The XRP community is on high alert as the U.S. Securities and Exchange Commission (SEC) prepares for a crucial closed meeting on Thursday, March 6. Investors and market watchers anticipate discussions on the SEC’s legal strategy, particularly regarding the long-standing Ripple case, which has been a major source of uncertainty for XRP.
Recent shifts in regulatory actions have sparked speculation about whether the SEC might reconsider its appeal against Ripple. With key leadership changes and an evolving stance on crypto enforcement, the meeting could offer critical insights into the future of XRP and broader cryptocurrency regulations.
Also Read: XRP Ripe For Major Surge – Here is What Happened
SEC’s Changing Approach to Crypto Enforcement
Since the formation of the SEC’s Crypto Task Force, there has been a noticeable shift in enforcement actions. The agency has requested stays in key cases, including those against Binance and Lejilex, citing leadership changes and ongoing internal reviews.
The SEC also withdrew its appeal in the Blockchain Association and Crypto Freedom Alliance of Texas (CFAT) case, signaling a softer stance. In another major development, the regulator dismissed its lawsuits against Coinbase and Kraken and closed investigations into Robinhood Crypto, Opensea, and Uniswap.
The Ripple case remains a focal point, with increased speculation surrounding a potential withdrawal of the SEC’s appeal. A decision to drop the appeal could provide much-needed clarity to the XRP market, while continued legal uncertainty may weigh on investor sentiment.
Ripple CEO’s Absence from White House Crypto Summit Raises Questions
On Wednesday, Fox Business journalist Eleanor Terrett reported a list of confirmed attendees for the White House Crypto Summit, which included high-profile names such as Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi, and Coinbase CEO Brian Armstrong.
Notably absent was Ripple CEO Brad Garlinghouse, despite reports suggesting XRP may be included in the U.S. Crypto Strategic Reserve Asset.
Speculation remains about whether Garlinghouse will attend the summit, given XRP’s potential role in the government’s crypto strategy. If confirmed, his presence could add pressure on the SEC to reconsider its appeal in the Ripple case.
XRP Price Trends and Market Reaction
On Thursday, March 6, XRP traded at $2.58, reflecting a 3.72% increase over the past 24 hours. This followed a rise from the previous day’s close of $2.5016, demonstrating steady upward momentum despite broader market uncertainties.
On Wednesday, March 5, XRP recorded a 1.88% gain, following a 2.83% increase the previous day, closing at $2.5016. Despite these gains, XRP underperformed the broader crypto market, which saw a 3.35% rise, pushing the total crypto market cap to $2.92 trillion.
Market uncertainty surrounding the SEC’s legal strategy and XRP’s potential inclusion in the U.S. Crypto Strategic Reserve Asset continues to influence price movements. Analysts have highlighted three key factors that could impact XRP’s trajectory in the near term.
Government allocations toward XRP could shift investor sentiment and boost confidence in its long-term viability. The SEC’s decision on whether to proceed with or withdraw its appeal may also determine whether XRP surpasses its all-time high of $3.55 or falls below $1.50.
Additionally, progress on an XRP-spot exchange-traded fund (ETF) could attract institutional investments and drive prices toward the $5 mark.
The SEC’s closed meeting could be a turning point in the Ripple case, with potential implications for the broader cryptocurrency market. Investors will be watching closely for any signals regarding the agency’s next move.
Also Read: SEC’s Crypto Crackdown Crumbles: Cumberland DRW Walks Free Amid Wave of Dismissals
