SEC Secret Meeting Held on July 18 — Is Ripple’s XRP Ready to Rally?
The U.S. Securities and Exchange Commission’s (SEC) closed-door meeting on July 18th could be the catalyst for an XRP price surge. This meeting, along with positive investor sentiment and technical indicators, indicates a possible bullish trend for the XRP.
SEC Settlement Discussion — A Turning Point for Ripple?
The SEC’s upcoming meeting was announced through a Sunshine Act notice. It is set to address the institution and settlement of injunctive actions, administrative proceedings, and the resolution of litigation claims. While the official agenda remains undisclosed, sources suggest the meeting could focus on the protracted legal battle between the SEC and Ripple Labs.
An internal circular has been circulating on Crypto Twitter. The post indicates that commissioners, their counsel, the secretary to the commission and recording secretaries will attend this meeting. The SEC has also invited select staff members to participate if they are interested in the slated topics.
The crypto community also speculates that this meeting could lead to the SEC dropping its case against Ripple, which has been ongoing for several years. Many believe that the legal dispute has hindered XRP’s development and market performance.
You Might Also Like: Ripple CEO Brad Garlinghouse Blasts Democrats Over SEC’s Crypto Crackdown
Technical Analysis Suggests Upward Trend for XRP
Recent sentiment analysis from the Paul Barron Network points to a possible bullish trend for XRP. The metrics reveal an overall trade sentiment of 65, a volume sentiment of 61 and an overall average sentiment of 55. This indicates growing investor confidence.
Technical analysis further supports an optimistic outlook. Experts suggest that XRP could rise above 60 cents, with resistance expected around the 62-cent mark. Improved sentiment and the possible resolution of legal issues may further push this potential upward trend.
Other Positive Developments May Lead to Price Rally
Ripple’s CEO, Brad Garlinghouse, recently shared some optimistic news. He highlighted the introduction of a new benchmark reference rate for institutional crypto products. The CME Group is set to introduce this benchmark on July 29th. This would potentially benefit XRP and other cryptocurrencies.
In preparation for what Garlinghouse calls an “exciting period ahead,” Ripple sold its stake in MoneyGram and other companies. Rumors are also swirling about XRP’s potential return to Robinhood. If true, this relisting could happen as soon as August, further boosting XRP’s market presence.
The introduction of a benchmark reference rate for institutional crypto products by the CME Group is another positive development for the broader cryptocurrency market. This move could attract more institutional investors to the space, potentially benefiting XRP and other digital assets.
Overall, the outcome of the July 18th SEC meeting may have a significant impact on XRP price. A favorable resolution could puch XRP price in the upper direction after years of downward pressure. The potential end of legal uncertainties, combined with positive market sentiment and strategic developments would make XRP ready for a significant XRP rally.
The post SEC Secret Meeting Held on July 18 — Is Ripple’s XRP Ready to Rally? appeared first on CoinChapter.
