Altcoin
XRP Holds Line at $0.60 as SEC Schedules New Closed-Door Meeting
Despite the sharp decline seen in the cryptocurrency market as a whole, XRP continued to hold its ground and remained at a price of $0.6.
The seventh largest cryptocurrency by market cap is currently down 1.34% over the past 24 hours. In contrast, other major cryptocurrencies have seen massive declines over this time frame. For example, Bitcoin (BTC), Solana (SOL), Binance Coin (BNB), and Dogecoin (DOGE) are down 3.78%, 5.04%, 3.29%, and 3.51%, respectively.
In particular, the upcoming closed-door SEC meeting is speculated to have contributed positively to XRP’s recent performance.
SEC Schedules New Closed-Door Meeting
For context, the US SEC has scheduled another closed-door Sunshine Act meeting for August 1, 2024, at 2:00 p.m. ET.
As usual, the meeting will be held at the committee’s headquarters in Washington, D.C. However, senior officials who cannot attend in person may do so remotely.
According to the SEC, the meeting will focus on four topics, including the resolution of injunctive and administrative proceedings. In addition, the securities regulator will also deliberate on the resolution of legal complaints and other enforcement proceedings.
New Rumor Resurfaces About Settlement of SEC Case Against Ripple
As expected, the SEC’s upcoming closed-door meeting has sparked speculation about a possible settlement in the Ripple lawsuit. Several members of the XRP community have speculated that the securities agency could comment on the resolution of its legal dispute with Ripple, potentially bringing the lawsuit to an abrupt conclusion.
This isn’t the first time the community has made this kind of speculation. The mere mention of a closed-door SEC meeting usually fuels rumors of an impending settlement in the Ripple lawsuit.
However, these meetings ended in vain, with no agreement reached on a deal. For example, the community was hoping that a Ripple deal would happen during the SEC 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 would agree to settle with Ripple during its next closed-door meeting. The cryptocurrency payments company has repeatedly expressed its willingness to settle with the SEC on the condition that XRP be declared a non-securities. Such a declaration would foster broad institutional adoption of the token, especially in the United States.
Despite Ripple’s efforts, the commission is not willing to settle the case. Instead, it has relentlessly pursued its legal action against Ripple for over three years. Furthermore, the SEC has already reported her intention to appeal the court’s summary judgment, which cost her a partial defeat.
Meanwhile, XRP is hovering around the $0.6 price level as the parties await the final court ruling, expected by the end of the year.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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