In a pivotal development this week, the U.S. Securities and Exchange Commission (SEC) has allowed Ripple to defer three XRP-based Exchange-Traded Funds (ETFs) until October. This decision marks the end of Ripple’s legal entanglements, refocusing attention on enhancing the XRP Ledger ecosystem. Although the overall cryptocurrency market faces a downturn, XRP Coin maintains a steady position alongside other altcoins.
What is Ripple’s Current Situation?
Ripple has recently seen the lifting of restrictions on its institutional securities sales by the SEC, which now permits the company to utilize liquidity generation through an exemption. Earlier in March, both Ripple and the SEC had dismissed the main lawsuit, but a prohibition on Ripple’s securities sales remained a challenge. With the appeal process now concluded, Ripple can proceed with securities sales without any regulatory sanctions.
As ETFs are anticipated for approval this October, Ripple is shifting its focus towards bolstering its payment infrastructure. The company plans to acquire the stablecoin platform Rail for $200 million, building on a previous $1.25 billion acquisition of a multi-asset prime broker.
Rail, which processes $10 billion annually and collaborates with more than 12 banks, aims to streamline cryptocurrency payments with a single API. Ripple’s acquisition of Rail supports its strategy to enhance payment infrastructure services and further develop its stablecoin RLUSD.
Ripple USD is on a robust growth path, with its total supply reaching $666 million. From a market capitalization of $300 million in June to $455 million by July, the progress is notable. Moreover, high transaction volumes suggest a thriving market environment.
Where is XRP Coin’s Price Heading?
XRP Coin might find strong support if its price dips to the $2.75-$2.67 range. Should Bitcoin undergo a deeper correction, XRP could potentially fall to between $2.36 and $2. More optimistic scenarios place its resistance levels at $3.1, $3.33, and up to $3.55-$3.6.
Market observers like Martinez foresee XRP reaching between $3.9 and $5, assuming favorable outcomes such as ETF approvals and economic balance materialize within the year. These objectives remain within reach given supportive conditions.
Specific outcomes emerge from recent Ripple developments:
- XRP Ledger ecosystem set to expand post-legal clearance.
- Acquisition of Rail seen as a strategic move to improve payments.
- Steady RLUSD growth indicates healthy financial metrics.
As Ripple navigates new opportunities, the company adopts a proactive stance supported by recent legal victories and strategic expansions.
“We are excited about the opportunities ahead to enhance our ecosystem through strategic acquisitions,” a Ripple spokesperson commented.
The future looks promising with these ambitious plans paving the way for growth.
