Ripple (XRP) News Today (August 13th)

The legal tussle with the SEC, the progress of the stablecoin RLUSD, and XRP’s potential to hit a new historic peak – here are some of the latest news surrounding Ripple.

The Ripple v. SEC Lawsuit is Officially Closed

The legal battle between the company and the US securities regulator, which had been ongoing for almost five years, finally came to a conclusion. Numerous experts, who have been monitoring the case, noted a few days ago that both parties filed a joint dismissal of their appeals.

To make things even more official, the US Securities and Exchange Commission (SEC) issued a litigation release outlining the dismissal of the agency’s appeal and Ripple’s cross-appeal pending in the US Court of Appeals for the Second Circuit. 

The watchdog stated that the move followed a final judgment by the district court, which imposed a civil penalty of approximately $125 million against Ripple and an injunction prohibiting the firm from violating the registration provisions of the Securities Act of 1933.  

“Following the dismissal of the cross-appeals, that final judgment will remain in effect,” the litigation reads.

RLUSD’s Slow But Constant Progress

Ripple is widely recognized for its native cryptocurrency, XRP, but its ecosystem also includes additional assets. An example is the stablecoin, named RLUSD, which went live at the end of 2024. It is designed to maintain a 1:1 peg to the American dollar and aims to facilitate instant settlement of cross-border payments, among other purposes.

Earlier this week, Mesh Connect – a crypto payments and infrastructure platform – embraced the token. “Users now have RLUSD as a payment option alongside our 50+ other supported tokens, and merchants can easily accept it at checkout,” the announcement reads.

Well-known names that have previously supported the stablecoin include the oldest bank in the USA, BNY Mellon, and the Swiss AMINA Bank. 

RLUSD continues to climb the crypto ladder and is now the 159th-largest digital asset, with a market cap of almost $650 million. However, it remains far away from the leaders in the stablecoin sector, Tether’s USDT and Circle’s USDC. 

XRP’s Next Targets

Ripple’s XRP currently trades at roughly $3.28, representing an 11% increase on a weekly scale. Nonetheless, the official resolution of the Ripple v. SEC case and the broader resurgence of the crypto market have triggered additional enthusiasm among the analysts, and some believe XRP might soon climb to much higher peaks.

The X user JAVON MARKS spotted a resemblance between the asset’s previous bull cycle performance and its current condition, envisioning an explosion to $9.63. Bark was even more optimistic, predicting a rally to the $11-$15 range.

“This week will melt faces,” they believe. 

The recent accumulation from whales supports the bullish theory. Just a few days ago, big investors scooped up 900 million XRP (equivalent to almost $3 billion) in the span of only 48 hours.

Such purchases leave fewer tokens available on the open market, which can lead to a price pump (should demand remain steady or go up). Furthermore, the whales’ accumulation may encourage other investors to step in and distribute fresh capital into the ecosystem.