XRP News Today: Why SEC Meeting Likely On Settlement & Injunction Cancelled?
In major news for the XRP community, the Sunshine Meeting that sparked settlement speculation was canceled by the U.S. Securities and Exchange Commission (SEC). XRP price tumbled over 8% to $0.58 as the meeting was called off due to uncertain reasons, but spot Ethereum ETF approval was seen as a likely reason behind the move.
US SEC Cancels Closed Door Meeting
According to an update on the U.S. SEC website, the government agency has cancelled a closed-door meeting scheduled on July 18. While the meeting is not particularly focused on Ripple, the back-to-back closed-door meeting and Ripple transfer of 150 million XRP raised speculation of settlement in the community.
The Federal Register and the SEC didn’t cite any reason behind the cancellation of the secret meeting. However, market participants believe it’s likely due to the spot Ethereum ETF approval process. Some Ethereum ETFs have received preliminary approvals, with S-1 requirements completed by all issuers. The Ether ETFs are anticipated to start trading on July 23.
As CoinGape reported, the SEC was going to discuss topics including institution and settlement of injunctive actions and administrative proceedings, resolving litigation claims, and enforcement proceedings. Also, ex-SEC lawyer Marc Fagel reiterated that the parties are not seeking XRP lawsuit settlement and merely await the district court’s decision in the remedies phase.
Also Read: Why Cryptocurrency Market Is About To Skyrocket?
XRP Price Falls As Ripple Settlement Speculation Fades
Traders responded immediately to the news today and XRP price faced correction. XRP price fell to a 24-hour low of $0.58, making a drop of 8% from a 24-hour of $0.6366. Moreover, the trading volume has increased by 20% in the last 24 hours, indicating interest among traders.
XRP eyes at least $1 after the recent breakout above the trendline pattern. Total futures open interest has skyrocketed to 1.37 billion in the last 24 hours. However, some profit booking was seen by futures trading, as expected. Chart patterns and indicators such as RSI and descending channel formation signal a consolidation for days.
Also Read: Can US spot Bitcoin ETFs Cross 1 Million BTC Holdings By July End?
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