This increase in value is in line with the anticipation of the potential outcome of Ripple’s SEC lawsuit.
XRP Advances Northward
The cryptocurrency industry has declined by 1.5% today (July 12), and its global market value has reached $2.22 trillion. Major digital assets such as Bitcoin (BTC) and Ethereum (ETH) are down by about 2% day, while Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) have performed much worse.
However, the popular cryptocurrency Ripple (XRP) has defied the bearish trend. Its price rose to $0.47, a 6% increase in 24 hours and an 18% weekly increase. This is a significant improvement from the one-year low of $0.39 reached during last week’s sharp market decline.
XRP Price, Source: CoinGecko
The recovery in XRP’s price has come on the back of hopes that the long-running dispute between Ripple and the US Securities and Exchange Commission (SEC) will be resolved. The legal conflict reached the trial stage in April of this year; with US attorney Fred Rispoli recently suggesting that a verdict could come as early as this month.
He further argued that the deal would cause a maximum penalty of $25 million on the company, and no money would be refunded.
“The judge decided that all the sales he found unlawful should be permanently banned, and he said that all the “new” contracts mentioned by Ripple are not properly before him. If the SEC believes these contracts violate his ruling, they will have to file another lawsuit,” the attorney said.
Lawyer Jeremy Hogan hopes the case will be officially closed this summer. He expected a $100 million settlement and no disgorgement.
Differences regarding punishments
The amount of Ripple’s potential fine is one of the main points of contention in the lawsuit. At first, the SEC demanded a staggering amount of $2 billion. This thought did not offer to Ripple, which insisted on a greatest sum of $10 million.
It then compared this case and the one involving the watchdog and Terraform Labs, saying there were clear allegations of fraud in the former case. After some time, the SEC changed its stance and suggested a fine of $102.6 million.
Ripple has not considered the sum of the fine from the Terraform assertion as rise to the in general benefits made from illicit movement. This proportion, which is 11.7% higher, is ($420 million/$3.587 billion).
