- XRP’s price rose 18.4% over 7 days amid rumors of a possible SEC settlement in the Ripple lawsuit.
- The SEC rescheduled its closed-door meeting to July 25, 2024, to discuss litigation and enforcement proceedings.
- Former securities lawyer Marc Fagel believes the upcoming SEC meeting won’t result in a Ripple lawsuit settlement.
XRP is seeing a significant price recovery following a growing speculation about a possible settlement in the continuing Ripple case. This follows an earlier decision by the United States Securities and Exchange Commission to push back their closed-door meeting from July 18 to July 25, 2024.
According to the SEC’s website, the rescheduled meeting will take place at the commission’s headquarters in Washington, D.C., or remotely. Attendees will include the commission secretary, the commissioners’ counsel, and the commissioners themselves.
SEC officials will discuss a three-point agenda. They will address the institution and settlement of administrative actions, the resolution of litigation claims, and matters concerning enforcement proceedings. The agenda originally included a discussion about the settlement of injunctive actions, which has now been removed.
Analysts are currently anticipating that the SEC v. Ripple battle will be settled as a result of the next meeting. Some XRP enthusiasts believe the lawsuit will be settled this month which is motivated by the impending closed-door meeting. These speculations have had a huge impact on XRP’s price.
XRP surpassed the 63-cent phase earlier this week, fueled by settlement speculations. However, because of the overall cryptocurrency market decline, XRP fell to around $0.5426 yesterday. The price of XRP has now started to rise again, as speculation about a potential settlement is fueled by the SEC’s upcoming meeting.
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Despite rising anticipation, there is no assurance that the SEC will reach an agreement with Ripple at its upcoming meeting. Former securities lawyer Marc Fagel previously stated that the Sunshine conference is unlikely to result in a settlement of the Ripple case.
Speculation over the SEC’s imminent meeting has led to a huge increase in XRP’s price. The crypto community awaits to see if the discussion will result in a resolution to the Ripple case.
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