As an experienced financial analyst following the crypto market closely, I believe Ripple’s decision to launch its stablecoin, Ripple USD (RLUSD), in 2024, despite the ongoing criticism from the SEC, is a bold move. It shows that the company remains committed to bridging the gap between traditional finance and the crypto industry, even amidst legal challenges.
TL;DR
- Ripple plans to launch a stablecoin, Ripple USD (RLUSD), in 2024 on the XRP Ledger and Ethereum, despite SEC’s criticism.
Meanwhile, XRP’s price is down, but some analysts see the current level as a buying opportunity.
What’s New Around Ripple?
As a researcher studying the advancements in the financial technology sector, I’m excited about Ripple’s recent progress in developing a stablecoin that is pegged to the US dollar. This new offering has the potential to act as a connecting bridge between traditional finance and the crypto industry.
As a crypto investor, I’m excited to share that Ripple, the company, announced recently that its new stablecoin will be called Ripple USD (RLUSD). This coin is set to debut on both the XRP Ledger and Ethereum networks. The launch timeline has been set for 2024; however, the precise date has yet to be disclosed.
As a crypto investor, I’ve been keeping an eye on the upcoming stablecoin release. However, even before its launch, we’ve faced some challenges. The US Securities and Exchange Commission (SEC) has raised concerns, deeming it an “unregistered crypto asset” according to their perspective.
For several years, there has been a contentious relationship between the agency and Ripple. Those keeping abreast of crypto industry developments over the past few years would be familiar with the legal dispute between these entities. The crux of the issue is that the agency has accused Ripple of conducting an unregistered securities sale by distributing its XRP tokens.
In the ongoing legal proceedings, the SEC has advanced to the trial stage, proposing a $2 billion penalty against Ripple. However, Ripple opposes this harsh punishment and contends that any fine imposed should not surpass $10 million. A key point in their defense is the absence of explicit charges of fraud in the case.
As a curious analyst, I invite those with a keen interest in exploring further the intricacies of the ongoing legal dispute between the involved entities, to take a closer look at the detailed analysis presented in the video we’ve prepared specifically on this topic.
XRP Price Outlook
In the past week, the native token of Ripple, XRP, has experienced a significant drop and is now being traded at approximately $0.47. However, despite this downturn, analysts such as X user EGRAG CRYPTO continue to see it as a prospective buying opportunity.
The trader discussed the Relative Strength Index (RSI), which had hit low levels in the past few days. At present, its reading is 42, compared to last week when it dipped below 25.
As a crypto investor, I closely monitor the XRP market using various technical indicators to gauge potential price movements. One such indicator is the Relative Strength Index (RSI), which measures the speed and magnitude of price changes to determine overbought or oversold conditions. When the RSI reading for XRP reaches above 70, it suggests the token may have been bought excessively and could be due for a correction. Therefore, keeping an eye on this indicator can help inform my investment decisions.
Before Matthew Dixon’s prediction of XRP‘s potential decline due to high US inflation, the actual inflation rate turned out to be lower than anticipated. As a result, the token’s price surged and reached nearly $0.50. However, it experienced another dip shortly thereafter when the US Federal Reserve opted against raising interest rates.
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2024-06-16 12:02