SEC Files Letter Of Supplemental Authority Vs Ripple, What It Means

The US Securities and Exchange Commission (SEC) has filed a Letter of Supplemental Authority in further support of its motion for summary judgment in its lawsuit against Ripple Labs. In doing so, the US agency seeks to provide additional legal precedent boasting its motion for summary judgment.

Timeline of Xrp

The $XRP Ledger, a decentralized, open-source blockchain platform designed for fast and efficient cross-border transactions, has recently surpassed the 79 million ledger milestone as its adoption grows.

Payments firm Ripple has penned a deal with Montengero to launch a CBDC pilot program, according to the country's central bank. In a press release, The Central Bank of Montenegro (CBCG) says it has agreed to work with Ripple in developing a “strategy and pilot program” for launching the country's first CBDC or “national stablecoin.

After a strong uptrend that catapulted XRP over the $0.585 mark, XRP's price has been consolidating within a narrow range. Despite this, XRP bulls remain optimistic about the cryptocurrency's prospects.

The Twitter account of History Latinoamérica (@HistoryLA), part of the popular History Channel network, has fallen victim to hackers promoting an XRP scam involving Ripple CEO Brad Garlinghouse.

Montenegro has joined dozens of nations around the world in pursuing a digital currency. The Central Bank of Montenegro (CBCG) is working with cryptocurrency and blockchain firm Ripple to launch a central bank digital currency (CBDC), according to a Tuesday (April 11) press release.

XRP has successfully broken out of the symmetrical triangle pattern we previously discussed. This bullish development signals the potential continuation of the upward trend, with the next target being the psychological resistance level at $0.6, slightly above the previous local high.

Ripple, which is often shrouded in media coverage for its ongoing SEC lawsuit, recently announced its plans to develop a central bank digital currency (CBDC) for the Central Bank of Montenegro. The national bank will collaborate to further devise a plan to boost the CBDC's circulation in the country.

XRP, the fourth largest cryptocurrency by market capitalization excluding stablecoins, could experience a significant surge in price if it manages to close above a critical level, according to top crypto analyst Ali Martinez.

While the exact technical form of the joint product is yet to be announced, a partnership with the U.S. based digital payments heavyweight will unlock new opportunities for Montenegro's financial system.

Recent XRP trading has been unpredictable, but the token has been noticeably struggling to gain traction in the highly competitive cryptocurrency market, with its price dropping from its 2023 high of $0.58 after TV personality Jim Cramer said the Securities and Exchange Commission (SEC) “may not even win” its lawsuit against Ripple.