As a seasoned crypto investor with a keen interest in the XRP token, I’m thrilled to see its price surge by 6% on July 12, reaching $0.47, despite the overall bearish market trend. This uptick comes amidst growing optimism about the potential resolution of Ripple’s long-standing lawsuit with the SEC.
TL;DR
- Ripple (XRP) increased by 6% on July 12, reaching $0.47, despite a general market downturn.
The price surge coincides with optimism about a potential resolution in Ripple’s lawsuit with the SEC.
XRP Heads North
As a crypto investor, I’m observing a downturn in the cryptocurrency market today (July 12). The sector’s global market capitalization has retreated by around 1.5%, settling at approximately $2.22 trillion. Notably, prominent digital assets like Bitcoin (BTC) and Ethereum (ETH) have dropped by roughly 2% daily. Meanwhile, Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) have experienced more substantial declines.
Despite the downward trend in the cryptocurrency market, Ripple (XRP) has bucked the trend and experienced significant growth. Its price reached a high of $0.47, marking a 6% gain within the past day and an impressive 18% increase over the last week. This is also a noteworthy rebound from its one-year low of $0.39 hit during the recent market correction.
XRP’s price surge occurs concurrently with heightened anticipation that the long-standing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is nearing its conclusion. The courtroom showdown entered its trial phase in April 2023, with American lawyer Fred Rispoli forecasting a possible resolution by this very month.
“Additionally, he maintained that the penalty for the company under the proposed resolution should not exceed $25 million, while there was no provision for disgorgement in this amount.”
The judge has ordered that all sales previously ruled as illegal by the judge are permanently prohibited. Additionally, the lawyer mentioned that contracts referred to as “new” by Ripple are not currently under consideration by the court, meaning the SEC would need to file a new lawsuit if they believe these contracts violate the ruling.
Another legal expert, Jeremy Hogan, anticipates that the case could reach its conclusion this summer. He envisions a monetary settlement valued at around $100 million with no requirement for the involved party to return any previously gained profits.
It is worth noting, though, that the lawsuit might be prolonged indefinitely due to the complexity of the legal process and possible appeals from both sides. If you are curious to learn more about the spat and its potential impact on XRP’s price, feel free to take a look at our dedicated video below:
Disagreement on the Penalty
One significant point of contention in the ongoing lawsuit involves the potential penalty for Ripple. The SEC originally demanded a massive fine of $2 billion, alleging that Ripple had conducted an unregistered securities offering through XRP sales. However, Ripple strongly objected to this figure and proposed a penalty no greater than $10 million.
The SEC made this observation later on, drawing parallels to the watchdog and Terraform Labs cases. While clear-cut fraud allegations were only present against the defunct crypto firm, the SEC subsequently changed its stance, suggesting a fine of $102.6 million.
As a crypto investor following the ongoing legal battle between Ripple and the SEC, I’d rephrase it like this:
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2024-07-12 13:51