Ripple’s Impact on Crypto Regulation Acknowledged by Stuart Alderoty
Ripple’s Chief Legal Officer, Stuart Alderoty, has credited the company with critical contributions to the regulatory battles in the cryptocurrency industry. Ripple’s legal team was central in pushing back against SEC overreach. Stablecoin Progress and Legal Milestone Achieved by Ripple The minting of over 10.5 million tokens during testing has demonstrated Ripple’s progress with its RLUSD stablecoin. At the same time, the company’s partial victory in its SEC legal case has become a turning point in cryptocurrency regulation. Ripple’s Courtroom Win Shapes the Future of Crypto Rules The SEC lawsuit, centred on whether XRP qualifies as a security, has set a legal precedent for regulating cryptocurrencies. Ripple’s case has also challenged SEC Chair Gary Gensler’s enforcement approach. Anticipated Changes at the SEC and Ripple’s Forward Vision Upcoming leadership changes at the SEC, including Gensler’s planned resignation, have been celebrated within the crypto community. Ripple executives and insiders expect the next SEC Chair to adopt a more balanced regulatory stance. Read Also: XRP Gains Momentum as Gensler’s Exit Sparks Crypto Rally Ripple Inspires the Crypto Industry Ripple’s legal success has inspired other blockchain firms facing regulatory hurdles. Many hope the example set by Ripple will help create a regulatory framework that fosters innovation while maintaining compliance. Ripple’s efforts have established a foundation for future collaboration and reform in the cryptocurrency space. As Alderoty stated, “Ripple has paved the way,” leaving the industry to leverage this momentum for progress.
XRP Breaks Resistance Levels: Is $2 Within Reach?
XRP has recently witnessed a strong rally, approaching the crucial $2 mark. The current bullish momentum on the charts suggests the potential for a breakthrough in the coming days or weeks. As buyers sustain their interest and the market remains on an upward trajectory, XRP has a clear technical path to reach $2. Breaking Resistance Levels The cryptocurrency recently surged past key resistance at $1.20, turning it into support. Its next major hurdle lies near $1.50. If XRP can overcome this level, it may aim for the psychological milestone of $2. Traders should monitor the price action closely as XRP’s ability to stay above previous resistance points will be vital in sustaining its uptrend. Source: CoinMarketCap While the Relative Strength Index (RSI) indicates overbought conditions, a short-term consolidation or minor retracement may occur before the rally continues. Related article: XRP Price Surge Sparks Speculation: Can It Reach $8? Maintaining support at current levels will be critical to prevent any deeper corrections. A drop below $1.00 could disrupt the bullish trend and trigger a wider market pullback. Strong Market Participation Drives Rally Trading volumes remain robust, signaling strong buyer confidence and active market engagement. The 50-day Exponential Moving Average (EMA) is significantly above the 100-day and 200-day EMAs, reinforcing the bullish trend. This alignment indicates that the rally has a solid foundation and suggests the momentum could sustain. Related article: XRP Trading Volume Soars: Price Rises 16% Amid Crypto Sell-Off For XRP to hit the $2 mark, it must break convincingly above $1.50 and maintain strong buyer interest. Traders should keep an eye on the $1.00 support and $1.50 resistance levels to assess the cryptocurrency’s next move. If the bullish momentum holds, XRP could soon achieve the highly anticipated $2 level. With current technical indicators and market dynamics favoring the bulls, XRP seems well-positioned for further growth. However, careful monitoring of key levels will remain crucial for traders looking to capitalize on this upward trend.
XRP Rebounds Strong: Will It Hit $1.50 Next?
XRP has successfully maintained its position above the $1 mark for seven consecutive days after surpassing this critical resistance. However, the token’s price has not shown the substantial climb some investors expected amidst the ongoing bullish cryptocurrency market. This has raised concerns about whether XRP’s upward momentum has stalled. Price Rebound Targets $1.50 XRP has shown signs of recovery as it aims for its next target of $1.50. Over the past 24 hours, the token climbed from a low of $1.0691 to its current level of $1.12, reflecting a modest 0.35% increase. Source: CoinMarketCap This rebound indicates growing investor interest and hints at potential further gains in the near term. XRP’s market volume has spiked by 23.93%, reaching $6.95 billion. Related article: XRP Price Hits $1.26 Amid Legal Uncertainty and Trump Presidency Hopes This increase in trading activity underscores renewed confidence among altcoin traders and serves as a key factor driving XRP’s recent price movements. Investors are optimistic that sustained trading volume could help propel the token’s value higher. Technical Indicators Show Potential Breakout Renowned trader Peter Brandt has highlighted a “massive coil” pattern on XRP’s technical chart. This pattern, often characterized by price consolidation, typically precedes a significant breakout. Brandt suggests this development explains XRP’s recent sideways movement over the past four days. The token has already surpassed its 2023 peak, and analysts anticipate its next significant move could push it past its 2021 high. Market sentiment remains bullish, with experts suggesting the current consolidation phase could lead to a strong upward breakout. Related article: XRP Price Surge Sparks Speculation: Can It Reach $8? XRP’s open interest surged by $1.7 billion within 24 hours, indicating growing trader enthusiasm despite the price stagnation. Experts believe sustained momentum from traders could push XRP to $1.50. Others express optimism that the ongoing bullish rally might enable XRP to test the $2 level in the coming weeks. The market’s focus remains on whether XRP can maintain its rebound and achieve these ambitious targets.
Ripple Expands Financial Horizons with RLUSD Stablecoin
The Ripple-backed stablecoin, RLUSD, is generating excitement across the crypto community as its official launch nears. Ripple has confirmed that the stablecoin is ready for deployment, pending regulatory approval. This development marks a significant step for Ripple in 2024, as it aims to enter the $180 billion stablecoin market. RLUSD Listed Among Recognized Global Currencies A recent update on X (formerly Twitter) caught the attention of XRP supporters, highlighting RLUSD’s inclusion in the Extended Global Forex Data spreadsheet. This list features globally recognized currencies, including top stablecoins like USDT and USDC. Mr. Man, a prominent pro-XRP investor, shared the news, sparking mixed reactions within the XRP community. Some members celebrated the recognition, while others debated the significance of RLUSD’s listing among established currencies. What Sets RLUSD Apart? RLUSD is a U.S. dollar-pegged stablecoin issued on the XRP Ledger (XRPL), known for its speed, low transaction costs, and high throughput. Designed to maintain a stable value tied to the U.S. dollar, RLUSD minimizes volatility, making it ideal for various financial applications. Related article: XRP’s Mixed Market Signals Amid Crypto Surge: Key Indicators to Watch for Future Growth Stablecoins like RLUSD play a crucial role in the crypto ecosystem. They are widely used for trading, cross-border payments, and transaction fee settlements. By appearing on the Extended Global Forex Data spreadsheet, RLUSD gains recognition as a bridge between traditional and digital finance.The listing of RLUSD alongside prominent stablecoins underscores its growing importance in global markets. Companies, organizations, and traders seeking reliable alternatives for international transactions are likely to adopt it. Stablecoins, including RLUSD, are transforming international remittances, cross-border payments, and decentralized finance (DeFi). Their stable value and versatility make them valuable tools for financial innovation. RLUSD’s inclusion in the global currency list signals its emergence as a major player in the digital finance landscape.
Ripple Balances Testing and Regulation in RLUSD Stablecoin Push
Ripple has intensified efforts to launch its RLUSD stablecoin. Following reports of token burns on Ethereum and the XRP Ledger, Ripple has now transferred the remaining RLUSD tokens to unidentified Ethereum wallets. Ripple Stablecoin Tracker revealed these transfers earlier today, with each batch averaging 31,500 tokens. In total, Ripple made four such transfers, alongside activity on the XRP Ledger. These wallets likely belong to Ripple, as the RLUSD stablecoin is still undergoing testing and has not officially launched. The company plans to release RLUSD on both the XRP Ledger and Ethereum networks, although this decision initially puzzled the XRP community. RLUSD Testing Progresses Ripple is testing RLUSD to fine-tune mechanisms before launching on the main networks. The stablecoin market remains volatile, with notable failures like TerraLuna’s UST serving as cautionary tales. Ripple aims to avoid any missteps that could harm its reputation. Despite the risks, Ripple intends to roll out RLUSD by the end of 2024. With just over a month left, the company appears to be pushing to meet its timeline. Awaiting Regulatory Approval Ripple executives have stated that RLUSD is “operationally ready.” However, the company is waiting for approval from the New York Department of Financial Services before proceeding. Related articles: XRP Trading Volume Soars: Price Rises 16% Amid Crypto Sell-Off This regulatory hurdle could delay Ripple’s plans, especially as shifts in the U.S. political landscape influence the regulatory environment. Ripple hopes to cap off its successful year by launching RLUSD, but timing remains critical. With final preparations underway, the company continues to position RLUSD as a dual-network stablecoin, poised to make an impact in the competitive and high-stakes stablecoin market.
XRP Trading Volume Soars: Price Rises 16% Amid Crypto Sell-Off
XRP trading volume jumped 81% in 24 hours amid a $504 million crypto sell-off. Moreover, bearish sentiment grew after Fed Chair Jerome Powell’s comments on interest rates triggered widespread selling. Additionally, the sell-off stemmed from profit-taking and the liquidation of leveraged positions. Massive Liquidations Hit Crypto Futures CoinGlass revealed that crypto futures saw $504 million in liquidations within 24 hours, with $358 million from long positions. Consequently, this liquidation wave added pressure on the market, affecting several major cryptocurrencies. Source: CoinMarketCap XRP defied the bearish trend, rising 16% in 24 hours to $0.822 and gaining 50% in a week. CoinMarketCap data shows its trading volume surged 86% to $11.7 billion, or 14.23 billion XRP, as traders seized on price swings. Related article: XRP’s Mixed Market Signals Amid Crypto Surge: Key Indicators to Watch for Future Growth XRP’s recent surge stems from advancements in the XRP Ledger ecosystem. Whale accumulation and new adoption plans have boosted investor confidence. French banking giant Société Générale-FORGE plans to launch its EURCV stablecoin on the XRP Ledger in 2025, using Ripple Custody for integration. This move aims to expand multi-chain adoption and complies with MiCA regulations. Whale Accumulation Hits Five-Year High Santiment data revealed significant whale activity, with wallets holding over one million XRP now owning 45.61 billion tokens, the highest since June 2018. Related article: XRP Pushes Past $0.64: On Track to Break Yearly High of $0.74? Over the past two years, whales and sharks increased their XRP holdings by 3.44 billion tokens, marking an 8.16% rise. XRP traders have enjoyed a positive 40% return over the past seven days, fueled by the cryptocurrency’s price growth and heightened trading activity. The combination of whale activity and ecosystem developments signals strong investor interest in XRP.
Ripple Swell 2024 Begins with Anticipation for RLUSD Stablecoin Launch
Ripple has confirmed that it is ready to host its highly anticipated annual conference, Ripple Swell, in Miami, Florida. In a recent tweet, the company shared a video showcasing the final preparations for the event. The video revealed that the venue has been fully set up, featuring blue and white lighting, a stage with the “rippleswell” logo, and seating arrangements. Overall, Ripple Swell 2024 promises a packed agenda with discussions on the future of the crypto space, and attendees are eager to see what new developments and announcements emerge.
