The price of XRP has seen a massive surge as community members expect that the upcoming SEC closed-door conference could cause a settlement of the Ripple lawsuit.
The latest speculation comes after the US Securities and Exchange Commission postponed its closed-door Sunshine Act meeting by a week, scheduled to run from July 18 to July 25, 2024.
The meeting is scheduled for July 25 at 2:00 PM (ET) at the SEC’s offices in Washington, D.C., or by remote means, according to information on the SEC’s website. The commissioners’ counsel, the secretary of the commission, and the commissioners themselves are the SEC representatives expected to be present.
The establishment and settlement of administrative actions, the settlement of litigation claims, and issues related to enforcement proceedings will be three points of discussion for SEC officials.
Settlement Rumors Float Through the XRP Community
The SEC had scheduled to consider the settlement of injunction cases and three previously listed subjects before the meeting was adjourned. Notably, the SEC deleted the item on the settlement of injunction cases and reduced the list of subjects to three.
However, XRP supporters like Emily doubt that the upcoming meeting will resolve the SEC vs. Ripple legal dispute.
Aside from Emily, other XRP supporters predicted that this month’s SEC closed-door conference would cause the dispute being settled.
XRP Rises to $0.60 Following a Dip Below $0.55
These rumors have caused a gigantic increment in the cost of XRP. Recall that earlier this week, when settlement rumors gained momentum, the price of XRP crossed the 63-cent mark. But yesterday, the flagship asset fell to around $0.5426 because of the general decline in the cryptocurrency market.
The price of XRP has continued its rise as speculation about a settlement of the Ripple litigation has been sparked by the SEC’s impending closed-door hearing. The value of XRP is currently $0.6023 per token, up 18.4% over the last seven days and 8.9% over the last twenty-four hours.
XRP Legal counselor Disperses Hypothesis Over Up and coming SEC Meeting
Meanwhile, there is no assurance that the SEC will agree to a settlement with Ripple at its next meeting. Former securities lawyer Mark Feigel claimed, as previously reported, that the Ripple lawsuit will not be settled at the next Sunshine meeting.
The SEC’s publication specified three key subjects for the secret meeting: the institution and settlement of administrative actions, resolving litigation claims, and other items concerning examinations and enforcement proceedings.
