XRP climbed Wednesday night as crypto users discussed a new report regarding the SEC supposedly wrapping up its case against Ripple, the largest known corporate holder of the $XRP token and the overseer of the XRP Ledger's development.

Ripple’s legal fight with the SEC is close to ending, but it’s not going quietly. The $125 million fine and permanent ban on institutional XRP sales are still on the table, and Ripple is pushing back.

The crypto token XRP ( XRP -6.51%) is falling on Monday. As measured from Friday at 4 p.m., XRP is down 15.7% as of 12:50 p.m. ET and was down as much as 16.5% earlier in the day. The drop comes as the S&P 500 lost 2.3%, and the Nasdaq Composite lost 3.6%.

The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), ongoing since December 2020, may soon reach a resolution, according to a report by Fox