XRP holders eagerly anticipate the US Securities and Exchange Commission meeting scheduled for today at 2:00 PM ET.
These investors want to see the meeting’s impact on the price of XRP, which is associated with Ripple Labs.
SEC Meeting is Crucial to XRP Holders
Notably, the upcoming SEC meeting is closed, and its purpose remains unknown. XRP holders speculate that it could be geared towards voting on whether or not to formally agree on dismissing the appeal the SEC made in its case against Ripple.
As detailed in our last news piece, Ripple CEO Brad Garlinghouse said the firm reached an agreement to accomplish that goal on March 19. On this day, the US SEC announced the dismissal of its XRP lawsuit appeal against Ripple. Accordingly, the SEC is expected to lift the injunction, which is currently preventing the sale of XRP to institutional investors.
If the SEC eventually lifts the current injunction, XRP holders may benefit from the strong bullish trend that may emerge. This expectation is not unreasonable, as XRP jumped from a low price of $2.2 to a high of $2.6 following the landmark win.
However, XRP’s move to the upside is slim in the current market as investors move away from risky asset classes like crypto. Additionally, Google Trends recently revealed that global search interest in crypto has decreased to only 16. As we covered in our latest report, this figure marks a sharp fall from January, when it hit a perfect 100. This surge happened right around the deadline for Ripple’s appeal.
So far, XRP has remained above the $2 mark despite President Trump’s ‘Liberation Day’ tariffs. Within a few hours, this event wiped $140 billion from the crypto market.
According to Marketcap data, the XRP price was $2.01, down 5% over the past 24 hours. Nevertheless, investors remain optimistic about the coin, as indicated by the 125% increase in the daily trading volume.
The $2 mark represents a key support level and psychological barrier for XRP. The breach of this support could lead to a wider selloff.
Other Ripple Development
The SEC meeting is among the latest developments in the Ripple ecosystem.
In our last update, we examined that Ripple initiated a huge fund transfer of 1 billion XRP. The firm transferred this sum despite the unusual absence of the typical monthly escrow release. Subsequently, Ripple transferred some of the XRP back into escrow.
Furthermore, the blockchain firm has integrated its RLUSD stablecoin into Ripple Payments, its cross-border payments solution. This integration aims to boost enterprise efficiency and position RLUSD as a rising competitor in the stablecoin market.
As a complement, Kraken Exchange has also integrated the RLUSD stablecoin to drive regional adoption.