- Ripple pushes forward in its stablecoin project, RUSD testing on XRP Ledger and Ethereum continues.
- Pro-crypto attorney shares thoughts on an SEC appeal on the lawsuit ruling, whether it is likely and what to expect.
- XRP targets over 5% gains and a return to levels previously seen in July 2024.
Ripple (XRP), a cross-border payment remittance firm is making strides in the development of its stablecoin Ripple USD (RUSD). The asset is in the testing phase on the XRP Ledger and Ethereum blockchain.
XRP holders are digesting the possibility of Securities & Exchange Commission’s (SEC) appeal against the final ruling in the Ripple lawsuit.
XRP trades at $0.6251 early on Sunday.
XRP eyes over 5% gains
XRP has been in a downward trend since mid-July. The altcoin holds steady above key support at $0.6200. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars meaning there is underlying positive momentum in XRP price trend.
XRP could extend gains by 5.55%. The 50% Fibonacci retracement of the altcoin’s decline from its July 2023 top of $0.9380 to the July 2024 low of $0.3823, at $0.6602 is a key level for XRP.
The native token of the XRP Ledger could find support in the Fair Value Gap between $0.5972 and $0.6076. This is an imbalance zone where XRP could sweep liquidity in its path to the July 2024 high of $0.6602.
XRP/USDT daily chart
XRP could face resistance at the August 7 high of $0.6434 in its path to $0.6602 on Sunday.
Pro-crypto attorney believes SEC could appeal
Pro-crypto attorney John Deaton who acted as amici, or friend of the court in the SEC vs. Ripple lawsuit helped XRP holders digest the likelihood of an appeal by the US financial regulator. Deaton argues that an appeal would be a waste of taxpayer money and SEC Chair Gary Gensler could possibly go ahead with the same.
Deaton shares his stance in a tweet thread on X.
As someone who knows the @Ripple case very well, considering I was an active litigant for over 2 1/2 years, and considering Judge Torres cited my Amicus Brief, and the 3,800 XRP Holder Affidavits I submitted, as well as my efforts, as Amicus Counsel, in the @LBRYcom case (see… https://t.co/Ot7AgoFQh7
— John E Deaton (@JohnEDeaton1) September 26, 2024
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
XRP corrects as traders weigh possibility of SEC appealing Ripple ruling
Ripple (XRP) trades with minor losses on Friday as holders weigh the impact of a likely appeal by the US Securities & Exchange Commission (SEC) in the Ripple lawsuit.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin has risen around 3% so far this week, breaking above its range upper limit of $64,700. This gain was supported by increased institutional demand for ETFs, which recorded inflows of more than $612 million this week.
Crypto Today: Bitcoin, Ethereum and XRP steady above major support levels, Worldcoin leads AI token gains
Bitcoin, Ethereum trade above key supports at $65,000 and $2,600, as of Friday. XRP corrects slightly, holding steady above $0.5892. Worldcoin climbs 3% as Polymarket bet shows a 66% chance of OpenAI becoming a “for profit” entity before April.
Top 3 meme coins Dogecoin, Shiba Inu and Pepe: Rally continues
The prices of the top 3 meme coins by market capitalization, Dogecoin, Shiba Inu and Pepe, extend their gains on Friday after a rally on Thursday. The technical outlook for the three coins hints at further gains ahead as they all broke above bullish technical patterns.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin (BTC) has risen around 3% so far this week, breaking above its range upper limit of $64,700.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.