According to U.Today, mid-July saw significant volatility for the cryptocurrency XRP. Over a two-week period, the token's price surged by more than 53%, reaching levels not seen since early April. This price action has been attributed to several factors, including a court ruling from a year ago that classified XRP as a nonsecurity. This ruling has fueled traders' optimism about the potential regulatory clarity that could emerge from the ongoing SEC case against Ripple.

Speculation has been further driven by a closed SEC meeting recently listed on the regulator's website. Many believe this meeting might involve discussions about settlement terms with Ripple. The primary issue at hand is the level of penalties for unregistered sales by legal entities. While the SEC is pushing for a multi-million dollar fine, Ripple is only willing to pay up to $10 million.

Crypto enthusiasts and the XRP community were eagerly awaiting the outcome of this legal battle. However, the anticipated SEC meeting was unexpectedly canceled, as noted on the SEC's website. This led to a significant sell-off, causing XRP's price to drop by more than 8%.

Following this price volatility, CoinGlass reported that $5.63 million worth of positions were liquidated, with $3.61 million of those being long positions. This highlights the unpredictable nature of the cryptocurrency market, where prices can rise and fall rapidly based on speculation and regulatory developments.