Ripple (XRP) News Today August 5th

Developments surrounding the case against the SEC, the advancement of RLUSD, and enhanced XRP price volatility – check out some of the latest news associated with Ripple and its native cryptocurrency.

The Ripple/SEC Case Remains Ongoing

The legal tussle between Ripple and the US Securities and Exchange Commission (SEC), which started in December 2020, still awaits its official conclusion. Back then, the regulator accused the company of breaching certain laws when selling XRP tokens and initially demanded a fine of $2 billion. 

The case underwent numerous developments over the following years, with Judge Analisa Torres ruling in 2023 that Ripple’s sales on secondary markets did not constitute securities offerings, followed by a $125 million penalty. Moreover, both parties later shook hands on an even smaller fine of $50 million.

However, the Commission’s appeal on the 2023 ruling remains pending, and it is required to submit a status update on the matter by August 15. Just recently, the American lawyer Bill Morgan wondered whether the SEC’s Chairman Paul Atkins could influence the commissioners to vote to dismiss the content. 

Marc Fagel, a former regional director of the SEC for the San Francisco office, said the members have already done so before the arrival of the new Chair.

“So it seems pretty obvious where this is going. They just have to get through the standard internal approval process,” he added.

RLUSD’s Advancement

Ripple’s stablecoin, named RLUSD, officially saw the light of day in December last year. It is pegged 1:1 to the American dollar and is designed to facilitate instant settlement of cross-border payments, among other purposes. 

The product has caught the eye of some well-known financial players in the last few months. The oldest US bank, BNY Mellon, agreed to serve as a custodian for RLUSD, whereas the Swiss AMINA Bank recently became the first banking institution to support the product directly. 

“At AMINA Bank, we are committed to integrating cutting-edge products so that our clients may best navigate and adopt digital assets in their day-to-day activities. We are proud to be the first bank to support RLUSD and to provide our clients with access to one of the most anticipated digital assets in the market.

Ripple’s commitment to transparency and compliance make them ideal collaborators as we continue our mission to expand institutional-grade digital asset services,” the entity’s CPO said.

Meanwhile, RLUSD’s market capitalization continues to grow, currently standing at over $600 million. 

XRP Price Outlook

The cryptocurrency market has experienced a substantial correction over the last several days, and Ripple’s cross-border token was no exception. Its price briefly plummeted to $2.75 over the weekend but later recovered above $3. 

Some factors suggest that XRP could witness another pullback in the short term. Examples are the recent selling from whales and the formation of a so-called “death cross” on the MVRV ratio.

Multiple analysts, though, believe the valuation could head north soon. X user CRYPTOWZRD expects to see more positive price action in the following days, “which will help XRP become strongly bullish and rally towards the $3.65 resistance target.” 

Crypto Rand, who admitted not being an XRP fan, claimed the asset looks ready to explode.