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XRP Massive $5 Price Breakout Nears As SEC Slashes Ripple’s Proposed Penalty From $2 Billion To $103 Million ⋆ ZyCrypto

XRP, the digital asset associated with Ripple, is on the verge of a major breakout as the US Securities and Exchange Commission (SEC) has reduced its proposed penalty against Ripple from $2 billion to $102.6 million. This development comes after a lengthy legal battle between Ripple and the SEC, which began in December 2020 when the regulator accused Ripple of using XRP as an unregistered security to raise $1.3 billion.

The SEC’s decision to lower the fine amount is seen as a relief for Ripple, as the company had argued for a much lower penalty of $10 million. Ripple’s legal team cited a recent settlement between the SEC and Terraform Labs to support their case for a fair penalty amount. However, the SEC dismissed Ripple’s comparison to the Terraform Labs settlement, stating that the circumstances were different.

Despite the ongoing legal battle, Ripple has continued to forge partnerships and expand its presence in the crypto market. XRP, currently the seventh largest cryptocurrency with a market cap of $27.7 billion, has remained relatively stable in price at just above $0.4966. Analysts believe that once the SEC lawsuit is resolved, XRP could see a significant price breakout, with some predicting a $5 price target.

It is unclear when a final ruling on the remedies will be made, but Ripple’s CEO, Brad Garlinghouse, expects a conclusion by September 21. The outcome of this legal battle could have significant implications for Ripple and the broader crypto market.

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