The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is scheduled to conclude soon. But constant delays are pushing Ripple. According to some, investors are losing their faith. Even the effects of this can be seen in the rumors mentioned on-chain and Twitter. Now, rumors that Ripple and SEC will hold a secret meeting draw attention. Here are the details…
Ripple and SEC secret meeting rumor circulates on Twitter
Rumors that Ripple and the regulator would meet in secret began circulating on Twitter earlier today. The first claims came from an account called Blockchain Daily. Not long after the tweet, pro-XRP attorney John Deaton dismissed these rumors as false. He also added:
SEC attorneys and Ripple attorneys can meet at any time. I don’t think they’re going to pick a date a week from now and then leak it.
— Blockchain Daily (@blckchaindaily) May 1, 2023
Following these comments, Blockchain Daily also agreed with Deaton, stating that it makes sense. Given the constant delays in summary judgment, it is not known whether this is the case. In fact, there are allegations on social media channels that the regulatory agency has received the summary decision, which is expected to come on May 6. In the summary decision, speculations began to be made that the SEC realized that it had lost and went for a compromise.
Final decision awaited
The report’s initial expectation was that Judge Torres would make the final decision in April. But investors are waiting for the decision to come out this month, as noted by John Deaton last month. This could have an impact on Ripple as well as XRP, which is currently not doing well. The delay in summary judgment has caused many investors to withdraw for now. This caused the network’s adoption rate to fall to the lowest level in the last two months. Overall network growth is determined by the number of new addresses created on the network in a given period of time. That figure fell from 2,593 to 1,217, a 53 percent drop in a month.
Investors sell XRP
However, the situation is not only for new investors, the existing ones are also tending to withdraw due to the decrease in daily active addresses and a downward slope is observed. Between the end of March and the beginning of May, the total assets of investors fell 57% from over 35,000 to just under 15,000 at the time of this writing.
However, Ripple is still optimistic about the upcoming summary judgment and continues to expand its reach. Launching the leading On-Demand Liquidity (ODL) services in India, Ripple’s services are currently active in the second largest country by crypto users. cryptocoin.comAs we reported, it is opening itself to more than 27 million people as well as multiple banks in the states.
India is a constantly evolving country in the global crypto market with an adoption rate of 25 percent. If the plan is successful and XRP follows these bullish hints, the altcoin could make up for its recent 15 percent losses, according to analyst Aaryamann Shrivastava. Then there is a chance to return to $0.533. Any further rise from this point would support the altcoin to mark a new year high and year-round high.
