The situation surrounding the Ripple and U.S. Securities and Exchange Commission (SEC) case continues to unfold, alongside changes in the XRP market and the stablecoin RLUSD.
The Ripple/SEC Case Continues
The legal battle between Ripple and the SEC, which began in December 2020, is still unresolved. At that time, the regulator accused the company of breaking laws when selling XRP tokens, initially demanding a $2 billion fine. In 2023, Judge Analisa Torres ruled that Ripple's sales on secondary markets did not constitute securities offerings, resulting in a $125 million penalty. Later, both parties reached an agreement to lower the fine to $50 million. However, the SEC's appeal on the ruling remains pending, with the commission required to submit a status update by August 15.
Advancement of RLUSD
Ripple's stablecoin, RLUSD, was introduced in December last year. It is pegged to the U.S. dollar at a 1:1 ratio and is designed to facilitate quick settlement for cross-border payments. The product has attracted attention from notable financial players: the oldest bank in the U.S., BNY Mellon, agreed to serve as the custodian for RLUSD, while Swiss bank AMINA became the first bank to directly support the product. "At AMINA, we are committed to integrating cutting-edge products to help our clients navigate and adopt digital assets in their daily activities," said the bank's Chief Product Officer.
XRP Price Outlook
The cryptocurrency market has experienced a significant correction in recent days, and Ripple's token was no exception. Its price briefly dropped to $2.75 but later recovered above $3. Some factors suggest that XRP may see further pullbacks in the short term, including selling by whales and the formation of a "death cross" on the MVRV ratio. However, many analysts believe that asset valuation could rise soon, as various experts expect XRP to reach resistance at $3.65.
The ongoing events surrounding Ripple and the SEC, the development of RLUSD, and the price dynamics of XRP highlight key aspects of the cryptocurrency market. The situation remains tense, and investors are closely monitoring further news.
