XRP price falls over 8% as US SEC cancelled a closed door meeting that sparked Ripple vs SEC lawsuit settlement speculations.
- The US SEC cancels a closed-door meeting, casting doubt on the settlement of the Ripple vs. SEC lawsuit.
- The XRP price fell by nearly 8% to $0.58.
The Sunshine Meeting that fueled the settlement speculation has been cancelled by the US Securities and Exchange Commission (SEC). However, the meeting was cancelled unexpectedly, leading to much speculation and discussion in the cryptocurrency community.
Why was the meeting cancelled?
According to people familiar with the situation, the ongoing Ripple case could have been one of the main topics of conversation. A major player in the cryptocurrency sector, Ripple has been involved in a legal conflict with the SEC for some time. The dispute relates to whether Ripple’s XRP should be classified as a security.
Prior to the scheduled meeting, internal alerts emphasized the importance of Ripple’s argument. This gave the impression that the meeting might discuss a potential settlement or other notable developments related to the case. Given the huge stakes and the SEC’s active involvement in regulating and prosecuting the crypto sector, the Ripple case attracted a lot of attention.
Did the SEC cancel the meeting for talks?
Many in the cryptocurrency sphere speculated about the reasons behind the sudden cancellation of the meeting. Some believe that the SEC may need more time to discuss the settlement or negotiate existing issues. Others believe that before any formal meeting takes place, new information or issues may emerge that require further consideration and debate.
Ripple’s situation is important to both the business and the larger regulatory framework surrounding cryptocurrencies. The outcome of the case, particularly if a settlement is involved, could set a standard for the SEC’s conduct of future cryptocurrency initiatives.
XRP prices fall as ripple settlement hopes fade
Today’s news forced traders to react quickly, and the XRP price corrected. The XRP price dropped 8% from a 24-hour high of $0.6366 to a 24-hour low of $0.58. In addition, trading volume has increased by 20% over the past day, indicating that traders are interested in it.
After the latest breach above the trendline pattern, XRP is expected to reach at least $1. The total futures open interest has increased to $1.37 billion in the last 24 hours. However, as expected, futures trading resulted in some profit booking. Chart patterns and indicators, such as the RSI and downward channel development, indicate a multi-day consolidation.
