Ripple’s SEC Meeting Canceled Again: Will XRP Continue to Decline?
- The ongoing legal battle between Ripple and the SEC continues to face delays.
- This has led to a noticeable decline in XRP’s market performance and trading volume.
- Despite this, analysts predict potential upward momentum if a resolution is achieved.
Discover the latest developments in the Ripple vs. SEC case and its impact on XRP’s market dynamics.
Ripple vs. SEC Meeting Cancelled: What’s Behind the Delay?
In a surprising turn of events, the highly anticipated closed-door meeting between Ripple and the SEC has been called off once again. This cancellation has fueled doubts about any substantial progress being made. Widely followed by crypto enthusiasts, the meeting was expected to offer some clarity, but both parties have remained tight-lipped. Vandell Aljarrah from Black Swan Capitalist noted on X that the meeting slated for today has been postponed, suggesting the discussions might be more about internal regulatory maneuvers than substantial legal arguments. The reference to ‘Sunshine Act Notice’ hints at procedural matters rather than significant legal updates.
Previous Meetings and Speculations on Resolution
The SEC previously convened with Ripple on July 25th, but the outcomes of that meeting remain undisclosed. Interestingly, the Sunshine Act Notice for the canceled meeting included discussions on the establishment and resolution of injunctive cases following the earlier closed session. This has spurred market participants to speculate on whether a settlement is imminent. Ryan Lee, Head Analyst at Bitget Research, remarked that potential resolution options for the Ripple case were to be discussed, and a formal settlement announcement could positively influence XRP’s price movement.
Implications of SEC’s Deferment and Regulatory Pressures
The SEC’s hesitation to proceed with the meeting may be influenced by recent court decisions that favor cryptocurrency entities and increasing political pressures, notably from figures like former President Donald Trump. These factors could be compelling the regulatory body to reassess its stance. Ripple’s CEO, Brad Garlinghouse, has been vocal in his criticism of the SEC, particularly regarding their inconsistent approach to crypto regulations. Garlinghouse has pointed out the agency’s double standards, especially after it reclassified ADA and SOL, adding weight to the growing discontent over the SEC’s regulatory inconsistencies.
Market Response and XRP Price Forecast
Abiodun Oladokun, a crypto analyst, has observed a decrease in XRP trading activities in derivative markets, indicating a lack of trader confidence. Coinglass data shows an 18% drop in derivative trading volume and a 10% reduction in open interest over the last 24 hours. The decline in open positions suggests traders are closing out without initiating new ones, reflecting bearish market sentiment. According to Ryan Lee, the outcome of the SEC meeting could significantly impact XRP’s price trajectory. A favorable resolution could push XRP towards $0.75 by August, while an unresolved situation might see XRP decline to the $0.50 range.
Conclusion
In sum, the repeated cancellations and the SEC’s reluctance to proceed with decisive action have left the market in a state of uncertainty. XRP’s immediate future hinges on the outcomes of these legal deliberations. While the bearish trend prevails due to the ongoing regulatory ambiguity, a potential settlement could swiftly pivot market sentiments, driving substantial gains for XRP. Investors and market participants are advised to stay updated on developments as they unfold, given the high stakes involved in this legal saga.
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