Ripple's Daily Update: May 13th Insights
Revved Up Updates on Ripple and XRP
Gear up for the latest scoop on Ripple and XRP! Let's dive into their recent developments, ongoing legal battles, and tantalizing price fluctuations.
The Looming Shadow of the SEC Case
The lawsuit pitting Ripple against the US Securities and Exchange Commission (SEC) has been a hot topic for years. With several game-changing developments gracing our screens over the past few months, we're teetering closer to the much-anticipated decision.
In a bold claim, Ripple's CEO suggested that the SEC had dropped the appeal—but the fine print isn't signed just yet. The two factions agreed on a proposed $50 million settlement, which, if approved by the judge, will mark the end of this lengthy tussle. This amount is a significant reduction from the initial $125 million fine, imposed for allegedly violating securities laws[1].
SEC Commissioner Caroline Crenshaw, however, has voiced her displeasure. She believes this settlement waters down the previous ruling, and labels it an affront to the SEC's enforcement program[1].
Exciting ETF Prospects
The launch of the first U.S. XRP-backed exchange-traded fund (ETF) has been a burning desire for companies like Grayscale, 21Shares, Bitwise, WisdomTree, and others.
Though the SEC delayed its decision on Bitwise's application, eyes are now set on July 2, the final decision deadline for Grayscale's proposal to switch its Digital Large Cap Fund into an XRP spot ETF[1]. The emergence of such a financial vehicle could offer investors more avenues to indulge in Ripple's cross-border token, potentially boosting its value. Predictions place the odds of approval before the year's end at around 80%[1].
Though a U.S. spot ETF is yet to become a reality, Teucrium and ProShares have already nabbed the green light to launch futures-based XRP ETFs in the U.S[1]. The inquisitive can find updated info on these developments in our latest article here.
RLUSD Strides Forward
When Ripple announced plans to introduce a stablecoin pegged 1:1 to the USD, eyebrows were raised! The product, named RLUSD, went live in December, and enjoyed the support of crypto exchanges, including Uphold, Bitso, Bitstamp, Moonpay, and others[1].
In ensuing months, other industry veterans joined the fray. Kraken enabled RLUSD trading services in April, with Gemini following suit just recently[1]. Despite its recent progress, RLUSD continues to trail the top dogs in the stablecoin market with a market cap of just over $315 million, while USD-pegged leaders USDT and USDC boast impressive figures of $150 billion and $60 billion, respectively[1].
XRP Price Projections
XRP enjoyed a stunning surge to a two-month high of almost $2.70 on May 12, although it retreated to $2.54 by CoinGecko's latest counts[1]. Multiple analysts have weighed in on the future trajectory. Captain Faibik predicted a climb to $5 on the back of a falling wedge pattern breakout[1].
Crypto Patel pointed out that XRP surpassed the $2 support zone, suggesting a potential move towards a lofty $3.28, with sights set on a staggering $10+[1]. Ali Martinez posited that "on-chain data shows XRP has no major resistance clusters ahead," implying an unbridled upward trend[1].
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- In the ongoing legal battle between Ripple and the SEC, there's a proposed $50 million settlement, a significant reduction from the initial fine, which if approved, would mark the end of the tussle.
- Grayscale's proposal to switch its Digital Large Cap Fund into an XRP spot ETF might receive approval by the end of the year, potentially boosting Ripple's value.
- Kraken and Gemini have recently enabled RLUSD trading services, while RLUSD trails the top stablecoins in terms of market cap.
- Several analysts have predicted an upward trend for XRP, with potential prices ranging from $5 (Captain Faibik) to $10+ (Crypto Patel).
