According to CryptoPotato, XRP has fallen slightly over the past 12 hours after briefly trading above $0.50. However, the short-term uptrend managed to erase the weekly losses, leaving XRP as the only top cryptocurrency to post a small gain over the same period.
In terms of price, XRP has seen open interest (OI) as investors continue to closely monitor the battle between Ripple and the US Securities and Exchange Commission (SEC). According to the latest analysis of CryptoQuant, the increase in OI indicates that investors are opening positions in anticipation of an increase in the price of XRP. The analyst group stopped by and saw the trading activity around XRP, which is currently the seventh largest cryptocurrency in the market. This sentiment may reflect investor sentiment, but it can also lead to market volatility.
The dispute between Ripple and the SEC began in December 2020 when the SEC accused the blockchain company and some of its executives of starting an unregistered security offering by selling XRP. In 2021, US District Judge Analisa Torres ruled that the open market purchase of the San Francisco company was not considered a securities offering, contrary to the SEC's allegations. However, the judge agreed with the SEC that Ripple's direct market of XRP is a good offer for corporate investors.
The debate over the latest legislation concerns the amount of fines that can be imposed on Ripple. Initially, the SEC requested a $2 billion penalty, while Ripple's lawyers said the civil penalty should not exceed $10 million, compared to the recent Terraform Labs settlement. The regulator then rejected Ripple's request for $102.6 million, which was less than the previously proposed fine.
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