Ripple (XRP) experienced a 7% price decrease after the United States Securities and Exchange Commission (SEC) canceled a crucial meeting. This shows that volatility continues to affect the cryptocurrency market.
Let’s see all the details below.
The cancellation of the SEC meeting and the drop in the price of Ripple (XRP)
As anticipated, despite a recent surge, Ripple (XRP) has seen its price drop by almost 7% following the cancellation of a key meeting of the United States Securities and Exchange Commission (SEC).
According to the data from CoinMarketCap, the token had recorded an increase of over 28% in the last seven days, but on Thursday it fell below the threshold of $0.57.
The trend reversal seems to be linked to the ongoing legal case with the SEC. The two parties were supposed to meet this week, but the agency’s stalemate has delayed the plans.
This has fueled concerns among traders regarding the possibility that the settlement day scheduled for July 31 may be at risk.
At the beginning of the week, XRP had shown an impressive rally, increasing by over 50% since the start of the month.
After being stuck around the $0.50 level for most of the year, it seemed that a breakout was finally imminent. However, the hitch in concluding the ongoing legal case with the SEC seems to have dampened these expectations.
The previous day, the asset had recorded a 13% increase, approaching a sustained position above $0.62, which now appears in doubt.
In any case, there are those who question the importance of the canceled meeting.
The former SEC lawyer, Marc Fagel, stated that the two parties have had “about 150 of these almost weekly meetings since the beginning of the case.” Suggesting therefore that the cancellation might not be as significant as feared.
The SEC did not provide reasons for the cancellation of the meeting. However, Ripple remains optimistic about an imminent resolution.
In an interview with Bloomberg, Ripple stated that the cryptocurrency market can expect a conclusion “very soon,” although the company clarified that it cannot predict exactly when the judge will rule.
The CEO of Ripple calls for a Bipartisan approach to crypto in the USA
During the Fortune Brainstorm Tech 2024 event, Ripple CEO, Brad Garlinghouse, expressed concern about the partisan division on criptovalute in the United States.
“For me, raised in Kansas, it is surprising that a technology like this has become a partisan issue.”
Garlinghouse questioned why innovation, which aims to reduce costs and improve efficiency, has been politicized.
Garlinghouse also criticized Senator Elizabeth Warren(D-MA) for using anti-crypto rhetoric as a central point of her campaign:
“The fact that this has become a partisan issue suggests that patient zero is Elizabeth Warren, who uses the idea that all cryptocurrencies are used for illicit acts as a campaign point, something that is absolutely demonstrably false.”
The CEO of Ripple observed a peculiar dynamic in which Republicans are pro-crypto, while many Democrats are anti-crypto. “It doesn’t make sense to me,” he added, referring to a tweet from a Fortune reporter about the political implications of these positions.
Garlinghouse acknowledged that some Democratic leaders are reconsidering their positions on cryptocurrencies.
He indeed participated in a roundtable on cryptocurrencies in Washington, D.C., led by the Californian representative Ro Khanna, with the presence of prominent figures such as Mark Cuban and Senator Kirsten Gillibrand.
“There are democratic leaders who, in my opinion, are trying to solve this problem”,
he said, mentioning a representative who admitted to having misunderstood the issue.
Despite the current partisanship, Garlinghouse remains confident in a bipartisan approach. He emphasized the need for clear regulations, noting that many in the cryptocurrency sector are trying to follow the rules.
“We have asked for five years, give us clear rules”,
has concluded.
