The last few weeks have been quite turbulent for XRP and the company behind it. <\/span>In this article, we will <\/span>check<\/span> the latest updates <\/span>involving<\/span> the two and analyze the token\u2019s price dynamics.<\/span><\/p>\n The <\/span>major<\/span> developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC), more specifically, the company\u2019s court wins, have left some with the expectation that the tussle is over.<\/span><\/p>\n Just recently<\/span>, <\/span>the<\/span> American lawyer Bill Morgan <\/span>said<\/span><\/a> the regulator has not withdrawn its appeal <\/span>yet<\/span>.<\/span> He emphasized that the Commission faces no formal deadline to do so, though it is required to submit a status update to the appeal court <\/span>by August 15<\/span>.<\/span><\/p>\n The legal contest refers to a court decision in 2023. Back then, Judge Analisa Torres <\/span>ruled<\/span><\/a> that Ripple\u2019s sales of XRP tokens on secondary markets are not securities. The SEC appealed the ruling, while the company filed a cross-appeal, which <\/span>was later withdrawn<\/span>.<\/span><\/p>\n Earlier this year, the two parties jointly requested that the appeals <\/span>be paused<\/span> to allow time for a potential settlement. The court respected their wish but required the regulator to file a status report by mid-August. Many believe that if the SEC agrees to withdraw its appeal, it could mark the final resolution of the case.<\/span><\/p>\n To the uninitiated, <\/span>it all started<\/span> in December 2020 when the Commission filed a lawsuit against Ripple, accusing it of conducting an unregistered securities offering by selling XRP tokens.<\/span> Initially, it sought a whopping fine of $2 billion, while years later, Judge Torres <\/span>ruled<\/span><\/a> a penalty of $125 million. <\/span>Moreover, the SEC and Ripple <\/span>shook hands<\/span><\/a> on<\/span> an <\/span>even smaller<\/span> sum of $50 million.<\/span><\/p>\n One trending asset within Ripple\u2019s ecosystem is the USD-pegged stablecoin, RLUSD. The product, which officially debuted in December of last year, recently saw its market capitalization soar past $500 million and caught the eye of some major financial players.<\/span><\/p>\n As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, the asset <\/span>was recognized<\/span> by the Dubai Financial Services Authority (DFSA) as a crypto token within the Dubai International Financial Center (DIFC)<\/span>, <\/span>while<\/span> the oldest US bank, BNY Mellon, <\/span>agreed<\/span><\/a> to serve as a custodian for RLUSD.<\/span><\/p>\n Meanwhile, the stablecoin\u2019s market cap continued to grow in the following weeks and currently stands at approximately $577.6 million.\u00a0<\/span><\/p>\n Several XRP exchange-traded funds have <\/span>popped up<\/span> in the United States over the past <\/span>several<\/span> months.<\/span> However, all of them are futures-based, and you can check the details <\/span>here<\/span><\/a>.<\/span><\/p>\n The XRP army has been eagerly awaiting the launch of a spot XRP ETF, which <\/span>is expected<\/span> to have a more significant impact on the price of the underlying token. <\/span><\/p>\n Some of the well-known firms willing to launch such a product include Bitwise, Grayscale, Franklin Templeton, WisdomTree, and more. According to Polymarket, the approval odds before the end of the year stand at around 87%.\u00a0<\/span><\/p>\n Ripple\u2019s native token <\/span>exploded<\/a> to<\/span> a new all-time high of $3.65 in mid-July, but since then, it has been <\/span>on<\/span> a downtrend, currently trading at around $3.08 (<\/span>per<\/span> CoinGecko\u2019s data).<\/span>\u00a0<\/span><\/p>\n However, some <\/span>important<\/span> factors suggest this could be a temporary correction, followed by another rally. Large investors, for instance, have <\/span>acquired<\/span><\/a> 60 million XRP tokens in the last 24 hours. <\/span>This<\/span> shows<\/span> strong confidence in the asset and could encourage other smaller players to <\/span>jump on<\/span> the bandwagon<\/span>, too<\/span>.<\/span>\u00a0<\/span><\/p>\n The amount of tokens stored on exchanges has been <\/span>declining<\/span><\/a> lately, suggesting that holders might have moved their funds into cold storage. <\/span>This<\/span>, in turn, reduces the immediate selling pressure.\u00a0<\/span><\/p>\n Last but not least, the number of XRP wallets keeps growing, hinting at solid user engagement and rising interest in the network. The figure <\/span>reached<\/span><\/a> a peak of 7.2 million on July 21 <\/span>and is currently inching towards 7.3 million. LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\nHas the Ripple\/SEC Battle Concluded?<\/span><\/h2>\n
RLUSD Keeps Progressing<\/span><\/h2>\n
Spot XRP ETF Incoming?<\/span><\/h2>\n
XRP Price Outlook<\/span><\/h2>\n
<\/span><\/p>\n<\/a>
\nBinance Free $600 (CryptoPotato Exclusive): Use this link<\/a> to register a new account and receive $600 exclusive welcome offer on Binance<\/b> (full details<\/a>).<\/p>\n