The Ripple vs. SEC litigation meeting was canceled again, raising doubts that no significant progress has been made. Following this, XRP’s market performance continues to decline, with its price falling 6 percent to $0.60 in the last 24 hours. In addition, trading volume fell 27 percent. Despite the uncertainty of the lawsuit, analysts predict further gains if the bullish momentum continues.
Canceled Ripple and SEC meeting: What’s behind the delay?
As you have been following on Kriptokoin.com, today’s closed-door meeting between Ripple and the SEC was highly anticipated and many were hoping for a resolution. Instead, the meeting was canceled once again and neither Ripple nor the SEC provided any updates. Vandell Aljarrah, co-founder of Black Swan Capitalist, shared at X that the meeting scheduled for today has been postponed. He suggests that there may be nothing new to discuss, implying that the case may be about internal regulatory maneuvers rather than actual legal discussions. The mention of the ‘Sunshine Act Notice’ implies that the discussions are about procedural matters rather than substantive legal updates.
The SEC previously met with the digital payments company on July 25. While the outcome of that meeting is unknown, the Sunshine Act Notice for Thursday’s meeting includes an additional item to be discussed from the July 25th Closed Meeting: the establishment and resolution of injunction actions. This has led market participants to speculate whether a compromise is imminent. Ryan Lee, Chief Analyst at Bitget Research, had this to say on the matter:
This meeting will discuss potential settlement options for the Ripple litigation. The founder of Ripple Labs stated that a legal settlement could be announced soon. If a formal settlement plan is announced, it could positively impact XRP’s price action.
Ripple is not backing down! Why is the SEC running away?
The SEC’s decision to avoid the meeting may have been influenced by recent court rulings favoring cryptocurrencies and forcing the agency to reconsider its stance. In addition, increased political pressure, especially from the US administration, with former US president Donald Trump interacting with the crypto community, may be influencing regulatory strategies and contributing to the delay.
The SEC’s repeated delays point to a potential lack of evidence in the Ripple case. Ripple CEO Brad Garlinghouse has not backed down in his criticism of the SEC. He cited the SEC’s decision to withdraw its classification of ADA and SOL as securities as a blatant example of the agency’s hypocrisy. Garlinghouse argues that the move reflects the SEC’s inconsistent and problematic handling of cryptocurrency regulation and further intensifies criticism of the agency’s approach.
XRP price prediction: Derivatives traders exit the market
Crypto analyst Abiodun Oladokun looks at the technical picture of XRP and tries to understand the price trajectory. XRP’s derivatives market has also witnessed a drop in trading activity over the past 24 hours. According to Coinglass, derivatives trading volume fell by 18% and open interest by 10% during this time.
Open interest refers to the total number of derivatives contracts that have not yet been settled, such as options or futures. When open interest falls, traders close their positions without opening new ones. This is a bearish sign, reflecting a lack of confidence in potential positive price movements. According to Ryan Lee, Chief Analyst at Bitget Research, the outcome of the meeting with the SEC “will significantly impact the token’s price action.” If the outcome is positive, the XRP price could rise towards $0.75 in August. On the other hand, if a positive solution is not reached, it could fall to the $0.50 price range.
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