XRP Price Drops Over 8% After US SEC Cancels Closed-Door Meeting, Ripple Settlement Speculations Fade

• The XRP community is buzzing with the latest developments after the U.S. Securities and Exchange Commission (SEC) canceled a closed-door meeting.
• The speculation around a Ripple vs. SEC lawsuit settlement has been dampened by this unexpected move.
• XRP’s price fell dramatically, losing over 8% of its value, hitting $0.58 following the news.

The SEC’s sudden cancellation of a critical closed-door meeting has XRP prices tumbling, leaving market watchers questioning the future of Ripple’s legal struggles.

SEC Cancels Critical Closed-Door Meeting

The U.S. Securities and Exchange Commission (SEC) recently called off a significant closed-door meeting scheduled for July 18, a move that has taken the financial community by surprise. Although this meeting was not exclusively focused on Ripple, the proximity of the meeting’s timing to the transfer of 150 million XRP raised hopes for a potential lawsuit settlement. The cancellation has sparked various theories, primarily pointing towards the ongoing Ethereum ETF approval processes as the main reason for this unexpected development.

Potential Impact on Ethereum ETF Approvals

Industry insiders have speculated that the meeting was canceled due to the SEC’s involvement in discussions about spot Ethereum ETF approvals. Several Ethereum ETFs have already received preliminary approvals, completing all S-1 requirements. These ETFs are highly anticipated and are expected to be available for trading by July 23. The market’s focus is now shifting towards how this development might affect the broader crypto ecosystem, including Ripple and its ongoing legal battles.

XRP Price Reacts to the News

In the wake of the SEC’s announcement, XRP experienced an immediate market correction, plummeting to a 24-hour low of $0.58. This amounts to an 8% drop from its 24-hour high of $0.6366. The trading volume for XRP surged by 20% within the same timeframe, suggesting heightened trader activity and interest. This volatility has left many speculating on whether XRP will rebound or continue its downward trend in the coming days.

Market Analysts Weigh In

Experts in the crypto market have noted that the recent price movement isn’t entirely unexpected. Chart patterns and indicators, like the Relative Strength Index (RSI) and descending channel formations, hint at a period of consolidation for XRP. While some traders have started booking profits from futures trading, the total futures open interest has risen dramatically to $1.37 billion over the past 24 hours. This uptick in interest reflects the market’s keen eye on XRP despite the prevailing uncertainties.

Conclusion

The cancellation of the SEC’s closed-door meeting has left the XRP community and broader financial markets in a state of speculation and anticipation. While the direct impact remains uncertain, the move has clearly influenced XRP’s market dynamics, with significant price corrections and increased trading volumes. Investors and traders will keenly watch upcoming developments related to Ethereum ETF approvals and the Ripple lawsuit to gauge future market trends.