XRP saw a sharp rise heading into the weekend as investors reacted to the closure of the Ripple SEC lawsuit.
Closure of the Ripple SEC Case
According to a recent update from James K. Filan, the Joint Stipulation of Dismissal of appeals filed by both parties on August 7 was approved by the Second Circuit, marking the official closure of one of the most closely followed legal battles in the cryptocurrency world.
XRP and Ripple USD in the Market
This week, Ripple USD (RLUSD) garnered attention as Bullish announced its historic $1.15 billion IPO would be settled in stablecoins, including RLUSD. Additionally, Ripple signed a memorandum of understanding with SBI subsidiary SBI VC Trade to distribute RLUSD in Japan.
Market and Trading Prospects for XRP
XRP surged from a low of $2.78 to $3.10 on Friday after Fed Chairman Jerome Powell hinted at the possibility of a September rate cut. It surpassed the daily SMA 50 at $3.01 and was trading at $3.03, seeing trading volumes rise by 83% in the last 24 hours.
The closure of the Ripple SEC case and rising trading volumes for XRP suggest potential continued positive trends in the cryptocurrency market, with investors keeping a close watch on price fluctuations.
