In a recent development, Ripple has utilized the Terraform ruling to push back against the SEC’s penalty demands, aiming to reduce the proposed fine of $102 million to just $10 million.
Despite a sluggish start to the week for most cryptocurrencies, XRP has defied the trend by experiencing a 5% gain in the past day, making it the only top ten crypto in the green. This surge follows Ripple’s ongoing battle with the SEC over the fine amount.
Currently trading at $0.5159, XRP has seen a significant increase of 5.4% in the last 24 hours and 3.6% over the past week. This marks a substantial recovery from its sharp drop on June 7, with a 10% rise from its monthly low of $0.4679. Trading volume has also risen by 60% to reach $1.47 billion, making it the fifth highest for non-stablecoin cryptos.
Among the top 100 coins, XRP’s gains stand out as the highest, surpassing the second-placed TRON by four times with a 1.56% increase. While most major coins experienced losses in the past day, including Bitcoin and Ethereum with a 1.4% decrease, XRP’s resilience is evident.
One key factor contributing to XRP’s recent success is the growing institutional interest in the token. XRP investment funds have seen $1.1 million in inflows over the past week, marking a second consecutive week of positive flows for the cryptocurrency.
Looking back at the Ripple vs. SEC lawsuit, a similar scenario unfolded a year ago, leading to a significant price surge for XRP after a positive court ruling. This time, the stakes are even higher as both parties await a final resolution to the long-standing legal battle.
Ripple’s legal team has cited a precedent involving a Florida investor and the National Australia Bank to argue for a reduced penalty based on sales to non-US investors. By excluding XRP transactions with foreign investors, Ripple suggests that the fine could be significantly reduced to around $10 million, challenging the SEC’s proposed amount of $102 million.