The SEC filed a complaint alleging that Ripple systematically used trading bots, such as XRP 2t 6t, to conduct anonymous transactions to artificially prevent a significant decline or increase the market price of XRP.
According to the SEC, based By analyzing data from various analytical resources, including recordings of negotiations and historical information on XRP prices, cases were recorded when the directives of the Ripple GSR trading bot coincided with upward movements or stopped the fall in XRP prices.
Also, the SEC's suspicions about possible unethical behavior by Ripple are associated with the company's significant reserves in XRP and the apparent sluggishness of price growth for digital assets compared to competing cryptocurrencies.
The SEC believes that Ripple's strategy and the value of XRP did not meet the expectations of the crypto community, and the use of trading bots allowed the company to mislead investors and create the illusion of trading activity.
Earlier it became known that a new class action lawsuit was filed in the District Court for the Northern District of California, which stated that Ripple violated federal and California securities laws by selling XRP without registering with the regulator.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
