- Ripple stablecoin page is live on the official website on August 4.
- XRP traders are awaiting a ruling in the SEC lawsuit, in its Q2 2024 report Ripple discussed the legal battle.
- XRP extended losses by 1% and the altcoin’s value is down nearly 8% in the past week.
Ripple (XRP) added information on its stablecoin to its official website. The stablecoin is slated for launch later this year. Ripple CEO Brad Garlinghouse has commented on the stablecoin, its utility and Ripple’s plan for the asset during his recent television appearances.
XRP trades at $0.5475 at the time of writing, losing key psychological support at $0.60.
Ripple updates and what to expect
Securities & Exchange Commission (SEC) lawsuit against Ripple drags on and XRP traders await a final ruling in the case. Judge Analisa Torres is expected to rule on the SEC’s allegations that Ripple sold unregistered securities (XRP) to institutional investors, and rule on the fine or settlement amount.
In its Q2 2024 report, Ripple said that the firm is positive that the SEC is unlikely to appeal XRP “non-security” status and the altcoin has legal clarity.
Ripple’s stablecoin details have been made official on the firm’s website, as of August 4. The website issues a disclaimer that the stablecoin will be available subject to “regulatory approval.”
Ripple describes its stablecoin as a means to hold, buy and trade USD on-chain and for payments. Ripple’s RLUSD is being designed to maintain its peg with 1 USD and will be issued on both the XRP Ledger and the Ethereum blockchain.
XRP could extend losses by nearly 9%
XRP could extend losses by 8.35% and sweep liquidity at the support level of $0.50. Once Ripple dips into the imbalance zone between $0.4780 and $0.5136, it could fill the inefficiency and attempt a recovery.
Ripple could rally towards its target of $0.70 post the correction. The Moving Average Convergence Divergence (MACD) indicator supports the thesis of further decline in XRP price. The red histogram bars on the neutral line are indicative of underlying bearish momentum.
XRP/USDT daily chart
A daily candlestick close above $0.5632, the 50% Fibonacci retracement of the decline from the March 11 of $0.7440 and July 5 low of $0.3823, could invalidate the bearish thesis.
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
Ripple's XRP could face decline as percentage of supply in profit reaches very high levels
Ripple's XRP is down 6% on Tuesday following record profit-taking among investors as its percentage of total supply in profit reached very high levels in the past week. This follows Ripple Labs donating another $25 million to the pro-crypto Fairshake super PAC.
Litecoin Price Forecast: Whales invest $950M in 73-day buying spree amid LTC ETF approval rumours
Litecoin price hit $87.90 on Tuesday, down 17% from the recent high of $106 recorded on November 23. Despite the steep correction phase, on-chain data shows crypto whales have entered a 73-day buying spree.
Crypto Today: SEI, Fantom and SUI emerge as top gainers, while Morocco moves to legalize crypto
On Tuesday, BTC price struggled at the $93,000 support, while Ethereum fell 7% from $3,546 to $3,300. As BTC and ETH led the crypto market losses, mid-cap altcoins received considerable demand.
Bitcoin needs a further correction for sustained growth
After weeks of rapid growth, Bitcoin (BTC-USD) entered the maximum turbulence zone falling below $94,000. BTC is currently trading at $93,764 and continues to trend downward, having exited the ascending channel.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.