Ripple’s (XRP) price has increased almost 40% to reach around $0.60 in just 2 weeks. This pump is likely because of swirling rumors about Ripple’s ongoing dispute with the U.S. Securities and Exchange Commission (SEC).
Many XRP holders are eagerly anticipating the SEC’s closed-door meeting today, with speculation that it could be about Ripple. The mystery surrounding the meeting has fueled more speculation, with XRP holders getting hopeful. However, there is no solid proof for whether it is about Ripple or not.
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Show more +Reports have it that Ripple CEO Brad Garlinghouse has been cautious about giving out too much information about the legal dispute. However, the CEO seems confident about reaching a resolution.
He brought up a significant ruling that found XRP sales on marketplaces did not make up investment contracts, a verdict that challenges the SEC’s power to make rules in this area.
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Historical Context and Community Sentiment
The current market behavior is similar to an event from mid-July of the previous year when XRP experienced a 100% price spike following a partial victory against the SEC. During that period, XRP’s value jumped from $0.469 to $0.937 in a single day.
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The XRP community appears to be anticipating a comparable move this time around. This expectation has been a driving force behind the recent price increase, as investors and enthusiasts aim to position themselves advantageously in case of a favorable outcome.
Expert Opinion and Routine Procedures
Despite the enthusiasm, some legal experts are skeptical about a resolution to the case. Ripple has secured several courtroom victories against the SEC, which some observers interpreted as reducing the likelihood of a settlement.
Marc Fagel, a former SEC lawyer, has previously dismissed speculation about settlement talks.
The lawyer noted that the commission regularly holds closed-door meetings every week. The upcoming meeting, according to this perspective, is likely part of the SEC’s routine procedures rather than a specific event related to the Ripple case.
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