- The SEC has seemingly stalled the Ripple case again.
- The planned meeting has been revealed to have had nothing to do with Ripple.
- XRP has defied the regulatory storm, soaring 31% in July.
Another week, another SEC closed-door meeting has come and gone without a resolution for the cryptocurrency community. While many had hoped for a potential breakthrough in the long-running legal battle between Ripple Labs and the SEC, the repeated cancellation of these meetings has dampened expectations.
Rumors of a decisive meeting involving both parties had swirled recently, igniting speculation that a settlement or ruling was imminent. However, these claims have proven unfounded.
XRP Unfazed by SEC’s Repeated Delays
The meeting has been a regular fixture on the SEC’s calendar since April 2022, consistently rescheduled and often canceled. Today’s cancellation marks the sixth time this particular meeting has been postponed, making it increasingly apparent that Ripple is not the driving force behind these discussions.
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However, the lack of progress in the Ripple case has been a major point of contention for the cryptocurrency industry. Ripple CEO Brad Garlinghouse has been vocal in his criticism of the SEC, particularly in light of the agency’s recent decision to reclassify ADA and SOL as non-securities.
Garlinghouse argues that this inconsistency highlights the SEC’s arbitrary approach to cryptocurrency regulation, a stance many in the industry share. Despite the regulatory uncertainty, XRP , Ripple’s native cryptocurrency, has exhibited remarkable resilience.
XRP Surges 31% in July, Bulls Eye Higher Prices
The token recently broke through a multi-year resistance level and closed July with a substantial 31% gain, reaching $0.6232. Building on this momentum, XRP briefly touched $0.65 in early August, marking a significant price milestone before settling at $0.6074.
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Analysts are cautiously optimistic about further price increases, with potential targets ranging from $0.66 to $0.74 and even as high as $1.00. However, sustained bullish sentiment will be crucial for realizing these upward projections.
While the SEC’s actions have dominated headlines, the cryptocurrency market has demonstrated its ability to move forward. XRP’s performance reminds us of the industry’s resilience and potential, even in the face of regulatory challenges.
On the Flipside
- While not explicitly on the agenda, the Ripple case could still be a subtext of these SEC meetings.
- Despite XRP’s recent surge, its price may drop sharply if market conditions worsen or regulatory pressure mounts.
- Cryptocurrency markets are notoriously unpredictable, and price targets should be cautiously viewed.
Why This Matters
The SEC’s latest cancellation of its closed-door meeting has effectively quashed rumors of an imminent Ripple resolution. This directly contradicts recent leaks suggesting Ripple was a central topic of these discussions. More importantly, it reveals a broader regulatory agenda, underscoring the complex and uncertain landscape facing the entire crypto industry.
Ripple has prospered since the SEC’s lawsuit against Binance. Find out why here:
Ripple Prospers as SEC U-turns in Binance Case & XRP Soars
Confused about the Ripple-SEC case? This article debunks some common myths surrounding the case:
Lawyer Debunks Ripple-SEC Case Myths as Tensions Heat Up
