Ripple stablecoin unlikely to face legal trouble with SEC, XRP erases recent gains
- 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.
Ripple's Game Changing Stablecoin RLUSD & XRP ETF!
— Tony Edward (Thinking Crypto Podcast) (@ThinkingCrypto1) July 23, 2024
WATCH ▶️ https://t.co/VKqPGDoCHm
Markus Infanger, SVP of RippleX, joined me to discuss the upcoming launch of Ripple's RLUSD.
Topics:
- Markus' background in TradFi
- #Ripple's new Stablecoin $RLUSD
- How #RLUSD will compete… pic.twitter.com/35qdrlYNma
- 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.
XRP/USDT daily chart
A daily candlestick close above $0.60 could invalidate the bearish thesis.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Recommended Articles
