Ripple: Closed meeting SEC vs XRP – Will this be the settlement and the price moon?

• XRP price is up around 18.5 percent in the past 30 days with expectations of the ongoing case coming to a conclusion.
• The bump in the past 30 days is likely attributable to a possible settlement of the Ripple vs SEC lawsuit.

The United States Securities and Exchange Commission, alias the SEC, has scheduled a meeting for Thursday, October 20, 2022. The issues to be discussed include ‘institution and settlement of injunctive actions, institution and settlement of administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings. 

Hereby arousing a thought on possible SEC and Ripple settlement in the ongoing lawsuit, which has sustained two years. According to our market data, XRP price is trading around $0.461098, down approximately 57 percent in the last year. Nonetheless, the asset is up around 18.5 percent in the past 30 days.

The XRP price bump in the past 30 days is likely attributable to a possible settlement of the Ripple vs SEC lawsuit. Arguments about whether XRP is a security or not will be replicated on most of the altcoins. Furthermore, most crypto companies have a token that is the leading financial instrument.

As such, the case is largely anticipated all over the world by the crypto and blockchain community.

According to the SEC document, today’s meeting will be closed to the public and only accessible to high-ranking officials.

“Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present,” the sunshine act notice reads.

XRP price market outlook

XRP is among the oldest yet well-performing crypto assets in the industry. The institutional utility has to a greater extent, bolstered the XRP market outlook in the past few years, especially after the Trump administration initiated the SEC vs Ripple case and caused several cryptocurrency exchanges to delist XRP from trading services.

According to our market data, XRP has a market capitalisation of $22,960,216,261, with a 24-hour trading volume of $1,530,674,225. 

The SEC is mostly looking at Ripple’s XRP reserves of approximately 50 billion, locked for monthly release. Notably, the White House recently announced that it would not support ‘predatory’ behaviors in the cryptocurrency and blockchain industry.

It is possible that the XRP reserves that Ripple has may be sent to a zeroing address to be burnt forever. However, the XRPL developers led by Ripple CTO David Schwartz continue to build the network despite the ongoing lawsuit case. 

Earlier this week, XRPL developers announced they are preparing to welcome Ethererum Dapps through an Ethereum Virtual Machine (EVM) sidechain. The move is expected to increase XRPL’s activity through increased Dapps. Meanwhile, the XRP price remains trapped in a multi-year wedge consolidation.