The price of XRP has increased by more than 4.5% in the last day due to rumors that Ripple will pay the US SEC less in settlement fees. Today, XRP is trading at a higher price of $0.65, having increased by around 4.5% over the previous day to reach a three-week peak of $0.65. As a consequence, it has surpassed the whole cryptocurrency market, which had returns of almost 1% over the previous day.
Positive SEC Vs Ripple (XRP) Update
The previous 24 hours have seen rises in the price of XRP due to expectations that Ripple may lower the expenses of any prospective settlement in its ongoing legal dispute with the SEC of the United States. Remarkably, a remedies-related investigative process between Ripple and the SEC continues about the latter’s $770 m in sales of XRP to institutional investors. Ripple cites the Morrison v. NAB case in its goal to cut prospective litigation expenses by more than 50%.
Ripple may contend that sales of XRP to investors outside of the United States are not subject to SEC jurisdiction by using Morrison v. NAB. This is noteworthy as institutional investors based outside of the United States accounted for a sizable percentage of Ripple’s XRP sales.
The extent of the SEC’s lawsuit and possibly the amount of any fine or settlement might be greatly reduced if Ripple can prove that these sales are not within the purview of the SEC. XRP experts are optimistic about the coin as a result of this anticipation. The most wealthy investors in XRP have been making significant accumulations at the same time as the stock.
For example, in December, the amount of XRP owned by accounts with an inventory of more than a million tokens climbed by 20 million. Whales have positioned themselves for further gain in the future, as seen by the approximately 8.5% increase in XRP’s price within the same time frame.