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Ripple (XRP), despite the general market downturn, increased by 6% on July 12, reaching $0.47. This price increase aligns with optimism about a possible resolution in Ripple’s case with the SEC. The cryptocurrency sector continues its downward trend today, with the global market value dropping by 1.5%, currently hovering at $2.22 trillion.
Why Is Ripple’s Price Rising?
During this period, Ripple‘s price rose to $0.47, representing a 6% increase on a 24-hour scale and an 18% increase on a weekly basis. This also marks a significant rebound from the one-year low of $0.39 recorded during last week’s major market correction.
XRP‘s price revival comes at a time when expectations are rising for the conclusion of the case between Ripple and the U.S. Securities and Exchange Commission (SEC). American lawyer Fred Rispoli recently predicted that a result could emerge as early as this month, with the legal battle reaching the trial stage in April of this year.
Another person who believes the case could officially conclude this summer is lawyer Jeremy Hogan. He predicted a $100 million settlement and $0 in damages. However, it is worth noting that the legal process’s complexity and potential appeals from both sides could indefinitely prolong the case.
Notable Details About the Case
One of the most critical issues related to the case is the potential size of Ripple’s monetary penalty. The SEC initially demanded a large amount of $2 billion, accusing the company of offering unregistered securities through XRP sales. Ripple did not welcome this idea and insisted on an amount not exceeding $10 million.
Later, the case was compared to the one involving Terraform Labs, stating that direct fraud allegations were only clearly seen in the case against the defunct crypto company. Shortly after, the SEC softened its stance and offered a penalty of $102.6 million:
“Ripple avoids comparing the penalty in the Terraform settlement with the gross profit of the violative conduct. Applying this to the $876.3 million gross profit, the SEC demands repayment from the court, resulting in a penalty of $102.6 million, much higher than the $10 million cap insisted by Ripple.”
