- The Ripple lawsuit is nearing a major turning point as a settlement is reportedly on Thursday’s closed meeting agenda.
- A favorable resolution could pave the way for the launch of an XRP spot ETF.
- XRP could potentially return to the $1 threshold following the development.
A rescheduled closed-door meeting at the Securities and Exchange Commission (SEC) has reignited speculation about a potential settlement in the ongoing legal battle between Ripple Labs and the regulator. The meeting, now slated for July 25th, has sparked renewed optimism among XRP investors, who are closely watching for any signs of resolution in a case that could have far-reaching implications for the cryptocurrency market.
The SEC had previously planned to hold this closed-door session on July 18 but canceled it at the last minute. The regulator quickly fixed the new date for the meeting, which will now be held on Thursday.
Following the update, the price of XRP got a major boost as the meeting agenda included discussions of settling the SEC’s pending lawsuits. Market participants anticipate the settlement terms could significantly impact XRP’s near-term price trends.
The SEC filed a remedies-related opening brief in March, seeking a $2 billion penalty and an injunction prohibiting XRP sales to institutional investors. On the other hand, Ripple proposed a $10 million penalty in its opposition brief in April, arguing that its post-complaint activity complied with U.S. laws.
A favorable settlement could be a major boost for XRP, potentially driving demand and supporting a return to the long-lost $1 threshold. Following the ruling that XRP is not a security last year, XRP soared by over 100% in 24 hours, reaching a high of $0.93 before encountering a roadblock.
While talks about a settlement continue to make rounds in the crypto community, Ripple CEO Brad Garlinghouse failed to comment on these prospects when asked during a recent interview with Bloomberg. Meanwhile, Garlinghouse has stated that the lawsuit is nearing its conclusion.
Among the expectations for XRP after the lawsuit ends is the launch of an XRP spot ETF market in the U.S. Industry experts, including the CEO of Ripple, have boldly stated on numerous occasions that an XRP ETF is “inevitable” given that the asset has regulatory clarity.
Yesterday, XRP surged 6.13% to trade at $0.6227 from the intraday low of 0.5867, though the asset has lost most of these gains today.
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