with $0.476 as the next critical support level.
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