Highlights:
- XRP’s price surge reflects growing optimism over lawsuit resolution.
- Ripple CEO anticipates a swift end to the SEC battle.
- Ripple’s legal fight with the SEC may reshape the crypto industry.
XRP sees a major price recovery as community members speculate an SEC closed-door meeting could settle the Ripple lawsuit. The latest speculation comes after the US Securities and Exchange Commission postponed its closed-door Sunshine Act meeting from July 18 to July 25, 2024.
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Ripple CEO Brad Garlinghouse has expressed hope that the company’s long-running legal battle with the US Securities and Exchange Commission (SEC) will be resolved “very soon,” according to a recent Bloomberg interview.
According to Bloomberg, Ripple CEO Brad Garlinghouse expects the company to soon resolve its years-long lawsuit with the U.S. SEC. It is speculated that XRP will announce a settlement after a closed-door meeting with the U.S. SEC next week. https://t.co/lnyfZSIvqL
— Wu Blockchain (@WuBlockchain) July 21, 2024
According to the SEC’s website, the meeting is scheduled for 2 PM (ET) on July 25 at the commission’s Washington, D.C. headquarters or via remote means. Expected attendees include the commission secretary, counsel to the commissioners, and the commissioners themselves. SEC officials will deliberate on a three-point agenda: “Institution and settlement of administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings.”
Ripple Settlement Rumors Swirls Within Community
Before the postponement, the SEC planned to discuss the settlement of injunctive actions and three other topics. The revised agenda now excludes injunctive actions. Despite this, XRP enthusiasts, including Amelie, wondered if the upcoming meeting would result in a settlement of the SEC vs. Ripple lawsuit.
🚨BREAKING NEWS:
The canceled SEC meeting from yesterday, July 18, has been postponed to Thursday, July 25!
Will this finally be the end of the #Ripple vs. SEC case? ⚖️https://t.co/TZ8APTjx7y pic.twitter.com/r9nL5i5dGz
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 19, 2024
Along with Amelie, other XRP supporters anticipate that the lawsuit might settle this month due to the SEC’s upcoming closed-door meeting. However, Marc Fagel has clarified that such meetings are routine and don’t necessarily signal Ripple settlement discussions. Ripple and legal expert Bill Morgan have suggested that a resolution might be possible, but no terms have been finalized.
SEC Vs. Ripple Labs
The legal battle between Ripple Labs and the SEC has been a major focus in the cryptocurrency community. The core issue is the SEC’s accusation that Ripple sold XRP as an unregistered security, resulting in a $1.3 billion securities law violation.
After years of legal battles, including a notable partial victory for Ripple last fall, both parties still seem far from reaching an agreement. Ripple proposed a $10 million fine in April, while the SEC is pushing for a $2 billion penalty. This standoff highlights the intense discord between the regulatory body and the fintech firm.
The outcome of Ripple’s legal battle with the SEC could significantly impact the crypto industry. Ripple’s Chief Legal Officer, Stuart Alderoty, recently stressed the importance of the court ruling that XRP itself is not a security. This distinction could greatly influence the future regulatory landscape for digital tokens.
XRP Price Rallies Following SEC Decision to Cancel Key Meeting
The latest development has sparked optimism, with XRP trading at $0.5938, up 5% in the past 24 hours. Notably, the token has experienced even larger gains of 12.70% over the past week and 20.89% over the last month. However, there is a significant loss of 40% in the 24-hour trading volume of the token, currently at $1.3 billion.
In an X post, XRP advocate Bill Morgan highlighted XRP’s strong price performance following the SEC’s updated notice on the meeting. Morgan claimed that XRP had emerged as the top-performing token among the top 10 cryptocurrencies.
Wow
XRP currently best performing of top 10
Snapshots are momentary and say little. You are not impressing anyone using price snapshots to criticize XRP https://t.co/xGhH1HI1PY pic.twitter.com/Wy7Lr0Aedd— bill morgan (@Belisarius2020) July 20, 2024
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