- The speculations about the final decision regarding the SEC vs. Ripple cases have been given a new twist by the leaked memo
- Recent prices, fall suggest that the market has the ability to respond to the progress in the case
- According to Collin Brown, it is possible that traders are bearish toward XRP, with most traders likely to hold XRP with the hope of attaining a positive settlement.
The price of XRP has attracted traders who have focused on waiting for any result that could emerge from the market after a suit was filed by the US SEC against Ripple. The speculation has been due to a memo that leaked in the airwaves of crypto space. It inserted some hope into the narrative that the meeting itself could have been the pivotal moment in the long-drawn legal battle between the SEC and Ripple as per the memo that was believed to have been written by the SEC’s secretary, Vanessa Countryman.
The memo that is alleged to have been written on July 25, 2024, lists down four points of discussion for the meeting: The institution and settlement activities of injunctive actions, the issues of resolution of the litigation claims, and issues relating to enforcement proceedings. Due to this, many XRP supporters and the holders of this digital currency along with the lovers of crypto have embarked on predicting that the SEC may be cozied up to come to an agreement with Ripple soon. Such a resolution could put an end to the lawsuit that has been a dark cloud over XRP for quite some time now.
Market Reactions and Analyst Perspectives
The anticipation surrounding the meeting has already had a noticeable impact on XRP’s market performance. In July, XRP surged by 72% amid initial rumors of a closed-door meeting, which was later canceled. According to coinmarketcap, XRP is trading at $0.5857 with a 24-hour trading volume of $2 billion. The value of XRP has dropped to 10.53 percent below its initial value. Its current market capitalization is $32.8billion which is a decrease of 9.96%.Traders are closely watching for any signs of a settlement that could further influence its price.
Collin Brown, a blockchain researcher as well as other analysts conclude that a positive inclination from the SEC meeting may open another upside to XRP. In particular, Brown observes that at the current stage, traders may wish to start building up their positions in XRP to benefit from the expected favorable outcome. However, like all the cyclical markets for future products and services, there is always an element of risk and the results of the meeting are unpredictable.
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