XRP Gains 6% on Possible SEC Settlement Conference, Ripple Metaverse Investment

While the crypto market slumped at the start of the week, XRP has defied the broader trend by moving towards reclaiming last week’s yearly high.

On Monday, Bitcoin broke below $30,000, putting pressure on the rest of the market. Gains across the top 25 cryptocurrencies remained below 5%, with the exception of XRP and Stellar (XLM).

XRP is up 6.2% in the past day, currently changing hands at $0.78, while XLM soared 9.6% overnight, per CoinGecko data.

XRP’s surge came following further developments in the ongoing case between the United States Securities and Exchange Commission (SEC) and Ripple, as a judge directed the two parties to agree on dates for a possible settlement conference.

Ripple scored a big win on July 13 as the court partially ruled against SEC’s claims that XRP was a security.

XRP is up almost 65% on the week, following the landmark court ruling in Ripple's case against the SEC.

However, over the weekend, crypto prices slipped as Bitcoin (BTC) dropped back toward its $30,000 support and Ethereum (ETH) failed to build support above $2,000.

Potential SEC and Ripple settlement conference

On Monday, judge Analisa Torres, who gave the landmark verdict, referred the case to district magistrate judge Sarah Netburn for general pretrial, according to documents shared by Fox journalist Elanor Terrett.

Magistrate Netburn will address the pretrial motions, discovery disputes, and also preside over settlement conferences and pass recommendations to the judge for a final verdict.

Netburn recommended the two parties hold a settlement conference “if they believe it would be productive at this time.” The news prompted hopes that the risk of an appeal by the securities regulator against the court’s decision might be reduced.

Additionally, Ripple made recent investments in the artificial intelligence and metaverse sector, giving a boost to its ecosystem and positive sentiment.

Ripple Labs participated in a $54 million Series A funding round for metaverse project Futureverse, which integrates the XRP Ledger into its gaming-focused blockchain The Root Network, and supports the use of XRP.