- XRP soared on Wednesday, with trading volume surging 112% and open interest approaching $1 billion.
- XRP advocate, attorney Fred Rispoli, previously speculated the case would end on July 13 or July 31.
- A closed-door SEC meeting to be held on Thursday, which includes discussions on settling injunctive actions and administrative proceedings.
XRP soared on Wednesday, fueled by tentative discussions of a possible settlement in the longstanding lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
The crypto world is closely monitoring every development in this high-stakes case, which has the potential to significantly impact the entire industry.
XRP Community on Edge as Lawsuit Nears Potential Resolution
XRP’s impressive 8% surge on Wednesday, which saw the token reach $0.6586, resulted in the liquidation of over $1.3 million in total positions.
Concurrently, trading volume skyrocketed by 112%, and open interest, which represents the sum of all open or unsettled long and short positions for an asset, approached the $1 billion mark.
This surge in trading activity and open interest comes at a pivotal moment for the XRP community, as July remains a crucial month in the ongoing legal battle between Ripple and the SEC.
The importance of this period is underscored by Ripple’s landmark victory against the SEC in a decision handed down by Judge Analisa Torres on July 13, 2023.
As the month draws to a close, the Ripple community is eagerly anticipating a possible settlement in the near future. XRP advocate and attorney Fred Rispoli had previously speculated that the case would poetically conclude on either July 13 or July 31.
However, in a recent post on X, Rispoli expressed nervousness as the window for his prediction rapidly closes.
