- The SEC will hold a closed meeting on February 20, possibly discussing its appeal strategy in the Ripple case.
- Regulatory changes within the SEC have fueled speculation about a potential appeal withdrawal.
- XRP price movements hinge on the outcome, with ETF approval adding another key catalyst.
XRP price swings as investors track the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
The agency is holding a closed-door meeting on February 20, where commissioners might be talking about litigation claims, enforcement proceedings, and administrative settlements. The agenda hints at possible discussions on major crypto cases, possibly including Ripple.
SEC Policy Tweaks Could Shift Stance
Recent changes within the SEC have fueled speculation about a policy shift.
In January, Acting SEC Chair Mark Uyeda appointed Commissioner Hester Peirce to lead the Crypto Task Force. This group is in charge of resolving crypto cases that aren’t about fraud. Word is, the agency has already hit pause on the lawsuit, because of the Crypto Task Force’s potential to ease regulations.
Related: Is the Ripple Lawsuit Set for a Breakthrough After SEC and Binance Agree to Pause Suit?
Meanwhile, legal experts believe the new SEC Chair, Paul Atkins, could take a more lenient approach toward crypto enforcement, increasing the chances of an appeal withdrawal in the SEC vs Ripple case. Right now, Atkins’s appointment is waiting for senate approval.
XRP Price Swings on Market Hopes
XRP’s price has been up and down with all the legal uncertainty. Just today, XRP dropped by 4% to $2.64, which can be clubbed along the general dip within the crypto market.
Despite this, XRP is still up 14% for the week, doing better than most of the market.
Optimism surrounding a potential settlement and the possibility of an XRP-spot ETF approval has given a bullish sentiment to XRP.
Related: XRP Soars 17% Near $3 as SEC Reviews More of Its ETF Bids: Approval Soon
If the SEC withdraws its appeal, XRP could break past its all-time high of $3.55. Further momentum would follow after the approval of an XRP-spot ETF, potentially driving the token toward $5. However, if the SEC proceeds with its appeal and rejects ETF applications, XRP may fall below $1.50.
With no recent court filings due in Ripple’s appeal brief scheduled for April, the SEC faces pressure to act sooner. The fact that there are no fraud claims against Ripple strengthens the case for an appeal withdrawal from the SEC’s side.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
