Despite its recent surge, Ripple (XRP) has fallen nearly 7% after the US Securities and Exchange Commission (SEC) canceled a critical closed-door meeting. The token had increased more than 28% over the last seven days, according to CoinMarketCap. Yet, it fell below the $0.57 level Thursday.
The reversal is speculated to be connected to the ongoing SEC lawsuit. The two sides were scheduled to meet this week, with a stall from the agency delayed those plans. Now, traders are seemingly concerned that the predicted July 31st settlement day is in question.
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XRP Plummets Below $0.6 as SEC Case Hits a Roadblock
Entering this week, XRP had rallied more than 50% since the start of the month. After being stuck at the $0.5 level for most of the year, it looked like a breakout was finally arriving. Now, that doesn’t appear to be the case. A snag in the impending conclusion to its ongoing SEC lawsuit appears to be the reason.
In the last 24 hours alone, Ripple (XRP) has fallen almost 7% as the SEC recently canceled a closed-door meeting. Just a day earlier, the asset had enjoyed a 13% increase. It was steadily heading toward a sustained position above $0.62, which is now in jeopardy.
Also Read: Ripple Surges 11% as XRP Looks to Explode Past $0.6
There are still those who question the importance of the canceled meeting, however. Former SEC lawyer Marc Fagel recently said that the two sides have had “about 150 of these nearly weekly meetings since the case started.” His stance seems to call into question the importance of the gathering.
The SEC has not said why the meeting was canceled. However, Ripple is still optimistic about a conclusion arising sooner rather than later. In an interview with Bloomberg, he said that the crypto market can “expect a resolution very soon.” However, he also said the firm, “can’t predict exactly when the judge will rule there.”