Ripple, a major player in the cryptocurrency industry, has recently announced a new development that has caught the attention of many. The company is set to launch a stablecoin called Ripple USD (RLUSD) in 2024, which will be available on both the XRP Ledger and Ethereum platforms. This stablecoin is seen as a bridge between traditional finance and the world of cryptocurrencies.
Despite the anticipation surrounding the launch of RLUSD, the United States Securities and Exchange Commission (SEC) has criticized the stablecoin, labeling it as an “unregistered crypto asset.” This criticism adds to the ongoing legal battle between Ripple and the SEC, which has been going on for years. The lawsuit revolves around allegations that Ripple conducted an unregistered securities offering through its XRP token. The SEC is seeking a hefty $2 billion fine from Ripple, while the company argues that the penalty should be significantly lower.
In terms of XRP’s price outlook, the native token of Ripple has seen a decline in value, currently trading at around $0.47. Despite this, some analysts, such as EGRAG CRYPTO, see the current price level as a buying opportunity. The Relative Strength Index (RSI) for XRP has also been fluctuating, indicating potential price movements in the near future. Matthew Dixon previously predicted a decrease in XRP’s value due to rising inflation in the US, but the token’s price saw a spike to nearly $0.50 before dropping again following the Federal Reserve’s decision to keep interest rates unchanged.
Overall, Ripple’s advancements and XRP’s price forecasts continue to be of interest to investors and enthusiasts in the crypto space. As developments unfold and the legal battle with the SEC progresses, the future of Ripple and XRP remains uncertain but full of potential. Stay tuned for more updates on Ripple and XRP as the industry continues to evolve.