On December 6th, XRP price experienced a roughly 4.5% increase, reaching the $0.65 level, touching the highest point in three weeks. This momentum allowed XRP to exhibit a remarkable performance compared to many altcoins despite the declines in the cryptocurrency market over the past 24 hours.
Ripple is in the midst of a potential settlement process in its ongoing case with the U.S. Securities and Exchange Commission (SEC). It is indicated that the SEC could make a significant reduction in the anticipated penalty for Ripple Labs.
Ripple’s discovery process continues regarding the resolution of $770 million worth of XRP sales to institutional investors. Referring to the Morrison vs. National Australia Bank case, Ripple expects to reduce potential settlement costs with the SEC by more than 50%.
Citing the Morrison vs. NAB case as a precedent, Ripple could argue that the SEC’s jurisdiction does not cover XRP sales to investors outside the U.S. A significant portion of Ripple’s XRP sales have been made to institutional investors outside of the U.S.
If Ripple successfully demonstrates that these sales fall outside the SEC’s jurisdiction, a substantial reduction in the scale of the case and any potential penalties or settlement amounts by the SEC is expected. With this expectation, market analysts have forecasted an increase in the price of XRP.