The Ripple vs. SEC lawsuit could be nearing its end. A big moment is coming on July 10, when the SEC will hold a closed-door meeting. Many in the crypto world believe the commission might vote to drop its appeal against Ripple. This could be huge for XRP as analysts expect a meteoric rise after the lawsuit officially ends.
What Is the July 10 SEC Meeting About?
The SEC will meet under the Sunshine Act, which allows private discussions about legal actions and enforcement matters. Although Ripple isn’t mentioned directly in the agenda, the timing has fueled speculation that the XRP lawsuit may be on the table.
On June 30, Ripple CEO Brad Garlinghouse made the company drop its cross-appeal, indicating that Ripple does not wish to continue the legal fight and instead wants to focus on building. This implies Ripple is set to put an end to the legal fight, and now attention goes into whether the SEC will follow suit.
Just a few days earlier in June, U.S. District Judge Analisa Torres denied two major joint requests by Ripple and SEC. The agency had asked to lift the order requiring Ripple to comply with securities law and to reduce its fine by more than half. The first motion was denied due to not following the proper procedure.
Thereafter, Ripple and SEC filed another joint motion under Rule 60(b) seeking “(1) ‘dissolve’ the Court’s permanent injunction ordering Ripple to obey the law, and (2) cut the monetary penalty imposed against Ripple by more than half.” Nonetheless, Judge Torres denied the motion but didn’t cite any particular reason.
Busy Week for Ripple and XRP
This week will see a whirlwind of activity for the San Francisco-based blockchain firm. On July 9, the eve of the potential SEC decision, Ripple CEO Garlinghouse will testify before the U.S. Senate Banking Committee. His testimony is expected to urge lawmakers to introduce clear crypto regulations. The following day’s SEC meeting could finally bring a decision, or extend the wait even longer.
There was also a closed-door SEC meeting on July 3, which many thought might involve Ripple. But no official update came after that. Former SEC lawyer Marc Fagel has reminded everyone that these meetings are usually routine, and even if a vote happens, the final outcome can take weeks.
Nevertheless, the momentum appears to be shifting in the favor of a resolution between both parties. The SEC’s appetite for continuing the appeal may be waning, even though Commissioner Caroline Crenshaw is opposing a settlement with Ripple. Here, pro-crypto SEC Chair Paul Atkins’ crypto-friendly approach is set to play a major role.
XRP Price Reacts to the News
XRP price has been reacting to every legal update. After the July 3 SEC meeting, XRP jumped by 2.4% to reach $2.27. Analysts say if the SEC drops its appeal, XRP could shoot up to $2.65 or $3.00. But if the case drags on, prices might drop again to the $2.20 or $2.25 range.
Traders are watching the $2.35–$2.38 level. A breakout above that on strong volume could be a bullish signal. At the same time, traders are advised to place stop-losses below $2.25 to protect against possible downside moves.
The upcoming July 10 SEC meeting could be a turning point in the Ripple lawsuit. If the SEC drops its appeal, it would bring relief to Ripple and possibly end one of the biggest legal battles in crypto history. However, even if the decision is made, it could still take weeks to be finalized.
Also Read: Ripple vs SEC Case Won’t End Today, Says Former SEC Lawyer
