Cryptocurrency prices, particularly for XRP, have experienced significant surges recently amid rising speculation surrounding an important upcoming meeting with the Securities and Exchange Commission (SEC) regarding Ripple. However, following the announcement that the meeting had been canceled, the value of Ripple’s native token took a sharp downturn.
Yesterday, the XRP community was buzzing with optimism, believing that a resolution in the Ripple case was imminent. Anticipation grew after a closed-door meeting with regulators was scheduled for July 18, which led to a surge in XRP’s price within the cryptocurrency community.
Unfortunately, that enthusiasm waned today as XRP’s value fell sharply after the SEC unexpectedly canceled the meeting. The SEC posted an announcement on its website stating, “The closed meeting scheduled for Thursday, July 18, 2024, at 2:00 PM has been canceled.” As a result, XRP’s price experienced a steep decline of over 7% within the last 24 hours.
At the time of writing, XRP was trading at $0.5779, reflecting a 7.2% increase over the past day. However, over the course of the week, the cryptocurrency demonstrated notable recovery, soaring by 30.0%.
The cryptocurrency community is abuzz with theories regarding the reasoning behind the meeting’s cancellation. Some speculate that the SEC may be shifting its focus towards the approval process for spot Ethereum exchange-traded funds (ETFs).
In related news, XRP has recently surged by more than 40% over the past week, sparking renewed hope among traders and speculation about a potential bullish breakout for the token. Prominent cryptocurrency analyst Crypto Michael remarked on the recent price movements, suggesting that XRP might be on the verge of one of the most momentous breakouts in the history of cryptocurrencies. “$XRP: historic breakout coming. In all my years of trading cryptocurrencies, I have NEVER seen a 7-year bull pennant. We may be about to witness one of the most significant breakouts in the history of cryptocurrencies,” he stated.
**Disclaimer:** The opinions expressed by the author or any individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or any other form of advice. Trading or investing in cryptocurrencies carries a risk of financial loss.
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