- XRP pulled back about 15% after climbing above $0.6 for the first time since April.
- The altcoin gained 67% in less than two weeks in the recent rally.
- Experts believe Ripple and the SEC are keen to settle the ongoing litigation soon.
XRP pulled back about 15% after climbing above $0.60 for the first time since April. The pullback followed an impressive rally that saw the embattled altcoin gain 67% in less than two weeks as users anticipated a resolution to the ongoing case between Ripple and the U.S. Securities and Exchange Commission.
The recent XRP rally was sparked after the SEC announced a date for a closed-door meeting, with an agenda that included discussions of the case with Ripple. Crypto community members speculated that the SEC wanted to finalize a settlement with Ripple, ending the protracted court case.
Ripple’s recent pullback occurred after an alleged postponement of the meeting, suggesting the case could last longer than expected. XRP dropped from the recent $0.63741 local high to $0.54043 before rebounding, according to data from TradingView.
Meanwhile, in a recently uploaded video, Cheeky Crypto’s Nick noted that many crypto traders were bullish on XRP because they believed finalizing the case would bring some regulatory clarity to the cryptocurrency ecosystem. He emphasized the importance of having clear rules in the crypto market, noting the delay in talks might mean the negotiation is encountering a rough patch.
Nonetheless, the analyst noted that while the delay represents a setback, it doesn’t mean the end of the road for XRP. He explained that experts believe Ripple and the SEC remain keen on settling, with the possibility of a multi-million dollar fine for Ripple.
Nick advised traders hoping to benefit from XRP to stay calm and focus on official announcements from Ripple and the SEC alongside other update platforms. He acknowledged that XRP’s recent pullback is concerning, reiterating that crypto trading requires patience.
The SEC has since announced the new meeting date as July 25, triggering a rebound in XRP’s price. At the time of writing, TradingView’s data showed the altcoin trading for $0.58822.
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