Ripple and Its Cross-Border Token Remain One of the Hottest Topics in the Cryptocurrency Space
In the following lines, we will explore the latest developments surrounding this.
XRP Futures Coming This Month
Earlier this week, an introduction of XRP futures was filed with the Commodity Futures Trading Commission (CFTC) in the United States. If the necessary approvals are obtained, the product is expected to launch on April 21.
The contract will allow traders to speculate on the future price of XRP without holding the actual cryptocurrency.
Coinbase has referred to XRP as “one of the most liquid digital assets,” but has yet to provide additional details regarding the plan. This move follows its recent launch of futures contracts for Solana (SOL) and Hedera (HBAR), as part of a broader initiative to provide investors with the ability to handle cryptocurrencies and traditional futures in a regulated environment.
RLUSD Progress
Last year, the Ripple ecosystem was enhanced with the integration of RLUSD, a stablecoin pegged to the US dollar. The product has attracted the attention of numerous cryptocurrency exchanges, with the latest being Kraken.
Earlier this week, Ripple integrated RLUSD into its flagship payment solution, Ripple Payments: this move could drive further interest and demand for the asset. The company revealed that it has partnered with several “top” partners to make RLUSD available globally.
“New exchanges are continuously listing RLUSD, and we are actively working with NGOs to simplify donation opportunities through stablecoins. We are also excited to enable RLUSD for payments, broadening the range of stablecoins available in our cross-payment solutions.”
A few days ago, RLUSD witnessed the minting of a record 50 million tokens, followed by another similar mint. Despite its market capitalization nearing the $300 million milestone, it still lags significantly behind this niche market. For instance, Tether (USDT) has a capitalization exceeding $144 billion, while Circle’s USDC comes next, nearing $61 billion.
Is the Lawsuit Over?
Ripple CEO Brad Garlinghouse stated last month that the latest appeal was filed by the SEC against the company. He added that this marks the end of the litigation, a sentiment later confirmed by the company’s CLO Stuart Alderoty.
However, due to the agency’s failure to issue an official statement, some uncertainties remain regarding the matter, and many believe this will signify a formal closure.
Meanwhile, popular journalist Eleanor Terrett reported on an “odd” filing in the SEC v. Ripple Docket. A letter from a person named Justin W. Keener represented an “urgent request” for Judge Analisa Torres to consider “current decisive evidence supporting the defendant and supporting the freedom of the American people.”
The document did not clarify how the evidence could benefit Ripple, but it indicated a connection with physical investment contracts accumulated by individuals. Interestingly, the SEC recently filed a lawsuit against Keener for being an unregistered penny stock dealer, with the court ordering him to pay over $10 million in fines.
Price Predictions
This week, Ripple’s native cryptocurrency witnessed a significant retreat, briefly dipping below $2. However, in the past few hours, bulls have reclaimed some of the lost ground, with XRP currently trading above critical levels.
Popular crypto analyst Ali Martinez has repeatedly noted the importance of the $2 support line, cautioning that prices could fall to unfavorable levels, potentially reaching $1.20. Recently, he outlined that TD Sequential flashed a buy signal, which could lay the groundwork for a rebound.
Those willing to explore other predictions can take a look at our dedicated article here.
