Ripple has completed important stages in its partnerships and legal battles, while the price of XRP shows significant fluctuations.
Ripple Partnerships and SEC Case Updates
Ripple is actively involved in new projects, including a collaboration with TRM Labs for the launch of Beacon Network, the first real-time crypto crime response network. In an official statement, Ripple expressed pride in being a part of this project, stating: "Working with industry and law enforcement, Beacon helps stop illicit funds before they exit the blockchain."
Additionally, Ripple will distribute its stablecoin RLUSD in Japan in collaboration with SBI Holdings. SBI VC Trade CEO Tomohiko Kondo stated: "The introduction of RLUSD will not only expand options for stablecoins in the Japanese market but also represents a major step forward in the reliability and convenience of stablecoins."
They have also received support from organizations like BNY Mellon and Swiss AMINA Bank. On the SEC vs. Ripple litigation front, both parties have taken an important step as the Second Circuit approved their joint stipulation of dismissal.
XRP Price Dynamics
Over the past week, XRP has declined nearly 10%, falling below $2.8 amid a selling spree by large holders. However, the situation changed on the evening of August 23 after Jerome Powell's speech at the Jackson Hole conference. Thanks to this, alongside the update on the SEC case, XRP's price spiked from $2.8 to $3.1, settling at $3.05.
Before this price surge, popular X user Ali Martinez pointed out buy signals, while CRYPTOWZRD remarked that the $2.80 level serves as significant support, with resistance above $3.30 possible during a sustained bullish reversal.
Expectations for XRP ETF
Since the launch of BTC and ETH ETFs in the USA, the Ripple community has been eagerly anticipating a similar product for XRP. If approved, it will allow investors to purchase shares in a fund that directly holds the token, offering exposure to its price movements.
Companies filing to launch such investment vehicles, including Bitwise, Franklin Templeton, and WisdomTree, have encountered delays regarding SEC decisions. However, potential ETF issuers have swiftly updated their applications as the October deadline approaches, raising the chances of approval to over 80%.
Ripple continues to actively develop partnerships and awaits decisions regarding the ETF. The market situation reflects uncertainty; however, recent news may positively influence XRP's price dynamics.
