XRP News Today: SEC Meeting Spurs Fresh Speculation on Ripple Case Resolution

XRP Holds Onto $0.60 Despite Broader Market Losses

On Monday, July 29, XRP slipped by 0.02%. Following a 1.01% rise on Sunday, July 28, XRP ended the session at $0.6023. XRP outperformed the broader market, which fell by 1.13% to a total market cap of $2.346 trillion.

SEC Closed Meeting Reignites Settlement Hopes

The SEC announced its second Closed Meeting in two weeks on Monday. According to the Sunshine Act Notice, the Closed Meeting is on August 1. The agenda includes one additional item for discussion from the July 25 Closed Meeting: institution and settlement of injunctive actions.

The additional agenda item suggests Ripple’s possible attendance to discuss the SEC vs. Ripple case and potential settlement terms.

In March 2024, the SEC filed its remedies-related opening brief, pursuing a $2 billion penalty and an injunction prohibiting XRP sales to institutional investors.

Settlement talks would likely need to address remedies-related claims from both parties.

XRP climbed to a Monday session high of $0.6131 before retreating. There were no updates from the July 25 Closed Meeting to suggest ongoing settlement talks between the SEC and Ripple.

Under the Sunshine Act, the SEC does not need to reveal the attendees list within the Sunshine Act Notice.

Speculation about settlement talks intensified after a recent interview with Ripple CEO Brad Garlinghouse. In July, Garlinghouse reacted to a question about any discussions with the SEC, saying that he can’t talk about it.

Settlement and Appeals

A settlement in the ongoing SEC vs. Ripple case would also end SEC plans to appeal against the Programmatic Sales of XRP ruling.

Pro-crypto lawyer Bill Morgan recently addressed confusion about settlements and appeals, stating,

“Settlements generally end matters in dispute, including appeal rights in the current proceedings.”

Regarding SEC plans to appeal, Ripple Chief Legal Officer Stuart Alderoty recently stated,

“While our case as a whole isn’t fully over (remedies still to be decided), the Court’s ruling that XRP is not a security will not change (even the SEC told the Court it will not challenge that conclusion).”

However, the SEC’s previous attempt to appeal against the Programmatic Sales of XRP ruling leaves XRP exposed to further litigation risk.

In August 2023, the SEC filed a Motion for Interlocutory Appeal, seeking the court’s permission to appeal against the Programmatic Sales ruling. In October 2023, Judge Analisa Torres rejected the Motion, forcing the SEC to wait until the final verdict before filing appeals.

Settlements: XRP Price Impact

A settlement could signal an XRP return to $1.00.

On July 13, 2023, XRP surged from $0.4696 to a session high of $0.9327 as investors reacted to the Programmatic Sales ruling. However, XRP fell back below $0.45 by mid-August on fears of an SEC appeal.

Investors should remain alert as hopes for a settlement linger. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP hovered well above the 50-day and 200-day EMAs, confirming the bullish price trends. Furthermore, the 50-day EMA converged on the 200-day EMA. A bullish cross through the 200-day EMA could signal an XRP breakout.

A break above the July 17 high of $0.6378 could give the bulls a run at the $0.6609 resistance level. A move through the $0.6609 resistance level could signal a return to the $0.70 handle.

SEC vs. Ripple case-related updates and SEC activity require consideration.

Conversely, an XRP drop below the $0.5739 supported level could bring the 200-day and 50-day EMAs into play.

With a 14-day RSI reading of 62.58, XRP may return to the $0.65 handle before entering overbought territory.