XRP surged nearly 40% to $0.64 earlier this week amid speculation that Ripple Labs was close to reaching a settlement with the U.S. Securities and Exchange Commission (SEC). However, it later fell to $0.56 after regulators announced that a closed-door meeting had been canceled.
The early-week rally, which made XRP the sixth-largest cryptocurrency globally by market capitalization, appeared to be driven by investor speculation that a non-public SEC meeting was related to Ripple, the crypto payment company associated with XRP. The meeting announcement included agenda items such as “initiating and resolving enforcement actions” and “resolving litigation claims,” but did not mention XRP or Ripple Labs.
XRP rose throughout July 17 in anticipation of the scheduled meeting the following day
The price then reversed and began to decline overnight after another SEC announcement stated that the meeting had been canceled.
XRP’s price declined through Thursday and early Friday, although it started to recover. As of this writing, XRP is still up 22.5% for the week with a current price of $0.57.
A spokesperson for Ripple Labs confirmed that the company “did not meet with the SEC this week.”
The SEC has posted another notice for a new closed meeting to be held on July 25. Notably, the agenda for this meeting includes several items similar to those on the agenda for the canceled July 18 meeting, though it does not mention “initiating and resolving enforcement actions.”
Although no SEC announcements explicitly mention Ripple Labs’ involvement, many cryptocurrency investors have interpreted them as a signal that a long-awaited resolution may be approaching after years of legal turmoil. Influencers on social media have shared speculative tweets about the meetings, sometimes linking them to the Ripple case without evidence.
The SEC sued Ripple Labs in 2020 for $1.3 billion, alleging that the fintech company associated with XRP violated SEC rules by selling tokens without registering them as securities. After years of protracted legal battles, including a partial victory for Ripple last fall, Ripple proposed a $10 million fine in April; the SEC countered, seeking a $2 billion penalty.
In a recent tweet, Ripple’s Chief Legal Officer, Stuart Alderoty, wrote that the company is awaiting the judge’s remedy in the matter, but “the court’s ruling that XRP is not a security will not change,” adding that “even the SEC has told the court that they will not contest that conclusion.”
The outcome of the SEC lawsuit could have far-reaching implications for the broader cryptocurrency space, as it could help clarify the regulator’s authority over digital tokens.
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