Just when XRP holders thought they might finally get some closure, the SEC pulled the rug out from under them again. How? Well, the commission canceled the scheduled meeting they had without any concrete reason—destroying XRP’s sweet 13% gain from Wednesday along with it.

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Source: SEC

Here's the lowdown on this regulatory rollercoaster:

  • The SEC canceled its closed-door meeting with Ripple
  • XRP prices took an 8% nosedive after the announcement
  • Theories are flying around like confetti
  • Some think the SEC's got Ethereum ETFs on the brain

Let's break this down, shall we?

Yesterday, the XRP community was super restless after prices took a quick nosedive. Why? Because a closed-door SEC meeting scheduled for July 18th had everyone thinking, "This is it. The big resolution we've been waiting for."

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Source: Giphy

Similarly—without providing any dates—Ripple CEO Brad Garlinghouse voiced his optimism in an interview with Bloomberg on Wednesday. “We expect a resolution very soon but can’t predict exactly when the judge will rule there,” he said.

But then, the SEC decided to play party pooper and canceled the meeting. Naturally, XRP prices took it personally and dropped 8%. Totally unnecessary, in my opinion… but it is what it is, right?

Now, you might be wondering, "Why all the fuss over a canceled meeting?" Well, my crypto-curious friends, this isn't just any meeting—at least, some people in the XRP community don’t think it is. 

The SEC's lawsuit against Ripple, alleging that XRP is an unregistered security, has been hanging over the cryptocurrency like a dark cloud for longer than most people can remember. A settlement could have provided some much-needed sunshine in the form of regulatory clarity.

But instead of clarity, we got cancellation. Now, the crypto community is playing detective, trying to figure out why the SEC decided to stand Ripple up. Some think the SEC's got a new crush on Ethereum ETFs. After all, several of these ETFs just got a wink and a nod from the regulators.

Optimists hold onto the July 31 forecast made by lawyer Fred Rispoli, another proponent of XRP, despite the price decline. The legal expert stated that even though July 13th has passed, the case can still conclude at the end of the month.

But let's not forget the bigger picture here. This isn't just about Ripple and XRP. The outcome of this case could shape the regulatory landscape for the entire cryptocurrency industry.

On the flip side, some optimists are pointing out that a canceled meeting doesn't necessarily mean a settlement is off the table. Maybe the SEC just needed more time to perfect their PowerPoint presentation. Or perhaps they're playing 4D chess, and this is all part of some master plan. Who knows?

More Info:

SEC Approves spot Ethereum ETFs ProShares and Grayscale Ethereum Mini Trust

U.S Senator Who Called Bitcoin a Hub for Criminals Convicted Of Bribery

And here's a fun fact for you: July seems to be Ripple's lucky (or unlucky?) month. Last Saturday, July 13th, made it exactly one year since Judge Analisa Torres declared XRP not a security. No one expected the outcome, but we were happy it came.

Now, a year later, we're still waiting for the final verdict.

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