XRP Price Plunges 10% as SEC Cancels Supposedly 'Secret” Meeting About Ripple Lawsuit
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- 2024-07-19 14:28:38574browse
The price of XRP plunged on July 18 after the US Securities and Exchange Commission (SEC) canceled a supposedly “secret” meeting about its lawsuit with Ripple.
The US Securities and Exchange Commission (SEC) canceled a meeting about its lawsuit with Ripple, which caused XRP to drop nearly 10%. The closed-door meeting had fueled speculation about a potential settlement in the SEC’s ongoing lawsuit against Ripple.
This expectation, in turn, had driven XRP prices up significantly. Following news of the SEC canceling its meeting, the hype of a possible settlement died, taking XRP’s bullish momentum with it.
As a result, XRP price dropped nearly 10% to reach a daily low near $0.56 before recovering slightly.
Some speculate that the SEC is focusing on the approval process for several spot Ethereum ETFs, which have already received preliminary nods. Others worry that the cancellation signals a delay or complication in the Ripple case.
The SEC Ripple lawsuit, which alleges that XRP is an unregistered security, has overshadowed the token since its inception. Investors had hoped for clarity from a potential settlement, which now seems further away.
The meeting’s abrupt cancellation has heightened uncertainty in the market, affecting investor sentiment and contributing to the significant drop in XRP’s price. As the cryptosphere processes this development, the future of Ripple and XRP remains uncertain.
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