News & Analyses

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Ripple executive says SEC unlikely to go after stablecoin RLUSD, XRP slips 2%

Ripple stablecoin RLUSD will be launched with a compliance first approach, unlikely to face legal trouble, says SVP.
Markus Infanger of Ripple says stablecoin aims to capture market share, expected to grow bigger in the coming years.
SEC vs. Ripple lawsuit remains unresolved, XRP traders await settlement.
XRP hovers around $0.60 after losing key psychological support on Tuesday.

Ripple (XRP), the native token of the XRP Ledger slipped under $0.60, a key psychological support for the altcoin. The two key market movers are the Securities & Exchange Commission’s (SEC) lawsuit against Ripple and the upcoming stablecoin RealUSD (RLUSD).

XRP trades at $0.5956 at the time of writing.

Daily digest market movers: Ripple stablecoin unlikely to face legal issues from the SEC

Ripple stablecoin RLUSD is scheduled to launch towards the end of 2024, per the payment firm’s announcement.
Markus Infanger, SVP of RippleX, commented on Ripple’s stablecoin and whether the asset could face legal woes with the SEC.
Infanger believes it is unlikely that RLUSD will face legal concerns with the SEC, since the payment remittance firm has taken a compliance first approach to the stablecoin.
Infanger slammed the SEC for “stifling innovation” in the US, in his interview with the Thinking Crypto YouTube channel.

The SEC vs. Ripple lawsuit awaits a final ruling. XRP traders await settlement in the legal battle between the regulator and the cross-border remittance firm.
The news of a closed-door meeting at the SEC has sparked rumors of settlement, the meeting is scheduled for July 25.
XRP traders have their eyes peeled for signs of a resolution in the Ripple lawsuit, since it could have a longstanding impact on cryptocurrencies.

Technical analysis: XRP loses key psychological support

Ripple price is currently in an upward trend that started on July 8. The altcoin trades at $0.5963, after Ripple lost psychological support at $0.60. XRP could pullback to the 50% Fibonacci level of the decline from the March 11 top of $0.7440 and the July 5 low of $0.3423, at $0.5632.

XRP could find support in the Fair Value Gap (FVG) between $0.5404 and $0.5783, as seen in the XRP/USDT daily chart.

XRP could sweep liquidity at $0.5632 and attempt a comeback above psychological support at $0.60, to thenrally to $0.6666, the 78.6% Fibonacci retracement level.