"Hai for false hope it's true, XRP die-hard holders just want to be happy."
Cryptocurrency Ripple (XRP) tumbled back up to $0.54 shortly after the United States (US) Securities and Exchange Commission (SEC) canceled its highly anticipated critical closed-door meeting.
Explained further, the two parties were scheduled to meet this week but the SEC delaying the plan has left investors worried that the predicted settlement date of July 31, 2024 is in question.
After being stuck at $0.5 for most of this year, the price of XRP finally managed to jump 50% since the beginning of the month before falling back due to the SEC's still not fully resolved lawsuits.
But there are still some who question the significance of the canceled meeting, where former SEC attorney Marc Fagel said the two sides have held about 150 meetings since the case began.
Although the SEC did not say why the filing was canceled, the highly optimistic Ripple has said that the crypto market can expect a resolution soon although the timeline remains uncertain.
On the other hand, Apple and Ripple have collaborated to create a product with a new "Tap to Pay" feature that will allow iPhone users to conduct transactions seamlessly across devices.
As of this writing, XRP price has plunged by 8.98% to $0.55 in the last 24 hours with a market cap of over $30 billion but still recorded a 22.17% climb over the past week.