- Ripple announced the arrival of tokenized US Treasury bills on the XRP Ledger in an official tweet on X.
- XRP trader sentiment turns to fear on the Fear and Greed Index on CFGI.io.
- XRP erases recent gains, suffers nearly 7% decline on Thursday.
Ripple (XRP) informed market participants of the arrival of tokenized US Treasury bills on the XRP Ledger through an official tweet on X. The announcement marks the firm’s strategic move at a time when XRP traders experience the uncertainty of the Securities & Exchange Commission (SEC) lawsuit.
XRP trades above $0.58 at the time of writing, erasing nearly 7% of its value on the day.
Daily digest market movers: Ripple makes key move while lawsuit ruling is awaited
- Ripple revealed that tokenization platform OpenEden Labs is bringing tokenized US Treasury bills on the XRP ledger.
- The payment remittance firm is creating a fund to invest in tokenized T-bills and plans to allocate $10 million to the firm’s TBILL tokens as a part of the initiative.
- Ripple’s announcement failed to catalyze gains in XRP Ledger’s native token, XRP.
News alert – tokenization platform @OpenEden_Labs is bringing tokenized US Treasury bills (T-bills) to the #XRPL! What's more, Ripple is creating a fund to invest in tokenized T-bills, and will allocate USD$10M to OpenEden’s TBILL tokens as part of it. https://t.co/8GsG1Mk3ER
— RippleX (@RippleXDev) August 1, 2024
- XRP traders are fearful, per the Fear and Greed Index on CFGI.io. The sentiment among traders is neutral on the 1-day timeframe, and the indicator shows “fear” is dominant on the four hour timeframe.
- The SEC canceled its closed-doors meeting planned for August 1, per the regulator’s website.
- The cancelation of the closed-doors meeting comes at a time when traders await a ruling in the SEC vs. Ripple lawsuit.
- XRP army member and influencer behind the X handle @BabaCugs says that the regulator has closed its case against Ripple and decided to settle instead of pushing for the $2 billion in penalties.
- The influencer shared their comments in a tweet on X:
The SEC has closed its case against Ripple, ending the legal proceedings that began in March 2024. The case initially sought a $2 billion penalty and an injunction against XRP sales to institutional investors. However, the SEC decided to settle instead of pursuing these remedies.…
— BABA (@BabaCugs) July 31, 2024
- Its important to note that @BabaCugs does not quote a source and shares no evidence of the regulator closing its case.
Technical analysis: XRP loses recent gains, bleeds 7% in one day
Ripple broke out of its downward trend on July 12. Since then the altcoin made steady gains, however in a recent turn of events, XRP suffered a steep correction, nearly 7% drop in a single day.
XRP erased recent gains and dipped to a low of $0.5766 on Thursday. The altcoin is likely to collect liquidity in the Fair Value Gap (FVG) between $0.5404 and $0.5783.
The Moving Average Convergence Divergence (MACD) indicator supports the decline with the MACD line dipping under the signal line. This shows there is underlying negative momentum in XRP price trend.
XRP/USDT daily chart
A daily candlestick close above $0.60 could invalidate the bearish thesis and XRP could rally towards $0.6666, the 78.6% Fibonacci retracement of the decline from March 12 top of $0.7440 to the July 5 low of $0.3823.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin holders accumulate without fear, Ethereum struggles while XRP holds gains steady
Bitcoin long-term holders have continued to accumulate BTC consistently in the last two months. Ethereum hovers around $3,100, struggles to make a comeback to resistance at $3,500.
Bitcoin price struggles at $64,000 amid Mt. Gox funds movement, steady US interest rates and ETF outflows
Mt. Gox moved $3.1 billion worth of BTC on Wednesday. Grayscale Mini BTC ETF receives a $1.8 billion inflow on Wednesday. The FOMC decided to hold US interest rates steady, resulting in a BTC price decline.
Dogecoin, Shiba Inu, PEPE recovery depends on these three factors
Meme coins erased 5.3% of their market capitalization in the last 24 hours, down to $48.81 billion. The top three meme coins, Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, are hit by a correction on Thursday.
AAVE price could rally if a break above this weekly resistance occurs
AAVE price faces rejection by the weekly resistance level at $107.50, as of Thursday trades slightly lower by 2.2% at $105.27. On-chain data suggest that AAVE's Development Activity is rising, and Supply on Exchange is decreasing, suggesting a bullish outlook.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.