Ripple’s XRP price experienced a setback following the SEC’s unexpected decision to cancel a closed-door meeting.
The canceled meeting was expected to discuss crucial regulatory issues and potentially lead to a settlement.
Despite the setback, XRP’s price outlook remains bullish.
The XRP price has erased all the gains it achieved on Wednesday, following the U.S. Securities and Exchange Commission’s (SEC) unanticipated decision to cancel a planned closed-door meeting with Ripple.
This meeting, which was scheduled to take place on July 18, was widely anticipated by the cryptocurrency community as a potential turning point in the ongoing legal battle between the two entities.
The outcome of the Ripple versus SEC case holds immense significance for the entire cryptocurrency industry, as it is expected to shape the regulatory framework for future digital asset investments.
SEC’s Abrupt Cancellation Sends Ripple Price Tumbling
After an impressive surge on Wednesday, the XRP price has erased all its gains in the wake of the SEC’s sudden move to cancel the much-awaited closed-door meeting with Ripple.
This meeting, which has been a regular occurrence since the case began, was expected to be a critical juncture in the ongoing legal proceedings.
Former SEC lawyer Marc Fagel recently highlighted the frequency of these meetings, stating that Ripple and the SEC have had “about 150 of these nearly-weekly meetings since the case started.”
The reasons behind the regulator’s decision to cancel the meeting remain unclear, leaving the community speculating about the implications for the case.
The SEC’s Sunshine Act notice had listed crucial regulatory issues on the agenda, including the settlement of administrative proceedings, injunctive actions, and the possibility of resolving litigation claims for clarity in the Ripple case.
Top SEC commissioners and Ripple officials were initially set to attend the meeting, amid the regulator’s claims that the XRP token should be categorized as a security.
