Ripple CEO

▲ Brad Garlinghouse/Source: Twitter ©Coinleaders

The price of popular cryptocurrency Ripple's XRP has dropped nearly 9% in a week, hovering just below the $0.50 mark.

Many Ripple investors are waiting for the XRP price to break above $0.5 and reach $0.6, but the current market trend is not showing any positive signs.

A long-running legal battle with the U.S. Securities and Exchange Commission (SEC) is also weighing on the XRP price movement.

Sean McBride, Ripple's former global talent acquisition executive, believes that XRP cannot grow because of the ongoing legal battle with the SEC.

In a related development, Ripple (XRP) CEO Brad Garlinghouse recently commented on the SEC lawsuit at the XRPL Community Summit, predicting that it "could be over much sooner than people expect."

He added: "I think in some ways we're very close to the end of that journey. Someone asked me if it was the end of August or the end of September, and I don't know."

When the judge makes his decision, it will be before the end of summer.

Meanwhile, James K. Filan, a former U.S. federal prosecutor, told X that "Ripple has filed a Notice of Supplemental Authority in connection with the Terraform Labs settlement."

The notice is filed to draw attention to a significant decision, regulation, statute, or other authority that was discovered after the final preparatory documents were filed.

The SEC and Theraform Labs have reached a $4.47 billion settlement, according to news reports. This includes approximately $3.5 billion in disgorgement, $460 million in pre-judgment interest, and $420 million in penalties.

The SEC and Terraform Labs have settled for $4.47 billion, according to the press release.