The U.S. Securities and Exchange Commission (SEC) is set to hold a crucial closed meeting today that could dramatically affect the Ripple case and the future of XRP.
The meeting, presided over by Acting SEC Chair Mark Uyeda and Commissioner Hester Peirce, will address litigation claims and enforcement proceedings, with significant implications for XRP holders.
Key Developments: SEC’s Changing Stance?
This meeting comes after the SEC filed an appeal-related brief earlier this month, following the resignation of Gary Gensler as SEC Chair.
President Trump’s nomination of Paul Atkins for the role, along with acting Chair Uyeda’s market-friendly stance, raises questions about whether the SEC might withdraw its appeal in the Ripple case.
Former SEC official John Reed Stark pointed out that Atkins is known for his pro-market philosophy, which could signal a shift towards less stringent crypto regulations.
Uyeda also criticized enforcement actions against crypto firms without allegations of fraud, further fueling speculation that the SEC may reconsider its approach to the case.
XRP’s Performance Amid Uncertainty
XRP’s price showed minimal movement on January 29, rising by just 0.30% to close at $3.0677, underperforming compared to the broader crypto market.
Analysts suggest that if the SEC withdraws its appeal, XRP could soar past its all-time high of $3.55, while an ongoing appeal could drive the price below $2.50.
Impact of Broader Market Trends
Market dynamics, particularly Bitcoin’s recent rally, also influence sentiment. On January 29, Bitcoin rose 2.27% to reach $103,667 after the Federal Reserve’s decision to maintain interest rates at 4.5%.
The outcome of the SEC’s meeting could be a key factor in shaping XRP’s price trajectory in the coming weeks.
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