Ripple’s XRP token has surged over 6% after the Securities and Exchange Commission rescheduled a closed-door meeting, reigniting hopes for a potential settlement in the long-running legal battle between the two entities. The meeting, now slated for July 25, has fueled speculation that a resolution may be imminent.

The SEC initially scheduled a closed-door meeting for July 18, fueling optimism among the XRP community for a potential resolution to the ongoing lawsuit against Ripple. However, those hopes were dashed when the agency abruptly canceled the meeting a day before, sending XRP’s price tumbling to a low of $0.5448 on July 19.

The latest move has ignited an optimistic picture, with XRP trading at $0.5938, marking an increase of 6.76% in a day. It is noteworthy that the XRP token has seen larger surges of 17.54% and 20.21% over the last week and month, respectively. Nonetheless, there is a significant loss of 15% in the 24-hour trading volume of the token, currently at $2.14 billion.

In an X post, XRP advocate Bill Morgan highlighted XRP’s impressive price action following the SEC’s updated notice on the meeting. Morgan asserted that XRP had become the best-performing token among the top 10 cryptocurrencies.

According to the SEC’s Sunshine Act Notice, the meeting is scheduled for July 25, 2024 (Thursday) at 2:00 p.m EST. Reportedly, the meeting is expected to address a series of matters including the institution and settlement of administrative proceedings, resolution of litigation claims, enforcement proceedings, etc. As the meeting is closed-door, the public will not have access to specific details discussed during the event.