Ripple Proposes IDR 1.9 Trillion Fine Delay To Court, XRP Price Drops

Ripple submitted a postponement of a fine of IDR 1.9 trillion to the court (Photo; Doc. Crypto News Flash)

JAKARTA - Ripple, a blockchain-based remittance company, filed a request to the court to postpone the payment of a fine of 125 million US Dollars (approximately Rp1.9 trillion) handed down in a lawsuit decision with the United States Securities and Exchange Commission (SEC). This application, filed on August 7, has received approval from the SEC. However, despite an agreement to postpone the fine, the value of Ripple's cryptocurrency, XRP, fell to 0.54 US Dollars (approximately Rp8,313) due to market correction pressure.

The request for a postponement of this fine comes after the final verdict in a lawsuit between the SEC and Ripple. In the ruling, judge Analysis Torres ruled that XRP is not a security in secondary market transactions on crypto exchange platforms. Even so, Ripple remains fined 125 million US Dollars (approximately Rp1.9 trillion) for violating securities law. Ripple also requested that the payment of this fine be temporarily postponed, which was later approved by the SEC on September 4.

Currently, XRP traders are waiting to see if regulators will appeal this decision. If an appeal occurs, this could exacerbate legal uncertainty regarding XRP and affect the asset price in the future.

According to Fxstreet information, in recent months, XRP has experienced a downward trend that began on July 13, when the price of this altcoin hit 0.9380 US Dollars (approximately Rp14,440). Currently, XRP is trading at 0.54 US Dollars (approximately Rp8,313), down about 1.81% in a day. Some analysts predict that XRP could experience a further decline of up to 4.72% and touch key levels at 0.5188 US Dollars (approximately Rp7,986). This level is considered as a lower limit of Fair Value Gap (FVG), which is an important support area for XRP.

Moving Average Convergence (MACD) indicators also show signs of negative momentum, with red histograms below the neutral line. This indicates the potential for continued selling pressure against XRP.

However, if the daily price of XRP can be closed above 0.5785 US Dollars (approximately IDR 8,906), it is possible that this bearish scenario could be canceled, and XRP might target an important psychological level of 0.60 US Dollars (approximately IDR 9,237).