dAs we reported earlier this week, the SEC has cancelled a meeting that was supposed to happen on Thursday. However, it was re-scheduled for next Thursday, August 8th.
Rumors are that this meeting is about Ripple’s case.
Popular YouTuber Zach Humphries, who has 150k subscribers, posted a viral video about the Ripple vs SEC update. He believes Ripple has ‘the upper hand’ in that case.
Cancellation of the Meeting and Ripple’s Advantage
The XRP meeting with the SEC, which was anticipated to possibly finalize the ongoing lawsuit, was cancelled. This cancellation suggests a potential strategic move by the SEC, hinting that Ripple might have a stronger position in the case.
Ripple already won the retail side of the lawsuit last year, and the ongoing legal battle is now centered on the institutional sales of XRP. This past victory gives Ripple a significant advantage in the current proceedings.
Read also: Ripple vs. SEC Update: New Date for Closed-Door Meeting Disclosed as Brad Garlinghouse Hints at XRP Resolution Timeline
SEC’s Position and Political Influence
Recently, the SEC dropped securities claims on several large-cap cryptocurrencies, including Cardano, Solana, Polygon, Decentraland, Sandbox, and Filecoin. This move, coupled with the lack of clear direction on cryptocurrency regulation in the U.S., partly due to inconsistent political stances, has created a complex regulatory landscape.
Cryptocurrency has become a significant political topic, with both Democrats and Republicans showing varying levels of support and opposition. The current political dynamics indicate a fluctuating stance on crypto regulation, influenced by broader political agendas and power structures.
Ripple’s strategic position in this environment is notable. Despite market pullbacks, XRP has shown resilience, with significant accumulation by whales and institutions when prices dipped. Ripple possesses robust technology, influential backers, and an established business model in various global regions.
There is speculation that Judge Torres might already have a decision, which could explain the meeting cancellation. The overall sentiment is bullish for XRP, with the potential for significant growth, though not necessarily exponential in the immediate term.
Source: CoinMarketCap/XRP
Regarding XRP’s price prediction, it’s worth noting that XRP lost the crucial $0.6 level this week amid a broader crypto market downturn. It’s now trading around $0.56. A realistic target of $1 is possible if we hear any major positive news on Ripple’s case.
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