XRP News Today: The price of XRP fell more than 8% as the US Securities and Exchange Commission canceled a closed meeting that had sparked speculation of a settlement of Ripple's lawsuit against the SEC.
In major news for the XRP community, the Sunshine Meeting that sparked speculation about a settlement has been canceled by the US. Securities and Exchange Commission (SEC). The price of XRP fell more than 8% to $0.58 as the meeting was canceled for unspecified reasons, but the spot approval of the Ethereum ETF was seen as a likely reason for the move.
US Securities and Exchange Commission cancels closed-door meeting
According to updated information about the US. Securities and Exchange Commission website, the government agency has canceled a closed meeting scheduled for July 18. While the meeting is not particularly focused on Ripple, the closed-door meeting and Ripple's transfer of 150 million XRP sparked settlement speculation in the community.
The Federal Register and the Securities and Exchange Commission gave no reason for canceling the secret meeting. However, market participants believe this is likely due to the ETF approval process in place. Some Ethereum ETFs have received preliminary approval, with S-1 requirements met by all issuers. Ether ETFs are expected to begin trading on July 23.
As CoinGape reported, the SEC was set to discuss topics such as the introduction and settlement of lawsuits and administrative proceedings, litigation resolution and enforcement proceedings. Additionally, former SEC attorney Mark Fagel reiterated that the parties are not seeking a settlement of the XRP lawsuit, but are simply awaiting the district court's decision during the remedy phase.
