XRP price has caused a stir among investors and crypto enthusiasts alike as reported by TurkishNY Radio. On August 4, Ripple (XRP) introduced new details on its official website about its highly anticipated stablecoin, set to launch later this year. The announcement marks a critical development for Ripple as it continues to expand its ecosystem despite the regulatory challenges it faces.
On August 4, Ripple introduced new details on its official website about its highly anticipated stablecoin, set to launch later this year. The announcement marks a critical development for Ripple as it continues to expand its ecosystem despite the regulatory challenges it faces.
The news of the stablecoin comes at a time when Ripple is still embroiled in legal disputes with the SEC. These ongoing battles have had a noticeable impact on XRP’s market performance, introducing a degree of volatility in its price. This update could potentially shift market sentiments and influence Ripple’s positioning in the competitive crypto market.
XRP Price Dips Further Amid Legal Uncertainty
XRP price has extended its losses, dropping by 1% and marking an 8% decline over the past week. Currently trading at $0.5475, XRP has lost its key psychological support at $0.60. Ripple CEO Brad Garlinghouse has commented on the stablecoin’s utility and Ripple’s plans during recent television appearances.
TurkishNY Radio reports that XRP traders are anxiously awaiting a ruling in the SEC lawsuit. Judge Analisa Torres is expected to decide whether Ripple sold unregistered securities (XRP) to institutional investors. The final ruling will determine if Ripple faces a fine or settlement amount.
In Ripple’s Q2 2024 report, the firm expressed optimism about the SEC not appealing XRP’s “non-security” status. Ripple is confident that the altcoin has legal clarity, despite the ongoing lawsuit. TurkishNY Radio highlights the importance of this ruling for the price stability.
XRP Price Affected by New Stablecoin Details
Ripple’s official website now includes a detailed page about its stablecoin, as of August 4. This addition marks a significant development in Ripple’s offerings.
Further reports emphasize the stablecoin’s potential impact on Ripple’s price. The stablecoin, known as RLUSD, aims to maintain its peg with 1 USD and will be available on both the XRP Ledger and the Ethereum blockchain.
Ripple describes RLUSD as a means to hold, buy, and trade USD on-chain, and for payments. However, the website notes that the stablecoin will only be available subject to “regulatory approval.” This disclaimer has caused further speculation about its impact on XRP price.
Ripple’s update comes at a critical time when XRP price is under pressure. The addition of stablecoin details could influence traders’ perceptions and decisions. The stablecoin’s launch later this year is anticipated to provide more stability to the XRP price.
XRP Price Faces Potential Decline
XRP price could extend its losses by nearly 9%, according to market analysts. The altcoin might sweep liquidity at the support level of $0.50. Once Ripple dips into the imbalance zone between $0.4780 and $0.5136, it could fill the inefficiency and attempt a recovery.
Market indicators suggest a further decline in Ripple’s price. The Moving Average Convergence Divergence (MACD) indicator shows a bearish momentum, with red histogram bars on the neutral line. A daily candlestick close above $0.5632, the 50% Fibonacci retracement of the decline from the March 11 high of $0.7440 to the July 5 low of $0.3823, could invalidate this bearish thesis.
Despite the current downtrend, Ripple could rally towards its target of $0.70 post-correction. The market’s response to Ripple’s stablecoin details and the outcome of the SEC lawsuit will be crucial in determining the future of XRP price.
Source: TradingView
In conclusion, the future of XRP price is uncertain, given the ongoing legal battles and recent updates. Ripple’s addition of stablecoin details to its website signifies a strategic move to stabilize and enhance its offerings. The outcome of the SEC lawsuit remains a significant factor that could influence XRP price in the coming months.
XRP traders are advised to stay informed about the legal proceedings and Ripple’s updates to navigate the volatile market effectively.
This news report underscores the importance of understanding the dynamic factors affecting XRP price. TurkishNY Radio is committed to providing you with accurate and timely information to help you make informed decisions in the crypto market.
