Ripple’s questions stay on money judgment
Ripple vs SEC Latest Update: On September 4, 2024, Ripple Lab formally requested the court to temporarily suspend the court's monetary division order on August 7, 2024. As of now, the court's financial portion is still pending and must be paid on September 6, 2024. However, Ripple is asking the court to rule on their request to stop the payment before a certain deadline when the payment is coming.
Ripple vs SEC latest update
The judgment will likely include financial penalties or fees that Ripple will be required to pay if the court does not grant a stay. In asking for a stay, Ripple is asking for a temporary freeze on these payments, possibly pending further legal review or appeal.
However, the Securities and Exchange Commission (SEC) agreed to Ripple's request because they did not oppose the delay in enforcing the financial judgment. Ripple and the SEC have agreed to an alternative security proposal where Ripple will deposit 111% of the judgment rate in the bank account.
According to a recent report, under this proposal, the time limit for filing an appeal, or until any appeal is resolved, would be extended to 30 days. During this period, the demand for the SEC will grow as expressed in justice. Additionally, Ripple will still own the fund but not control it. However, any interest earned remains in the bank account.
XRP price momentum and upcoming levels
Following this latest update, Ripple's native token XRP experienced a price increase of over 2.6% and is currently trading at $0.563. Meanwhile, the trading volume has increased by 35 percent, which shows the high participation from traders and investors.
According to expert technical analysis, XRP is at a critical support level and is facing strong resistance from the 200 Exponential Moving Average (EMA) in four hours.
If the price of XRP closes above the $0.577 level on the four-hour candle, there is a high possibility that it will rise to $0.64 in the coming days.
