The cryptocurrency community is abuzz with speculation about potential developments in the SEC vs. Ripple case, as observers noted the disappearance of Ripple-related litigation information from the SEC's website.
XRP investor JackTheRipple highlighted on January 28 that references to Ripple and related civil actions were no longer visible on the SEC's website, triggering discussions about a possible appeal withdrawal.
However, legal expert Shell Avocat provided clarity on the situation, explaining that the SEC website typically only tracks District Court cases. "The SEC v. Ripple case is technically over at the District Court level. The Second Circuit appeal remains active in the PACER system," Avocat noted.
The timing of these observations is particularly interesting, coming just ahead of a scheduled closed SEC meeting on Thursday. The meeting gains additional weight with Mark Ueyda serving as acting SEC Chair while Paul Atkins awaits confirmation.
Chair Uyeda's previous statements have caught market attention, particularly his November declaration that "The Commission's war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm."
The market response has been measured, with XRP showing resilience by posting a modest 0.05% gain on Tuesday, reaching $3.0585. This performance outpaced the broader crypto market, which experienced a 1.56% decline, bringing the total market capitalization to $3.37 trillion.
Market analysts suggest XRP's price could see substantial movement based on the SEC's next steps. A withdrawal of the appeal could push XRP beyond its current all-time high of $3.5505, while continued legal proceedings might pressure the price below $2.50.
As the crypto community awaits Thursday's closed SEC meeting, all eyes remain on potential shifts in regulatory approach under the current administration's direction.