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Rippleâs XRP Poised for Surge Ahead of SEC Meeting
Event: The United States Securities and Exchange Commission (SEC) has scheduled a private meeting on July 18, 2024, at its Washington headquarters, fueling anticipation of progress in its legal dispute with Ripple.
Key Details:
1. SECâs Private Meeting:
Purpose: Speculation suggests it may involve discussions on settling the SECâs lawsuit against Ripple.
Location: SEC headquarters in Washington.2.
Legal Background:
Lawsuit Start: Initiated in December 2020.
Allegations: SEC accused Ripple of selling unregistered securities (XRP).
Court Ruling: In July 2023, the judge ruled XRP was a security only when sold to institutional investors, not on exchanges.
3. Financial Demands:
Initial Demand: Nearly $2 billion, including $876 million in disgorgement and civil penalties.
Current Status: SEC reduced demand to $103 million, disputed by Ripple.
4. Market Impact:
XRP Price Surge: Increased by 22.5% in the past week.
Current Price: Approximately $0.5532 (CoinGecko), up 1.7% on the day.
5. Community and Expert Reactions:
Community Expectations: Optimism surrounds potential settlement by July 31, 2024.
Industry Response: Brett Hill, Bitrue exchange ambassador, highlighted the meetingâs significance in a tweet, reflecting community hopes for case resolution.
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