The Securities and Exchange Commission (SEC) has announced a closed meeting scheduled for October 10, 2024, at 2:00 p.m. This meeting will take place remotely and/or at the SEC’s headquarters in Washington, D.C.
The gathering is set to include commissioners, their counsel, the Secretary to the Commission, and recording secretaries, along with select staff members interested in the agenda.
The official notice indicates that the topics to be discussed will include the institution and settlement of injunctive actions, administrative proceedings, and the resolution of litigation claims, among other enforcement matters.
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Show more +While the specifics of the meeting have not been disclosed, analysts are speculating that it may relate to ongoing legal issues surrounding Ripple’s XRP.
Speculation from Analysts
Two analysts have shared their thoughts on X regarding the potential focus of the meeting. Levi from Crypto Crusaders tweeted, “BREAKING: The SEC has scheduled an emergency meeting to discuss a settlement of the #XRP lawsuit appeal.”
This statement has sparked interest, as it suggests that the meeting could be pivotal for the cryptocurrency’s future.
Similarly, BullrunnersHQ remarked, “SEC has scheduled a private meeting to discuss a potential settlement in the XRP lawsuit and other key legal issues. Could this be the final chapter in the XRP saga?”
This comment echoes the sentiment that the meeting may signal significant developments in the long-standing legal battle.
However, it is essential to note that the SEC has not confirmed that the meeting will specifically address Ripple or XRP. The commission typically does not disclose such details in advance, leaving room for speculation and uncertainty.
Read Also: 5 Reasons SUI Token Could Become a Top 10 Cryptocurrency
XRP Price Movements
In light of the SEC’s notice of appeal regarding XRP, the cryptocurrency has exhibited some recovery signs. After consolidating between $0.48 and $0.66 since July, XRP’s price was affected by the SEC’s appeal announcement, dropping to $0.50.
Currently, there are indications that XRP price may be on the verge of rallying back to the upper resistance level of the consolidation range, which would represent a significant upward movement of over 20%.
The relative strength index (RSI) has also shown improvement, rising from 35 to 41, suggesting that there may be potential for further upward movement before reaching an overbought condition.
However, should XRP fall below the $0.48 support level, the price could continue to decline toward $0.38, where the next support level lies.
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