This article discusses the latest developments in the Ripple vs SEC lawsuit, including the potential dismissal of the appeal and increased whale activity.
SEC Votes to Dismiss Appeal in Ripple vs SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) and Ripple are likely to drop their appeals in the Second Circuit Court soon. This decision follows a March vote from the SEC to drop its lawsuit against Ripple. Former SEC lawyer Marc Fagel stated that the SEC would file to dismiss the appeal as soon as the commissioners vote.
SEC Closed-Door Meeting on August 7
The SEC commissioners could vote to dismiss the appeal during a scheduled closed-door meeting on August 7. Fagel noted that the agency needs to obtain dismissal approval before the August 15 deadline to prevent the status report from becoming irrelevant. The meeting agenda includes institutional and settlement of injunctive actions, along with litigation claims and enforcement proceedings.
Whales Accumulation Rises Ahead of Key Filings
Sentiment on XRP improved among whales and institutions ahead of key filings expected in August. Analyst Dom suggested that the South Korean crypto market might control the price of XRP due to large trading volumes at Upbit and other exchanges. Large XRP transfers indicate increased activity among major investors, with analysts predicting price targets around $3.03, $3.13, and $3.30.
The Ripple vs SEC lawsuit remains a focal point as the SEC's anticipated vote and increasing investor activity may significantly influence XRP's future.
