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Why was the SEC meeting on the settlement and injunction likely canceled?
XRP News Today: In significant news for the XRP community, the U.S. Securities and Exchange Commission (SEC) canceled the Sunshine Meeting, which had fueled speculation about the regulation. As a result, the XRP price dropped more than 8% to $0.58. The cancellation, attributed to uncertain reasons, is speculated to be related to the approval of an Ethereum spot ETF.
US SEC cancels closed-door meeting
According to an update on the United States SEC website, the government agency canceled a closed-door meeting scheduled for July 18. While the meeting was not particularly focused on Ripple, the consecutive closed-door meeting and Ripple The transfer of 150 million XRP has sparked settlement speculation in the community.
The Federal Register and the SEC have not cited any reason for the cancellation of the secret meeting. However, market participants believe it is likely due to the Ethereum ETF spot approval process. Some Ethereum ETFs have received preliminary approvals, with all issuers completing S-1 requirements. Ether ETFs are expected to begin trading on July 23.
As CoinGape reported, the SEC would discuss topics including the instituting and resolving injunctive and administrative proceedings, litigation resolution, and enforcement proceedings. Additionally, former SEC counsel Marc Fagel reiterated that the parties are not seeking XRP Case Settlement
and simply wait for the district court’s decision at the appeal stage.
Read also: Why is the cryptocurrency market about to skyrocket?
XRP News: Price Drops as Ripple Regulation Speculation Fades
Traders immediately reacted to today’s XRP news and the price corrected. XRP Price fell to a 24-hour low of $0.58, down 8% from a 24-hour value of $0.6366. Additionally, trading volume has increased by 20% over the past 24 hours, indicating interest among traders.
XRP is targeting at least $1 after the recent breakout above the trendline pattern. Total futures open interest skyrocketed to 1.37 billion in the past 24 hours. However, a profit was booked from futures trading, as expected. Chart patterns and indicators such as RSI and descending channel formation signal a consolidation for days.