XRP News Update: The U.S. Securities and Exchange Commission (SEC) abruptly canceled a closed-door meeting rumored to discuss a potential settlement with Ripple Labs, triggering a 13% decline in XRP's price to $0.54. The cancellation, announced without explanation, has intensified market uncertainty amid ongoing speculation about Ethereum ETF approvals.
Key Developments
SEC Meeting Cancellation
The SEC scrapped its July 18 Sunshine Act meeting, which was slated to cover:
- Institutional settlements and injunctive actions
- Litigation claim resolutions
- Administrative proceedings
👉 Why this cancellation matters for crypto investors
While not explicitly about Ripple, the timing coincided with Ripple’s transfer of 150 million XRP, fueling settlement rumors. Analysts suggest the cancellation may relate to finalizing spot Ethereum ETF approvals expected by July 23.
XRP Price Reaction
- 13% drop to $0.54 within 24 hours
- Trading volume down 40%, signaling reduced trader interest
- Futures open interest fell to 1.35 billion XRP
Technical Outlook:
XRP faces consolidation after breaking a descending channel. Indicators like RSI suggest potential sideways movement until bullish catalysts emerge.
Market Implications
Options Expiry Pressure
- 3,473 XRP options ($1.93M notional value) expired on July 18
- Put/call ratio of 0.70 indicates bearish sentiment
- Max pain price at $0.47 hints at further downside risk
👉 How to navigate crypto market volatility
FAQs
1. Why did the SEC cancel the meeting?
The SEC provided no official reason, but speculation points to prioritization of Ethereum ETF approvals or unresolved legal complexities in the Ripple case.
2. Will XRP recover from this drop?
Recovery depends on Ripple’s legal outcomes and broader crypto market trends. Technical support levels near $0.50 could stabilize prices.
3. Is a Ripple-SEC settlement still possible?
Former SEC lawyer Marc Fagel noted both parties await a court decision on remedies, reducing near-term settlement likelihood.
Core Keywords
- SEC meeting cancellation
- XRP price drop
- Ripple settlement rumors
- Ethereum ETF approvals
- Crypto options expiry
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