Altcoins
XRP Holds $0.60 Line as SEC Schedules New Closed-Door Meeting
Despite the massive decline seen across the entire cryptocurrency market, XRP continued to hold its ground and remained around $0.6.
The seventh-largest cryptocurrency by market cap is currently down 1.34% over the past 24 hours. Conversely, other top cryptoassets have seen massive declines during this period. For example, Bitcoin (BTC), Solana (SOL), Binance Coin (BNB), and Dogecoin (DOGE) are down 3.78%, 5.04%, 3.29%, and 3.51%, respectively.
There is speculation, in particular, that the upcoming SEC closed-door meeting has contributed positively to XRP’s recent performance.
SEC plans new closed-door meeting
For context, the US SEC has program another closed-door meeting of the Sunshine Act on August 1, 2024, at 2:00 p.m. ET.
As usual, the meeting will be held at the commission’s headquarters in Washington, but senior officials who cannot attend in person will be able to do so remotely.
According to the SEC, the meeting will focus on four topics, including the resolution of injunctive actions and administrative proceedings. In addition, the securities regulator will also deliberate on the resolution of litigation and other enforcement proceedings.
New Rumor About SEC Settlement Against Ripple Resurfaces
As expected, the SEC’s upcoming closed-door meeting has sparked speculation about a possible settlement of the Ripple lawsuit. Several members of the XRP community have speculated that the securities agency could comment on the settlement of its legal dispute with Ripple, potentially bringing the lawsuit to an abrupt end.
This isn’t the first time the community has raised this speculation. The mere mention of a closed-door SEC meeting usually fuels rumors of an imminent settlement in the Ripple lawsuit.
These meetings, however, ended in failure, with no agreement being reached on a settlement. For example, the community was hoping that a settlement regarding Ripple would come at the SEC’s closed-door meeting on July 25. However, things did not go as planned, leading to the collapse of the price of XRP.
There is no guarantee that the SEC will agree to reach a settlement with Ripple at its next closed-door meeting. The crypto payments company has consistently expressed its willingness to reach a settlement with the SEC on the condition that XRP be declared a non-security. Such a declaration would promote widespread institutional adoption of the token, particularly in the United States.
Despite Ripple’s commitment, the commission is unwilling to settle the case. Instead, it has relentlessly pursued its lawsuit against Ripple for over three years. Additionally, the SEC has already reported his intention to appeal the court’s summary judgment, which resulted in a partial defeat.
Meanwhile, XRP is holding the line around the $0.6 price level as the parties await the court’s final judgment, which is expected later this year.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-