Expert Predicts XRP Lawsuit Wrap-Up: Here's When the SEC Will Announce Dropping Its Appeal

XRP community was more than happy when Ripple's CEO announced SEC will drop its appeal last week. However, as Ripple whales didn't do much following this announcement

The crypto community was more than happy when, last week, numerous news outlets reported that the U.S. Securities and Exchange Commission (SEC) will be dropping its appeal against a lower court ruling in the case with Ripple.

However, as we previously discussed, despite this positive development, we weren’t expecting to see any major price movements in XRP until further news comes or the market starts trending up again.

After reaching a high of $2.54 on March 20, XRP did pull back to the $2.35 area as market volume dropped significantly after the initial surge.

This is a key level to watch as it could determine whether XRP continues to trade in the $2.35-2.50 range or prepares for a new leg of its bull run.

Now, one crypto expert is sharing his prediction for when the SEC could announce the closure of the case with Ripple.

Here’s What Could Happen At Upcoming SEC Meeting

According to the Sunshine Act Notice, the SEC will be holding a closed-door meeting on Thursday, March 27, at 2:00 p.m.

This meeting will be conducted either remotely or in the Commission Meeting Room at the SEC’s principal office in Washington, D.C.

Closed-door meetings like these usually involve the discussion of sensitive topics such as pending legal actions, internal strategies, or administrative matters.

The private nature of this meeting has sparked interest among those following the XRP lawsuit, suggesting that some significant decisions could be made during this gathering.

Expert Predicts A Very Short Time Frame For Appeal Announcement

Recently, several reports have suggested that the SEC might soon announce its decision regarding dropping the appeal against a lower court ruling in its case with Ripple.

As we previously discussed, there are a few likely scenarios for the announcement based on past SEC practices.

The March 27 meeting is expected to be the key moment when SEC commissioners will vote on potentially dropping the appeal against Ripple.

Traditionally, the SEC takes 1-3 business days to communicate major litigation decisions after internal meetings.

Considering the meeting is on a Thursday, there are two primary windows for a potential announcement:

First, there’s a possibility of an immediate announcement on Friday, March 28. This could happen if the decision is straightforward and all legal details are quickly resolved.

Alternatively, and perhaps more likely, the announcement might come on Monday, March 31, or Tuesday, April 1. This gives the legal teams time to coordinate and prepare necessary documentation over the weekend.

If the SEC does decide to drop the appeal, the first indication will likely be a formal court filing. This would be quickly followed by an official press release or statement from the SEC.

Also Read: Is SEC Chair Gary Gensler Lying About Knowing Bitcoin in 1998?

Moreover, this decision could be announced at the same time as the new Chair of the SEC, Paul Atkins, is confirmed by the Senate.

The first hearing to confirm Atkins’s role as the Chair of the SEC is scheduled for Thursday, March 27, which is the same day as the SEC’s closed-door meeting.

After this hearing, the Senate will vote to approve or reject Atkins’s nomination. If approved, he will officially become the Chair of the SEC.

However, even if the Senate doesn’t vote to confirm Atkins on March 27, the vote could still take place shortly after the hearing.

If the new Chair of the SEC is confirmed on March 27, we could see the announcement of the SEC’s decision to drop the appeal as early as Friday, March 28.

But if the vote on the new Chair is delayed, the announcement of the appeal’s status might come on Monday, March 31, or Tuesday, April 1.