XRP Pumps and Then Falls on SEC vs. Ripple Settlement Speculation

XRPThe rally early in the week, which briefly made XRP the sixth-largest cryptocurrency globally by market capitalization, appears to have been driven by investor speculation that a non-public SEC meeting was related to Ripple, the crypto payments firm associated with XRP.The meeting notice included agenda items such as “XRP climbed throughout the day on Wednesday, July 17 in anticipation of the meeting scheduled for the following day. The price then reversed course and began to fall overnight after another SEC notice announced that the meeting had been canceled.The price XRP gradually fell further throughout Thursday and into early Friday, though has started to tick back up. As of this writing, XRP remains up 24% on the week at a current price of $0.58.A Ripple Labs spokesperson confirmed to The SEC posted Although none of the SEC notices have specified Ripple Labs’ involvement, many crypto investors have interpreted them as a signal that a long-awaited resolution may be nearing following several years of legal turmoil. Social media influencers have been sharing speculative tweets about the meetings, in some cases connecting them to the Ripple case without proof.The SEC Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit.First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.This… https://t.co/0gh0EYhFZO— Stuart Alderoty (@s_alderoty) July 12, 2024In a The outcome of the SEC’s lawsuit could have far-reaching implications for the broader cryptocurrency space, as it may help to define more clearly the regulator’s jurisdiction over digital tokens.Edited by Andrew Hayward