The U.S. Securities and Exchange Commission (SEC) has cancelled a closed-door meeting that was initially scheduled for today at 2 PM Washington time. Rumors circulating suggested that the SEC was supposed to discuss a potential settlement with Ripple during this meeting.
However, some analysts believe this cancellation is not a cause for concern, arguing that the SEC might not have had much to discuss since the long-term outcome is likely already determined.
One analyst, known as “Vandell,” suggested that the SEC lacks substantial evidence against Ripple and the outcome is clear. He believes Ripple has been selected to play a crucial role, and the long-term result was probably determined long ago. The ongoing legal proceedings, in his view, won’t change that fundamental outcome.
This commentary came in response to his initial tweet about the meeting’s cancellation, which he attributed to a lack of substantial matters to discuss.
What nonsense am I spreading? I'm sharing public information. My point is that the SEC has nothing substantial on Ripple and the outcome is clear. Ripple has been selected to play a crucial role, and the long-term result has likely been determined long ago. This ongoing theater…
— Vandell | Black Swan Capitalist (@vandell33) August 1, 2024
XRP Price Reacted
The XRP price hasn’t reacted particularly well to this news, as it plunged over 6% today. However, it’s still trading above the crucial $0.6 area, which some traders view as a key support level.
News about the cancelled meeting shouldn’t worry XRP holders too much, primarily because patience is key in such legal battles. Court rulings can be dragged out for years, and this is precisely what we’ve been seeing in the Ripple vs SEC case.
Source: sec.gov/meetings
Additionally, growing political pressure, especially from the U.S. administration as former President Trump engages with the crypto community, could be affecting regulatory strategies and contributing to the delay.
The cancellation of the SEC meeting regarding Ripple is just another twist in the ongoing saga between the regulator and the cryptocurrency company. While it may cause short-term market fluctuations, the long-term outlook for XRP remains largely unchanged.
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The Ripple case is just one piece of a larger puzzle that regulators, lawmakers, and industry players are trying to solve. It’s crucial for XRP holders and the wider crypto community to stay informed but not overreact to every development.
Read also: XRP Price Prediction: Expert Eyes $25 Rally as Tokenized T-Bills Hit XRPL
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The post Why Cancelled SEC vs Ripple Meeting Shouldn’t Worry XRP Holders appeared first on CaptainAltcoin.
