SEC Meeting on April 3 May End XRP Legal Battle, Boosting Price 5%
1min read The upcoming SEC meeting on April 3 has sparked significant interest, particularly in relation to Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC). The meeting may consider a motion for the SEC to cease challenging Ripple’s XRP programmatic sales, a development that has intensified pressure on the token, causing its price to consolidate.
Ask Aime: What impact will the SEC meeting on April 3 have on Ripple's XRP programmatic sales and its token price?
XRP has experienced intense selling pressure since Ripple CEO Brad Garlinghouse announced the potential resolution of the legal dispute. This selling pressure coincided with a broader market correction within the cryptocurrency markets. However, as recovery indicators emerge, XRP has shown a 5% growth, lifting its price from support levels around $2 to approximately $2.15.
Market observers are closely watching the U.S. Congress as it evaluates a new stablecoin bill. The regulatory framework established by this bill is expected to have positive effects on Ripple’s RLUSD token and attract more institutions to use stablecoins. The crypto market is eagerly awaiting regulatory clarity, and the outcome of the April 3 SEC meeting is anticipated to significantly impact cryptocurrency prices. If Ripple secures a favorable outcome, the crypto market, particularly XRP, could experience substantial price growth. Ripple’s commitment to compliance and its efforts to integrate with the financial system further bolster the prospects for price growth.
Dark Defender, a prominent crypto analyst, predicts that XRP may revisit its last Fibonacci level at $2.04 before bouncing back. The analyst believes XRP will overcome the crucial resistance threshold at $2.22. According to Dark Defender, Wave 5 could extend between $5 and $8 during the price movements forecasted between April and May.
On March 19, Garlinghouse announced that the SEC planned to drop its appeal regarding XRP programmatic sales. The SEC has remained silent about any final disposition regarding the pending appeal. Ripple’s Chief Legal Officer, Stuart Alderoty, announced that Ripple is in settlement discussions and will pay $50 million toward the total $125 million fine demanded by the court. Legal proceedings between Ripple and the SEC appear to be nearing resolution as both parties move toward a settlement.
The settlement process could lift the injunction while the SEC seeks Judge Torres’ confirmation of the decision. A settlement would conclude the case based on SEC voting procedures and the necessary court documents. Regulatory approval from the SEC through the withdrawal of the appeal would represent a significant breakthrough for Ripple and the broader crypto industry, as it would introduce clear guidelines to the market. Investors and industry professionals are eagerly awaiting the developments following the SEC’s decision on April 3.
