Mid-July has been a hot time for the popular cryptocurrency XRP. In two weeks, the token’s price has risen more than 53% at its peak, reaching a maximum not seen since early April.
Many attribute XRP’s price action to several factors. First, a year ago, on July 13, a court ruled that XRP was not a security, and that seems to have fueled some of the traders’ excitement about the imminent regulatory clarity that would come with the SEC’s case against Ripple.
These speculations have been fueled by a closed-door SEC meeting recently posted on the regulator’s website, leading many to believe that it could be behind the settlement discussions with Ripple.
Recall that the latest point of contention between the crypto company and the commission is the level of legal protection against unregistered sales by legal entities. While the SEC insists on a multi-million dollar fine, Ripple is ready to pay no more than $10 million.
Thus, crypto enthusiasts and XRP community members were already waiting for the outcome of this legal battle today, when, according to the same SEC website, this very meeting was cancelled.
As a result, the price of the popular cryptocurrency suffered a crushing sell-off, falling by more than 8%.
It’s funny that the token rose on nothing and fell on nothing, but that’s the crypto market. After all these sharp price swings in XRP, CoinGlass reports that $5.63 million worth of positions were liquidated, of which $3.61 million were long.
