XRP embarks on a major price recovery as community members speculate that the upcoming SEC closed-door meeting could lead to a settlement of the Ripple lawsuit.
The latest speculation comes after the U.S. Securities and Exchange Commission postponed its closed-door Sunshine Act meeting by one week, from July 18 to July 25, 2024.
Information on the SEC’s website revealed that the meeting will be held by 2 PM (ET) on July 25 at the commission’s headquarters in Washington, D.C., or via remote means. The SEC’s officials expected to be in attendance are the secretary of the commission, counsel to the commissioners, and the commissioners themselves.
The SEC officials would deliberate on a three-point agenda, including the institution and settlement of administrative proceedings, the resolution of litigation claims, and matters relating to enforcement proceedings.
Settlement Rumors Swirls Within XRP Community
Before the meeting was postponed, the SEC had planned to discuss the settlement of injunctive actions and the aforementioned three topics. Notably, the SEC reduced the subject matter to three, removing the topic relating to the settlement of injunctive actions.
Nonetheless, XRP enthusiasts, like Amelie, questioned whether the upcoming meeting would bring about a settlement in the SEC v. 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
Besides Amelie, other XRP proponents forecasted that the lawsuit could end in a settlement this month due to the SEC’s upcoming closed-door meeting.
XRP Rallies to $0.60 After Crashing Below $0.55
These speculations have caused the price of XRP to spike massively. Recall that XRP surpassed the 63 cents price mark earlier this week after settlement rumors started gaining momentum. However, the top asset plummeted to around $0.5426 yesterday following a broader crypto market downturn.
With the SEC’s upcoming closed-door meeting eliciting rumors about a potential settlement of the Ripple lawsuit, the price of XRP has resumed its rally. XRP is currently worth $0.6023 per token, reflecting a 7-day growth of 18.4% and a 24-hour surge of 8.9%.
Meanwhile, there is no guarantee that the SEC will agree to settle with Ripple at its upcoming meeting. As reported earlier, former securities lawyer Marc Fagel asserted that the upcoming Sunshine meeting will not result in a settlement of the Ripple lawsuit.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
