With all eyes on the legal conflict, Ripple (XRP) could be prepared to target $1 following a resolution to its lawsuit with the US Securities and Exchange Commission (SEC). The agency has recently revised its penalty. It is now asking the court to approve $102.6 million in fines to be paid by the company, as opposed to the original $2 billion request.
Ripple had recently cited the Terraform Labs settlement to reduce the penalty request. The latter’s settlement with the SEC resulted in a $4.5 billion fine. Yet, the ongoing discussions have signaled an end to the case is nearing.
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Ripple and SEC Settlement Could Be Catalyst for XRP Rally
Over the past week, Ripple (XRP) had observed a rather surprising value increase. Despite an overall market downturn, the asset had surged more than 202% in trade volume as it decoupled from a declining Bitcoin. Although it had maintained its position above $0.50, that changed with a recent 6% downturn in the last 24 hours, according to CoinMarketCap.
Still, there is hope for the cryptocurrency ascension in the near future. The marker is carefully observing Ripple (XRP) and a potential $1 surge as a conclusion to its legal battle with the SEC is approaching. One report suggests that XRP is among the few tokens’ to be performing positively in the last few weeks.
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A recent CoinShares report identifies XRP enjoying the largest inflows Tuesday. Specifically, it led all altcoins with $1.1 million and was behind only Ethereum’s $13.1 million. XRP is currently facing a multi-year support level within a defined triangle pattern. Breaking away from that could lead to a rally far beyond the $1 mark.
A lot of that depends on the ongoing legal conflict, and when it could finally come to an end. Ripple CEO Brad Garlinghouse recently discussed the matter. He noted that a conclusion should be expected by the end of summer. Specifically, he expressed late September as a possible conclusion date.