Ripple vs. SEC: Sudden Cancellation of Key Meeting Leaves XRP Lawsuit's Future in Question

The closed-door meeting between Ripple and the SEC, scheduled for today, was abruptly cancelled, leaving many anticipating an update on the ongoing lawsuit. Vandell Aljarrah, Co-founder of Black Swan Capitalist, highlighted that the cancellation suggests the case may involve more internal regulatory maneuvers than substantive legal discussions. He pointed out that the meeting's cancellation could be due to procedural matters rather than significant developments in the case.

Reasons Behind the SEC’s Avoidance

Several factors may be influencing the SEC’s reluctance to engage in closed-door discussions. Recent court rulings in favour of cryptocurrencies might be prompting the SEC to reassess its position. Additionally, political pressures, especially from figures like Trump seeking to align with the crypto community, could be impacting regulatory strategies.

Garlinghouse’s Criticism

Ripple CEO Brad Garlinghouse has been vocal in his criticism of the SEC, accusing the agency of hypocrisy. Garlinghouse has criticised the SEC’s decision to retract its classification of ADA and SOL as securities, viewing it as evidence of the SEC's inconsistent and problematic approach to cryptocurrency regulation.

XRP Price Movement

Despite the ongoing legal uncertainties, XRP has shown notable price movements. The cryptocurrency recently surpassed a multi-year resistance trend line, closing July with a 31.09% gain at $0.6232. Although XRP experienced a slight decline of 0.72% on July 31, it touched $0.65 for the first time since March. Analysts remain optimistic, setting potential targets at $0.66, $0.74, and even $1, provided the bullish momentum continues.

The Ripple vs. SEC lawsuit remains a critical issue for many investors advocating for clearer crypto policy reform. The repeated delays in the case are causing concern among investors, leading to speculation about whether the lawsuit will soon conclude or result in further setbacks for XRP.