The Ripple vs. SEC closed-door meetings scheduled for today generated a lot of attention across the globe, as many predicted that the case would end today. However, to everyone’s disappointment, the meeting was again canceled, and there were no specific answers from Ripple and SEC.
SEC Unexpectedly Cancelling Closed-Door Meeting, What’s the agenda?
The #Ripple vs #SEC lawsuit meeting for Thursday was canceled.
Makes sense, there’s nothing else to discuss on the internally orchestrated lawsuit.
Sunshine Act Notice:#XRPhttps://t.co/tqUCQ5sc0j pic.twitter.com/pL2vb9y6WZ
— Vandell | Black Swan Capitalist (@vandell33) July 31, 2024
In the X post, Vandell Aljarrah, Co-founder of Black Swan Capitalist, disclosed that the scheduled meeting for the Ripple vs. SEC lawsuit on Thursday has been canceled. He implies that the lawsuit seems more about internal regulatory maneuvering than actual legal dispute, suggesting nothing new to discuss. The mention of the Sunshine Act Notice hints at procedural formalities rather than significant legal updates.
Why SEC is Avoiding Closed-door Meetings?
The SEC’s avoidance of the meeting could be due to recent court rulings favoring cryptocurrencies, which might be forcing the agency to reconsider its stance. The second factor that’s causing the delay is the increasing political pressure from the US administration, as Trump seeks to court the crypto community, which could be influencing regulatory strategies.
Garlinghouse’s Bold Critique
The SEC’s repeated delays indicate a potential lack of evidence in the Ripple case. Ripple CEO Brad Garlinghouse has not held back in his criticism of the SEC. He has pointed to the SEC’s recent decision to withdraw its classification of ADA and SOL as securities as a glaring example of the agency’s hypocrisy. Garlinghouse argues that this move reflects the SEC’s inconsistent and problematic handling of cryptocurrency regulations, further intensifying criticism of the agency’s approach.
XRP Walking on Thin Ice Again!
On the market front, XRP price movement has been notable. It recently broke above a multi-year resistance trend line, closing July with a significant 31.09% gain at $0.6232, despite a 0.72% decline on July 31. Recently, XRP also touched $0.65 for the first time since March, and analysts are optimistic about further gains, with potential targets set at $0.66, $0.74, and even $1. If bullish momentum continues, XRP could see substantial upward movement.
For millions of investors seeking crypto policy reform, Ripple vs. SEC represents the hope. However, XRP is losing ground with every Ripple vs SEC delay. Will this end soon or lead to additional XRP bloodbaths? We have to wait and watch what turn it takes next!
