- Ripple’s (XRP), a cryptocurrency, is reportedly expected to attend the SEC closed-door meeting scheduled for July 25, to talk about settlement.
- In the Sunshine Act Notice it is stated that there will be a discussion about the Institution of administrative proceedings and their settlement.
It is possible to buy XRP in a variety of currencies. 1.76% Gain in the past 24 hours. The market is only a small margin behind after increasing its trading volume for the 24-hour period by 41%. The asset had a 30 day return of and was currently trading for $0.6 at the time this article went to press. 23%.
CNF’s on-chain data revealed that Network Growth on XRP Ledger reached 1,721. This indicates a surge in network adoption. Santiment data revealed that a total of 47,300 active address made a successful XRP Transaction between the 17th and 18th. It is noteworthy that this number remains at its highest since March 30.
Why Adoption is on the Rise
The following is a list of analystsThese metrics are growing at an incredible rate, and this growth is usually accompanied by a highly anticipated technology. upgrade or major development. But that’s not the case with XRP. According to reports, investors are stocking up on XRP ahead of the settlement that will be reached between Ripple and the US Securities and Exchange Commission. Recent reports indicating that the SEC will have closed the case fueled rumours. closed meeting The 25th of July is a holiday.
The Sunshine Act Notice posted on the Commission website would indicate the subject of discussion for the meeting. “Institution and settlement of administrative proceedings, Resolution of litigation claims, Other matters relating to examinations and enforcement proceedings.” This has led to many believing that Ripple could be the main topic. Some members of the cryptocurrency community suspect that Ripple could also be present to talk about settlement terms.
Our analysts believe that the impact on the XRP market of the meeting should not be minimized, as the market reacted with an 8% Surge on 17 July in anticipation for the July 18 meeting. The market fell by 7% after the cancellation. 9%.
SEC Ripple Case Updates: What you need to know
You can also read about us reported In July 2023, Analisa Torres granted a partial win to Ripple in the case of XRP’s securities status. The ruling clarified the fact that the blockchain firm violated the securities laws by selling non-registered assets. In the following year, the SEC submitted its opening brief on remedies, in which it proposed a penalty of $2 billion and an order to stop the sale of XRP by institutional investors. The SEC claims that Ripple violated securities laws even after the complaint filed by December 2020.
If you object to the proposed fine amount, Ripple It was suggested that $10 million would be ideal. Defensive lawyers also claimed that their post-complaint activity did not breach securities laws. According to them, XRP was sold only to accredited investors that are exempt from securities laws. The second reason is that sales are made via On-Demand Liquidity Contracts (ODL), preventing profit and loss.
Amy Berman Jackson dismissed last month the SEC’s allegations that Binance had violated securities law by selling Binance Coin (BNB) in a secondary market.
The court is inclined to agree with the approach of the court in Ripple Labs since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].
Analysts say that XRP might target $0.66 as a resistance level in order to reach the $0.70 area once Ripple gets a positive ruling.
Please read:
No spam, no lies, only insights. Your subscription can be cancelled at any time.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com