XRP Slumps as Settlement Hopes Fade

On Aug 2, 2024

The SEC’s cancellation of the closed meeting with Ripple signals intensifying regulatory scrutiny, causing XRP prices to slump.
Investors should closely monitor legal developments and ETF news, as these factors are crucial for XRP’s future market performance.

The legal battle between Ripple and the SEC might be nearing a resolution, with a potential settlement opening doors for U.S. XRP spot ETFs. However, in a turn of events, as predicted in our previous post about the SEC’s secret meeting on August 1, the SEC has canceled the closed meeting with Ripple as the battle intensifies.

In a recent post, Vandell Aljarrah, Co-founder of Black Swan Capitalist, revealed that the Ripple vs. SEC lawsuit meeting scheduled for Thursday has been canceled.

The #Ripple vs #SEC lawsuit meeting for Thursday was canceled.
Makes sense, there’s nothing else to discuss on the internally orchestrated lawsuit.
Sunshine Act Notice:#XRPhttps://t.co/tqUCQ5sc0j pic.twitter.com/pL2vb9y6WZ
— Vandell | Black Swan Capitalist (@vandell33) July 31, 2024

He also suggests that the case appears to be more about regulatory tactics than substantive legal issues, implying there are no new developments to address. The reference to the Sunshine Act Notice indicates procedural formalities rather than major updates.

Such a development could subsequently drive up demand for XRP as investors seek exposure through these new investment vehicles. If approved, XRP spot ETFs could significantly impact market dynamics and broaden XRP’s appeal.

According to CoinMarketCap data updated today, Ripple (XRP) is trading at a price of $0.5711, down 6.41% in the past day and 4.94% in the past week. See the XRP price chart below.

Furthermore, as a closing note, XRP’s technical indicators suggest a bullish trend, with the price well above key moving averages. If XRP maintains its momentum, it could challenge resistance at $0.70 and revisit highs of $0.6591. However, a fall below $0.5739 might bring additional scrutiny. Therefore, investors should stay updated on legal developments and ETF news, as these will be crucial for XRP’s future performance.