The long-running legal battle between Ripple Labs and the SEC is nearing a potential turning point. The SEC’s recent move to reschedule a closed-door meeting to July 25th has sent shockwaves through the XRP community, with many interpreting it as a sign of a possible settlement on the horizon.
This news comes amidst a period of significant gains for XRP. The cryptocurrency has rallied over 50% in recent months, reaching its highest price since early April. This upward trend is partially attributed to growing optimism surrounding regulatory clarity, following a court ruling last July that hinted XRP might not be classified as a security by the SEC.
The SEC’s decision to reschedule the meeting has further fueled this optimism. The regulatory body was previously seeking a hefty $2 billion fine from Ripple for alleged unregistered sales of XRP to institutions. Ripple, on the other hand, has proposed a much smaller settlement of $10 million. Notably, the unexpected cancellation of a similar meeting earlier this year led to a near 10% drop in XRP’s price, highlighting the market’s sensitivity to developments in the lawsuit.
While the exact purpose of the rescheduled meeting remains unclear, speculation is rife within the crypto community. Legal experts like Marc Fagel have cautioned that closed-door meetings are routine and don’t necessarily guarantee settlement discussions. However, the market seems to be betting heavily on a potential resolution, with Ripple and attorney Bill Morgan hinting at a possible outcome rather than guaranteed settlement terms.
Adding fuel to the fire, rumors suggest that “settlement” might be included on the meeting’s agenda. This has sparked widespread speculation among XRP enthusiasts, with many hoping for a definitive resolution that clarifies XRP’s regulatory status.
Also Read: XRP Rallies 45% In 10 Days: Can Bulls Break The $0.72 Resistance?
Currently, XRP holds the position of the sixth-largest cryptocurrency by market cap, valued at over $34 billion. Notably, the past two weeks have seen a remarkable 56.8% surge in XRP’s price, climbing from $0.382 to $0.60. This growth is mirrored by a significant increase in market cap, reflecting strong recovery amidst a broader market rally.
With all eyes set on July 25th, one question lingers: will this meeting mark the end of XRP investors’ woes, or will the wait for regulatory clarity continue? Only time will tell, but one thing is certain – the crypto community is eagerly awaiting any definitive news that emerges from this pivotal meeting.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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