SEC Cancels Meeting Rumored On Ripple Settlement & Injunction, XRP Falls 13%

XRP News: In significant news for the XRP community, the U.S. Securities and Exchange Commission (SEC) canceled the Sunshine Meeting, which had fueled settlement speculation. Consequently, the XRP price extends the drop to more than 13% to $0.54. The cancellation, attributed to uncertain reasons, is speculated to be linked to the approval of spot Ethereum ETFs.

US SEC Cancels Closed Door Meeting

According to an update on the U.S. SEC website, the government agency has cancelled a closed-door meeting scheduled on July 18. While the meeting is not particularly focused on Ripple, the back-to-back closed-door meeting and Ripple transfer of 150 million XRP raised speculation of settlement in the community.

The Federal Register and the SEC didn’t cite any reason behind the cancellation of the secret meeting. However, market participants believe it’s likely due to the spot Ethereum ETF approval process. Some Ethereum ETFs have received preliminary approvals, with S-1 requirements completed by all issuers. The Ether ETFs are anticipated to start trading on July 23.

As CoinGape reported, the SEC was going to discuss topics including institution and settlement of injunctive actions and administrative proceedings, resolving litigation claims, and enforcement proceedings. Also, ex-SEC lawyer Marc Fagel reiterated that the parties are not seeking XRP lawsuit settlement and merely await the district court’s decision in the remedies phase.

Also Read: Why Cryptocurrency Market Is About To Skyrocket?

XRP Price Falls As Ripple Settlement Speculation Fades

Traders responded immediately to the XRP news and the price faced correction. XRP price fell to a low of $0.54, making a drop of over 13% from $0.6366. In the last 24 hours, the trading volume has decreased by 40%, indicating decline in interest among traders.

XRP price analysis eyes at least $1 in the long term after the recent breakout above the trendline pattern. Total futures open interests also fell to 1.35 billion in the last 24 hours. As expected, some profit booking was seen by futures traders. Chart patterns and indicators such as RSI and descending channel formation signal a consolidation for days.

Moreover, traders took a “wait and watch” strategy ahead options expiry. Almost 3,473 XRP options with a notional value of $1.93 million are set to expire today. The put/call ratio is 0.70 and the max paint price is at $0.47. This indicates room for traders to extend their profit booking until other bullish cues appear.

Also Read: Crypto Traders Brace For $2B In Bitcoin, ETH, SOL, XRP, MATIC Options Expiry