In a significant update for the XRP community, the U.S. Securities and Exchange Commission (SEC) has canceled a highly anticipated closed-door meeting that had fueled speculation about a possible settlement in the Ripple vs. SEC lawsuit. As a result, XRP’s price fell by over 8%, dropping to $0.58.
SEC Cancels Closed-Door Meeting
According to an update on the SEC’s website, the agency canceled the closed-door meeting scheduled for July 18. While this meeting was not specifically focused on Ripple, its timing, coupled with the recent transfer of 150 million XRP by Ripple, had sparked settlement rumors within the community.
The Federal Register and the SEC did not provide a reason for the cancellation. However, market analysts believe the cancellation is likely linked to the approval process for spot Ethereum ETFs. Several Ethereum ETFs have received preliminary approvals and are expected to start trading on July 23.
As previously reported by CoinGape, the SEC was set to discuss various topics, including the institution and settlement of injunctive actions, administrative proceedings, resolving litigation claims, and enforcement proceedings. Former SEC lawyer Marc Fagel reiterated that the parties involved are not currently seeking a settlement in the XRP lawsuit and are awaiting the district court’s decision in the remedies phase.
Market Reaction and XRP Price Drop
Traders reacted swiftly to the news, leading to a significant price correction for XRP. The cryptocurrency fell to a 24-hour low of $0.58, an 8% drop from its previous 24-hour high of $0.6366. Trading volume also increased by 20% over the last 24 hours, indicating heightened interest among traders.
Despite the current downturn, XRP recently broke above a key trendline pattern, leading some analysts to predict it could reach $1. Total futures open interest for XRP surged to $1.37 billion in the last 24 hours. However, some profit-taking was observed in futures trading, as expected. Technical indicators such as the Relative Strength Index (RSI) and a descending channel formation suggest a period of consolidation in the coming days.
Conclusion
The cancellation of the SEC’s closed-door meeting has dampened settlement speculations, impacting XRP’s price. While the market adjusts to this news, the focus now shifts to the ongoing developments in the Ripple vs. SEC case and the broader cryptocurrency regulatory landscape. Traders and investors will be watching closely for any further updates.
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