The US Securities and Exchange Commission (SEC) is set to hold a crucial closed-door meeting on Thursday, July 18. The secretive nature of the meeting has raised expectations that a resolution to the extensive legal battle between the SEC and Ripple Labs is imminent.
While specific details of the agenda have not been officially disclosed, insider information suggests that the Ripple litigation and potential avenues for settlement will be discussed. According to a circulated document shared on crypto-related social media, the meeting will be attended by SEC commissioners, their respective lawyers, the commission’s secretary, and the registration secretaries. SEC team members with an interest in the scheduled matters are also invited to participate.
BOOOOOOOM! private executive meeting at their headquarters in Washington for this Thursday (18 Jul-24)! Reliable sources have informed us that this meeting is connected to the #Ripple vs #SEC resolutions and the finalization of the court case! #XRP pic.twitter.com/9lEy33mPaI
— Brett Hill (@Brett_Crypto_X) July 12, 2024
The document outlines the topics to be discussed, which include the imposition and settlement of preliminary injunctions, administrative procedures, litigation claims, and other matters related to regulatory examinations and enforcement. While the Ripple case is not explicitly mentioned, there is speculation within the crypto community that it will be a central point of discussion given its relevance and the SEC’s history of involvement in multiple legal disputes.
The protracted legal battle between Ripple and the SEC is seen as a hindrance to the development of the XRP cryptocurrency, which Ripple uses in its payment solutions. It is hoped that a potential resolution can facilitate a recovery in XRP’s value, which has been steadily declining over the years.
In the past 24 hours, XRP has shown signs of recovery, gaining 10% and reaching a price of $0.5145. This movement coincides with the anniversary of a crucial decision by Judge Analisa Torres, highlighting the significant impact of legal developments on the cryptocurrency’s value.
There are growing expectations that the XRP price could soon surpass the $1 mark, breaking the previous resistance at $0.8, especially if the litigation reaches a favorable conclusion.
Disclaimer:
The views and opinions expressed in this article, as well as those of anyone mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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