- XRP drops 1.66% as the market speculates about a possible Ripple-SEC settlement before the SEC’s July 25 meeting.
- Speculation about a settlement in the SEC vs. Ripple case is high, with the SEC’s July 25 meeting closely watched.
- The launch of Ripple’s RLUSD stablecoin and its regulatory strategy might influence XRP’s market position.
XRP fell 1.66% on Tuesday, July 23, after a 1.76% gain the previous day, closing at $0.5983. This drop aligns with a broader market downturn, where the total crypto market cap fell 1.50% to $2.351 trillion.
Speculation about a potential settlement in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple has intensified, with investors closely watching the SEC’s closed meeting scheduled for July 25 , anticipating discussions regarding a possible settlement.
In July 2023 , Judge Analisa Torres ruled that while Ripple violated U.S. securities regulations by distributing XRP directly to institutional entities, she also concluded that the programmatic sales of XRP did not meet the requirements of the Howey Test, a metric used to determine if a transaction constitutes an investment contract.
Additionally, Ripple’s development of its stablecoin, RealUSD (RLUSD) , continues to progress with a strategy focused on regulatory compliance. Markus Infanger, Senior Vice President of RippleX, has expressed confidence that RLUSD will overcome potential legal obstacles from the SEC, highlighting the company’s commitment to regulatory alignment. Infanger has also criticized the SEC’s approach to innovation in the United States, stating that the agency’s actions have hindered progress.
The anticipated launch of RLUSD towards the end of 2024 could impact market dynamics for XRP. Despite the potential positive impact of stablecoins on market dynamics, XRP has recently struggled to maintain its position. On Tuesday, XRP dropped below the $0.60 threshold, a crucial support level.
At the time of reporting, XRP is valued at $0.6025, with a trading volume of $1.7 billion. This represents a 0.56% increase in price over the previous 24 hours and a decrease of 1.22% over the past week.
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