With all the attention on the regulatory conflict, Ripple (XRP) could be preparing to target $1 after settling a lawsuit with the U.S. Securities and Exchange Commission (SEC). The agency recently revised its penalties. They are now asking the court to approve the $102.6 million fine the company must pay, as opposed to the original request of $2 billion.
Ripple recently cited Terraform Labs' agreement to reduce its penalty demands. The latter settlement with the SEC resulted in a $4.5 billion fine. However, ongoing discussions have signaled the end of the case is near.
The conclusion of the Ripple and SEC lawsuit could be a bullish catalyst for XRP
Over the past week, Ripple (XRP) has observed a rather surprising increase in value. Despite the general market downturn, the asset increased over 202% in trading volume as it diverged from Bitcoin's decline. While it had maintained a position above $0.50, that has changed with a recent 6% drop in the past 24 hours, according to CoinMarketCap .
However, there is still hope for cryptocurrency advancement in the near future. Marker is carefully watching Ripple (XRP) and its potential $1 price increase as the legal battle with the SEC comes to an end. A report shows that XRP is among the few tokens that have been active over the past few weeks.
A recent report by CoinShares identified XRP as having the largest inflows on Tuesday. Specifically, it leads all altcoins with $1.1 million and is only behind Ethereum's $13.1 million. XRP is currently facing multi-year support within a defined triangle pattern. A break from that level could lead to a rally well beyond the $1 mark.
Much of that depends on the ongoing legal conflict and when the legal conflict may finally end. Ripple CEO Brad Garlinghouse recently discussed the issue. He noted that a conclusion is expected by the end of the summer. Specifically, he expressed that the end of September could be the ending date.