XRP in the Green Ahead of Ripple's First Pretrial Conference with SEC
Ripple-affiliated XRP remains the only cryptocurrency in the green amid a major market sell-off. It is up over five percent at the time of writing.
Earlier today, the token rallied over 23 percent in only one hour to an intraday high of $0.65 but has since erased most of its gains.
Yet, unlike many major altcoins with double-digit losses, XRP has managed to stay above the flatline.
Ripple’s first pretrial conference
The most obvious near-term catalyst is the first pretrial conference between Ripple and the U.S. Securities and Exchange Commission that is going to take place virtually at 10.00 a.m EST (5 p.m. UTC).
Such conferences are meant for both parties to outline the main issues of the case. Judges can also encourage them to settle their disputes and determine
As reported by U.Today, Ripple and the SEC submitted a joint letter, in which they stated that there was no prospect for settlement at that moment last week.
The discovery phase of litigation is expected to end no earlier than Aug. 16, according to the aforementioned letter.
The securities regulator sued the blockchain company on Dec. 22, triggering over more than a 70 percent XRP crash within the same month.