Ripple vs SEC Update: SEC Cancels Crucial Meeting on XRP Lawsuit: What’s Next for XRP Price?

The post Ripple vs SEC Update: SEC Cancels Crucial Meeting on XRP Lawsuit: What’s Next for XRP Price? appeared first on Coinpedia Fintech News

In an unexpected turn, the U.S. SEC canceled its closed-door meeting originally set for July 18, which was anticipated to discuss the ongoing Ripple lawsuit. The SEC announced this cancellation on July 17 without providing reasons. However, market participants speculate it may be related to the timely approval process for Ethereum ETFs, set to start trading on July 23. 

The sudden cancellation of the SEC meeting has led to speculation in the crypto community. Some believe the SEC might need more time for negotiations or settlement discussions, while others think new developments requiring further analysis may have emerged.

XRP Community Disappointment

The XRP community had high hopes for this meeting, expecting it could lead to a settlement in the multi-year legal battle with Ripple. Despite 150 similar meetings held without settlement indications, the community remained hopeful. However, the Federal Register and the SEC provided no reason for the cancellation, but market participants speculate it might be due to the timely approval process for Ethereum ETFs, which are set to begin trading on July 23.

Why it Matters?

According to the SEC’s Sunshine Act notice, the canceled meeting was set to address four key agendas, including settling administrative proceedings, injunctive actions, and resolving litigation claims. The inclusion of settlement on the agenda fueled rumors that the SEC might agree to a deal with Ripple, sparking widespread speculation among XRP enthusiasts.

Speculation and Reactions

Some believe the SEC may need more time to negotiate or address new developments, while others point to the 150 similar closed-door meetings held without settlement indications. Yassin Mobarak of Dizer Capital speculated on a settlement, while former SEC lawyer Marc Fagel noted these speculations have consistently proven unfounded.

Ripple and the SEC are currently debating the appropriate penalty for Ripple’s alleged securities law violations, with the SEC seeking a $2 billion fine and Ripple proposing $10 million. A final ruling could emerge by July 31, as reviewed by District Court Judge Analisa Torres.

XRP Price Impact

Following the news, XRP experienced an 8% price drop to $0.58, with a 20% increase in trading volume indicating high trader interest. Despite the correction, XRP aims for at least $1, driven by recent trends and open interest in futures contracts reaching $1.37 billion. Chart patterns and indicators suggest a period of consolidation ahead.

With every delay in the Ripple vs SEC case XRP is taking the negative pressure. Will this end soon, or XRP will see more bloodbaths?