As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored the recent developments surrounding XRP and the U.S. Securities and Exchange Commission (SEC). The sudden cancellation of the Sunshine Meeting fueled speculation in the community regarding a potential settlement between Ripple and the SEC.
As a crypto investor in XRP, I’m disappointed to share that the highly anticipated Sunshine Meeting between Ripple and the SEC has been canceled. This news sent XRP prices plummeting by over 8% to $0.58. The reasons behind the cancellation remain unclear, but some speculate it could be due to the recent Ethereum-backed ETF approval by the SEC. Regardless, this development casts uncertainty over the future of XRP and its regulatory status in the US.
US SEC Cancels Closed Door Meeting
Based on recent information posted on the SEC’s website, the U.S. Securities and Exchange Commission (SEC) has called off a previously scheduled private meeting set for July 18th. Although this meeting wasn’t specifically about Ripple, the coincidental timing with the recent transfer of 150 million XRP tokens by Ripple to Quorum, a subsidiary, fueled rumors of a potential settlement within the crypto community.
The Federal Register and the SEC haven’t provided an explanation for why they canceled the clandestine meeting. Nevertheless, there’s a strong probability that it was connected to the Ethereum ETF approval procedure. Several Ethereum ETF applications have been given preliminary approvals, with all issuers having finished the S-1 requirements. It is expected that trading for these Ethereum ETFs will commence on July 23.
According to CoinGape’s news article, the Securities and Exchange Commission (SEC) was slated to discuss various topics at their meeting, such as handling injunctive actions and administrative proceedings, resolving litigation claims, and enforcing proceedings. It is important to note that, contrary to some speculation, the involved parties are not seeking a settlement for the XRP lawsuit but rather waiting for the court’s verdict in the remedies phase.
XRP Price Falls As Ripple Settlement Speculation Fades
Traders swiftly reacted to today’s news, resulting in a correction for XRP and a decrease in its price. The XRP token reached a 24-hour low of $0.58, marking an 8% drop from the previous 24-hour high of $0.6366. Additionally, there has been a significant uptick in trading volume by approximately 20% within the past 24 hours, signaling heightened trader activity.
XRP looks poised to reach at least $1 following its breakout above the trendline. Notably, the total open interest in futures contracts has surged to an astounding 1.37 billion within the past day. Yet, some profit-taking was observed among futures traders, as anticipated. Technical analysis suggests a potential consolidation phase indicated by chart patterns and indicators like RSI and descending channels.
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2024-07-18 10:38