The SEC’s closed-door meeting ignited an XRP rally as talk grew about a possible settlement in the ongoing Ripple lawsuit. The cryptocurrency community is buzzing as the U.S. Securities and Exchange Commission (SEC) prepares for a critical private meeting on August 1, 2024.
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Ripple Lawsuit Update: XRP Surges Amid SEC Settlement Speculations
SEC’s Scheduled Private Meeting
Crypto community members shared a memo for the SEC’s closed-door meeting. The document, made on July 25 and signed by SEC Secretary Vanessa Countryman, lists four primary points to be discussed.
Settling legal actions and cases
Solving lawsuit claims
Resolve issues linked to enforcement actions.
Potential Implications for Ripple Lawsuit
The private nature of the meeting has sparked talk about its purpose. Many XRP supporters think the SEC-Ripple case will be the main topic of the discussions. Some believe the meeting could be used to set the final penalty Ripple might pay to end the ongoing lawsuit.
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XRP Price Movement
These events have dramatically affected the altcoin market. In July, XRP saw a big 72% rise amid early rumors of a closed-door meeting. The price went up from $0.38249 to $0.65806 before settling at $0.60835 at the time of writing, according to TradingView data.
Community Reactions and Expectations
Blockchain researcher Collin Brown suggests that ending the SEC-Ripple case could trigger a big rally for XRP. Many in the crypto community share this positive outlook. Some traders reportedly buy XRP tokens, hoping for a potential price surge after the meeting’s outcome.
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The crypto market watches closely as the SEC’s closed-door meeting nears. While the exact results remain unclear, the chance of resolving the Ripple lawsuit has excited XRP supporters and traders alike. We will closely watch this story’s impact on the broader cryptocurrency scene.