Ripple (XRP) Community Speculates on Upcoming SEC Meeting Today
TL;DR
- The Ripple vs. SEC legal battle is still ongoing, with some experts predicting a resolution by the end of summer. An SEC meeting today has fueled speculation about an imminent agreement.
- Ripple’s token XRP has been rallying and could experience significant volatility based on the lawsuit’s outcome. A favorable ruling might trigger a bull run, while the opposite decision could hinder its progress.
Could Today be the Big Day?
The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has witnessed numerous developments lately. It entered its trial phase in April 2024 (more than three years after the start of the process), with both parties presenting necessary information and documents and abiding by the court rules.
Despite being in its final stage, a resolution is still yet to come. Ripple’s CEO recently argued that the entities might shake hands “very soon,” while other experts were more precise with their predictions. The American attorney Fred Rispoli suggested that the case could be officially closed by July 31, whereas Jeremy Hogan thinks this could happen before the summer’s end.
Some X users speculated that an agreement may be announced as soon as this week based on the SEC’s closed meeting scheduled for today (July 25). The agency is supposed to discuss several subjects, including “Institution and settlement of administrative proceedings” and “Resolution of litigation claims.” The meeting was initially set for July 18 but later rescheduled for today.
On the other hand, other industry participants reminded that the Commission often conducts similar gatherings, and so far, it has not touched upon the Ripple case.
The Possible Impact on XRP
Ripple’s native token has been rallying recently, briefly surging to $0.63 last week and currently hovering at around $0.61. It is among the few altcoins that have defied the market-wide correction. Bitcoin (BTC), for instance, is down 2.5% in the past 24 hours, while Ethereum (ETH) has tumbled by nearly 10% in the same period.
A potential resolution of the Ripple v SEC lawsuit could trigger enhanced volatility for XRP as the asset could repeat its surge from last year in case of a positive outcome for the company or vice-versa.
Some believe Ripple has the upper hand in the spat, having secured three vital (yet partial) court victories throughout 2023. XRP’s price skyrocketed by over 70% mere hours after the first triumph in July last year. Back then, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts.
Those willing to learn more about the case and its possible impact on XRP, please take a look at our dedicated video below:
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