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SEC Meeting Raises Hopes for Ripple-XRP Case Resolution – Crypto News

Published

2 years ago

November 30, 2023

Dripp

According to a recent announcement, the Securities and Exchange Commission (SEC) of the United States is convening for a crucial, confidential meeting. Although the official agenda does not specify the Ripple case, this gathering has sparked intense speculation among investors and followers of XRP. With the Ripple vs. SEC saga ongoing, market observers are closely monitoring any potential developments that might emerge from this meeting.

Key Developments in the Ripple-SEC Case

Ripple’s legal challenges with the SEC have reached a critical phase. The first week of February 2024 is pivotal as it marks the deadline for completing discovery related to remedies in this case. Ripple will then have a month to articulate its objections to the SEC’s proposed remedies. The SEC will subsequently have the chance to reply to Ripple’s objections by late April. This timeline sets the stage for a potentially decisive turn in this protracted legal battle.

A significant fine imposed on Ripple in mid-summer is central to this dispute despite recognizing XRP’s secondary market activities as nonsecurity transactions. Ripple’s fine, exceeding $700 million, stems from dealings with legal entities. This development has affected Ripple and had broader implications for the cryptocurrency market, influencing investor sentiment and regulatory outlooks.

Whale Movements Amid Legal Uncertainties

Amid these legal proceedings, XRP’s market behavior has captured the spotlight. Notable whale activities involving the transfer of substantial XRP amounts to centralized exchanges have been reported by Coingape. A single whale moved over 46 million XRP, causing ripples in the market. The first transaction, involving more than 25 million XRP, was directed to Bitstamp, while a second, moving 18.5 million XRP, targeted Bitso.