Ripple, the company behind the XRP token, is currently in a legal dispute with the US Securities and Exchange Commission (SEC). The SEC accuses Ripple of conducting an unregistered securities offering by selling its XRP token and seeks a $2 billion penalty. However, Ripple's chief legal officer, Stuart Alderoty, argues that the fine should not exceed $10 million.

Ripple's lawyers recently reiterated this stance, comparing the case with the SEC's lawsuit against Terraform Labs, a defunct crypto firm that agreed to pay a $4.47 billion fine for fraudulent activity. The lawyers argue that the SEC has previously agreed that civil penalties should range from 0.6% to 1.8% of the defendant's gross revenue, and therefore, an "appropriate" fine for Ripple would be no more than $10 million.

Despite the ongoing legal battle, Ripple's CEO Brad Garlinghouse is optimistic about a resolution by summer 2024. However, the complex legal process could cause delays. The outcome of the case could significantly impact the price of XRP, which has reacted positively to Ripple's partial court wins in the past.