SEC Cancels Key Ripple Meeting, XRP Plunges: No Settlement in Sight?

The US SEC has canceled its closed-door meeting originally scheduled for July 18, which was to discuss the ongoing lawsuit against Ripple. The SEC announced the cancellation on July 17 without providing reasons. However, market participants are speculating that this could be related to the fast-track approval process for Ethereum ETFs, which are set to begin trading on July 23.

The sudden cancellation of the SEC meeting has sparked speculation within the crypto community. Some believe that the SEC may need more time to negotiate or discuss a deal, while others believe that new developments may have emerged that require further analysis.

Great hopes – all dashed!

The XRP community had high hopes for this meeting, hoping that it could lead to a settlement in the long-running legal battle with Ripple. Despite 150 similar meetings that have yielded no indication of a settlement, optimism has remained. The Federal Register and the SEC have not provided any reason for the cancellation, but market participants suspect it could be due to the impending approval process for Ethereum ETFs, which are set to begin trading on July 23.

Behind closed doors: what was the program?

According to the SEC’s Sunshine Act notice, the canceled meeting was scheduled to focus on four key items, including administrative proceedings, injunctive relief, and dispute resolution. The inclusion of the settlement on the agenda fueled rumors that the SEC might agree to a settlement with Ripple, sparking widespread speculation among XRP enthusiasts.

Industry insiders weigh in

Opinions differ on the SEC’s intentions. Some believe the agency may need more time to negotiate or deal with new developments. Yassin Mobarak of Dizer Capital speculated about a possible settlement, while former SEC attorney Marc Fagel noted that such speculation has repeatedly proven unfounded.

Ripple and the SEC are currently at odds over the appropriate penalty for Ripple’s alleged securities law violations. The SEC is seeking a $2 billion fine, while Ripple has proposed $10 million. A final decision is expected by July 31, as reviewed by District Court Judge Analisa Torres.

XRP takes a hit

Following this news, the price of XRP fell by 8% to $0.58, with a 20% increase in trading volume, indicating increased interest from traders. Despite this correction, XRP is aiming for at least $1, driven by recent trends and futures open interest reaching $1.37 billion. Chart patterns and indicators suggest a period of consolidation ahead.

With every delay in the Ripple vs SEC case, XRP is under negative pressure. Will this end soon or will XRP experience more bloodshed?