$XRP
On Monday, July 21, XRP revisited levels near its July 18 all-time high of $3.6629 before easing back. Legislative developments on Capitol Hill drove XRP demand rather than sentiment toward the SEC vs. Ripple case. XRP soared from $2.2998 to its record high in response to Ripple CEO Brad Garlinghouse’s testimony at the Senate Banking Committee hearing on July 9 and the progress of crypto bills.
The signing of the GENIUS Act and the passing of the CLARITY Act to the Senate pave the way for clear rules of the road. A clear crypto regulatory framework and the anticipated end of the Ripple case have put RLUSD, XRP, and Ripple in the spotlight.
However, XRP may face stern resistance at the $3.66 level as investors grow impatient over the SEC’s silence about its appeal withdrawal plans. The July 24 closed SEC meeting is the next opportunity for Chair Paul Atkins and the Commissioners to vote on withdrawing the appeal against the Programmatic Sales of XRP ruling.
Judge Analisa Torres rejected the SEC and Ripple’s joint motion for an indicative ruling on settlement terms on June 26. Will a four-week lead time be enough for the agency to vote and drop the appeal? Former SEC lawyer Marc Fagel has warned it could take 1-2 months for the agency to vote on an enforcement recommendation, stating: