The Ripple ecosystem’s native token,
The token is trading at $0.714 at the time of writing CryptoSlate facts.
The rally can be attributed to a combination of factors, including anticipation surrounding Ripple’s Swell conference, regulatory approvals, and an ever-evolving cryptocurrency landscape.
Positive momentum
XRP has been steadily gaining value since Grayscale’s spot Bitcoin ETF made headlines, pushing the overall crypto market to new highs for the year. However, the token started to rise on November 6 after several positive developments over the past week.
A major development was Ripple’s approval to operate within the Dubai International Financial Center (DIFC) free trade zone. The approval effectively legitimizes the use of XRP tokens by financial institutions in the DIFC, further establishing its credibility within the financial ecosystem.
However, the growing excitement is mainly centered around Ripple’s upcoming Swell conference on November 8-9 in Dubai. There are many speculations that Ripple could do that reveal plans for an initial public offering (IPO) at the event, and its approval by the DIFC was a precursor.
Notably, previous editions of the Swell conference have often led to positive reactions in the price of XRP, and the market appears to be reflecting a similar sentiment this year.
Additionally, Ripple continues to forge new partnerships with central banks around the world and strengthen its position in the world of central bank digital currencies (CBDCs). The National Bank of Georgia is the latest to choose Ripple to develop his CBDC project – the digital lari.
SEC Settlement
Multiple crypto lawyers have made it clear that Ripple is in a solid position to win its dispute with the SEC. Experts believe the regulator will offer the company a settlement deal, which could range from hundreds of millions of dollars to $20 million.
The SEC is seeking a significant fine of $770 million for what it alleges were illegal XRP sales to institutional investors. However, lawyers claim the actual amount will be much smaller.
Attorney and partner at Hogan & Hogan, Jeremy Hogan, provided insight into the disgorgement in the case. Hogan explained that Ripple may have done that two arguments in response to this.
First, they could argue that disgorgement should be based on net profit rather than gross profit as established in the 2020 SEC v Liu case. This means that operating costs should be deducted from the total.
Second, he pointed out that disgorgement should be awarded to the victims, referring to individuals or entities who suffered losses on their XRP investments. If an
Hogan also raised questions about the SEC’s jurisdiction over sales to entities unrelated to the US
