Blockchain
Will July 25th Be the Turning Point for XRP Price?
The Ripple vs. SEC case is about to reach a critical turning point. In the latest move, the SEC has moved its decision behind closed doors encounter as of July 25. With this slight change, XRP prices jumped in anticipation of a possible conclusion of the Ripple vs SEC case. Many experts assume that there will be a possible agreement. In the meantime, the news has already had a positive impact, with XRP Price increasing by 3% following the announcement.
A significant rally for XRP
In the last months, Exchange rate risk has seen a remarkable rally, soaring over 50% and reaching its highest point since early April. This optimism is partly driven by hopes for regulatory clarity, especially after a court ruling last July suggested that XRP might not be classified as a security. The SEC’s decision to reschedule the closed-door meeting has further fueled interest and price gains.
The SEC’s rescheduling of the meeting has revived hopes for a resolution. The SEC had previously sought a hefty $2 billion fine from Ripple for alleged unregistered sales to institutions, while Ripple had proposed a much smaller settlement of $10 million.
When a previously scheduled meeting was unexpectedly canceled, the price of XRP dropped nearly 10%, highlighting the market’s sensitivity to news related to the case.
SEC Meeting July 25: What’s at Stake?
The upcoming closed-door meeting on July 25 has sparked considerable speculation within the cryptocurrency community. However, Marc Fagel has clarified that such meetings are routine and not necessarily indicative of settlement discussions. While the market remains optimistic about a potential settlement, Ripple and legal expert Bill Morgan have suggested that an outcome may be possible, but no terms have been finalized.
The details of the meeting remain unclear, but the inclusion of a deal on the agenda has fueled speculation that the SEC may agree to a deal with Ripple. This speculation has led to widespread excitement among XRP enthusiasts.
XRP Market Overview
Currently, XRP is the sixth largest cryptocurrency, with a market cap of $34 billion. Over the past two weeks, XRP has seen a significant rebound, jumping 56.8% from $0.382 to $0.60. During this time, its market cap has risen to $33.6 billion, reflecting a strong recovery and growth in a broader market rally. Investors are eagerly awaiting definitive news on XRP’s regulatory status.
All eyes are on July 25th. Will this date put an end to XRP investors’ woes or will it bring with it even more uncertainty? Stay tuned to be the first to know.
To know more: Ripple-SEC Deal Rumors Trigger 40% XRP Price Surge: What Next?