thecryptobasic.com
Despite the massive decline witnessed across the broader crypto market, XRP has continued to hold the line and has remained at the $0.6 price territory.
The seventh-biggest crypto by market cap is currently down 1.34% in the past 24 hours. Conversely, other top crypto assets have recorded massive declines within this timeframe. For instance, Bitcoin (BTC), Solana (SOL), Binance Coin (BNB), and Dogecoin (DOGE) are down 3.78%, 5.04%, 3.29%, and 3.51%, respectively.
Notably, there are speculations that the upcoming SEC closed-door meeting contributed positively to XRP’s recent performance.
SEC Schedules New Closed-Door Meeting
For context, the U.S. SEC has scheduled another closed-door Sunshine Act meeting for August 1, 2024, at 2 PM (ET).
As usual, the meeting will be held at the commission’s headquarters in Washington, DC. However, top officials who cannot physically attend can do so remotely.
According to the SEC, the meeting will focus on four topics, including the settlement of injunctive actions and administrative proceedings. Additionally, the securities regulator will also deliberate on resolving litigation claims and other enforcement proceedings.
New Rumor About SEC v. Ripple Case Settlement Resurfaces
Expectedly, the upcoming SEC closed-door meeting has triggered speculations of a potential settlement of the Ripple lawsuit. Several XRP community members speculated that the securities agency might comment about settling its legal dispute with Ripple, potentially bringing the lawsuit to an abrupt end.
This is not the first time that the community has made this speculation. The mere mention of an SEC closed-door meeting usually fuels rumors of an imminent settlement in the Ripple lawsuit.
Nonetheless, these meetings have ended in futility, with no agreement on a settlement reached. For instance, the community hoped a Ripple settlement would happen during the SEC’s closed-door meeting on July 25. However, things did not go as expected, leading to the collapse of XRP’s price.
There is no guarantee that the SEC would agree to settle with Ripple during its upcoming closed-door meeting. The crypto payments company has continuously expressed its willingness to settle with the SEC on the condition that XRP is declared a non-security. Such a declaration would foster widespread institutional adoption of the token, especially in the United States.
Despite Ripple’s commitment, the commission is unwilling to settle the case. Instead, it has relentlessly pursued its legal action against Ripple for over three years. Moreover, the SEC has already signaled its intention to appeal the court’s summary judgment, which earned it a partial defeat.
In the meantime, XRP is holding the line around the $0.6 price level as the parties await the court’s final judgment, which is expected later this year.