XRP News Today: Ripple Awaits Verdict after SEC Meeting Canceled

XRP dropped below the $0.60 handle on Thursday, July 18. Reversing an 8% rally on Wednesday, July 17, XRP tumbled 9.00% on Thursday, ending the session at $0.5701.

Significantly, XRP ended a three-day winning streak.

SEC vs. Ripple: SEC Cancels Closed Meeting

On Thursday, news of the SEC canceling its closed meeting impacted demand for XRP.

Items for discussion included settlements, enforcement proceedings, and resolution to litigation claims.

The news of the closed meeting at the SEC’s headquarters in Washington DC had fueled expectations of a settlement in the SEC v Ripple case. XRP reacted to the news of the meeting, surging from a July 12 low of $0.4443 to a July 17 high of $0.6378.

The cancellation of the closed meeting dampened hopes of a settlement that could end SEC plans to appeal against rulings from the case.

The SEC gave no reasons for the cancellation, and the agenda did not disclose whether Ripple would attend. Under the Sunshine Act, the SEC must provide notice of meetings and a general agenda but not an attendee list.

This week, Ripple CEO Brad Garlinghouse was coy about discussions with the SEC, saying he can’t talk about it.

SEC vs. Ripple: Court Verdict Looms

A lack of progress toward a settlement leaves investors considering the likely penalty Ripple must pay for violating US securities laws. In July 2023, Judge Analisa Torres ruled that Ripple breached US securities laws by selling unregistered XRP to institutional investors.

Penalties could range from $10 million to $2 billion, and an injunction prohibiting XRP sales to institutional investors.

A court ruling may come before the US Presidential Election. Ripple expects a court verdict in the coming months. This week, Brad Garlinghouse anticipated a resolution very soon, hinting at a settlement.

Investors should remain vigilant as the SEC vs. Ripple case verdict is imminent. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP remained above the 50-day and 200-day EMAs, affirming the bullish price signals.

A break above the $0.5739 resistance level could give the bulls a run at the $0.6609 resistance level. An XRP move through the $0.6609 resistance level could signal a return to the $0.70 handle.

Investors should consider SEC vs. crypto case-related updates on Friday.

Conversely, an XRP drop below the $0.55 handle could signal a fall toward the 200-day EMA.

With a 14-day RSI reading of 62.38, XRP could return to the $0.60 handle before entering overbought territory.