XRP Price- Crucial SEC Meeting With Ripple Cancelled, Leading to XRP Price Drop
XRP Price– XRP’s price lost all the gains it made on Wednesday after the US Securities and Exchange Commission (SEC) unexpectedly canceled a planned closed-door meeting with Ripple.
The outcome of the Ripple vs. SEC case holds significant importance for the entire cryptocurrency industry. This decision is anticipated to shape the regulatory framework for future digital asset investments, making the case a critical point of focus for investors and regulators alike.
SEC Meeting Cancellation Hits XRP Price
Following a remarkable 13% climb on Wednesday, the XRP price has erased all its gains, reacting to the SEC’s unexpected cancellation of a highly anticipated closed-door meeting with Ripple on July 18.
Former SEC lawyer Marc Fagel noted that Ripple and the SEC have held approximately 150 such nearly-weekly meetings since the case began.
The reasons behind the SEC’s cancellation remain unclear. However, the SEC’s Sunshine Act notice had listed crucial regulatory issues on the agenda, including the settlement of administrative proceedings, injunctive actions, and the potential resolution of litigation claims to provide clarity in the Ripple case. Top SEC commissioners and Ripple officials were expected to attend, with the SEC asserting that the XRP token should be categorized as a security.
The crypto community had anticipated a positive outcome from the meeting, hoping for clearer guidelines in the case. As July remains a crucial month for the Ripple-SEC case, there was speculation that this meeting would lead to a settlement between Ripple and the SEC.
XRP Trading Strategy: Key Levels to Watch
Traders considering a long position on the Ripple token should look for a stable break and close above the supply zone’s mean threshold at $0.6009.
On the other hand, if seller momentum surpasses buying pressure, the XRP price could continue to decline. A candlestick close below $0.4182 would negate the bullish outlook.
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