SBI Holdings Reveals What Suppressed XRP Price

Crypto researcher SMQKE recently shared an excerpt from an official document published by SBI Holdings, a prominent Japanese financial services company, referencing the legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.

The document, reportedly included in SBI Holdings’ “2025 Information Meeting” presentation dated June 2, 2025, offers a detailed timeline of the legal proceedings that have influenced XRP’s market valuation over the past several years.

The document further outlines significant milestones in the litigation process. On July 13, 2023, a federal district court ruled that XRP does not constitute an investment contract and therefore is not a security, except in circumstances involving direct sales to institutional investors. This legal interpretation marked a partial victory for Ripple, clarifying that most transactions involving XRP would not be classified as securities sales under U.S. law.

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Developments in Penalty Reduction and Settlement

SBI Holdings’ presentation also highlights the subsequent negotiations between the SEC and Ripple regarding financial penalties. Initially, the SEC had pursued a penalty estimated at approximately $125 million.

However, according to the presentation, on May 8, 2025, Ripple and the SEC reached a settlement agreement and jointly submitted a letter to the federal district court requesting approval of revised settlement terms. The penalty was ultimately reduced to USD 50 million.

This settlement is described in the document as an important development that has removed a significant obstacle to Ripple’s prospective initial public offering (IPO). SBI Holdings specifically noted that the prolonged legal uncertainty had acted as a barrier by “suppressing the price of XRP for an extended period.”

Price Activity and Market Reactions Documented

The image shared by SMQKE includes a price chart displaying XRP’s fluctuations between April 2020 and May 2025. After the initial lawsuit in December 2021, XRP experienced extended periods of price volatility and sustained low valuations. Following the July 2023 ruling that XRP was not a security for most retail transactions, XRP’s price rose to approximately $0.81 (JPY 112).

Later, as the May 2025 settlement agreement became public, the price increased further. On May 8, 2025, XRP traded at $2.31 (JPY 337), reflecting growing confidence among market participants that the legal issues were nearing conclusion. The chart also recorded a similar valuation of $2.31 (JPY 329) on May 26, 2025.

Community Commentary and Source Verification

This confirmation has been used by some market observers to reinforce the credibility of the claims presented, particularly the assertion that the SEC dispute has weighed on XRP’s valuation and delayed Ripple’s IPO ambitions.

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