XRP has recently captured significant attention in the cryptocurrency market, experiencing a notable surge driven by key developments impacting the Ripple ecosystem. This positive momentum highlights both the resolution of a long-standing legal battle and strategic advancements for its associated stablecoin.
Landmark Legal Victory Fuels XRP Rally
The cryptocurrency XRP witnessed a substantial price jump following the official closure of the protracted legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). The Second Circuit's approval of the Joint Stipulation of Dismissal of appeals, filed by both parties on August 7, marked the definitive end of this highly anticipated lawsuit. This resolution served as a major catalyst, providing clarity and confidence that propelled XRP's value upwards, notably breaching the $3 mark.
XRP's Strong Market Performance and Future Prospects
In the wake of these developments, XRP surged from approximately $2.78 to $3.10, maintaining its position above the daily SMA 50 at $3.01. This price appreciation was accompanied by an impressive 83% increase in trading volume, reaching $10 billion within 24 hours. Looking ahead, traders are keenly observing whether XRP can solidify its support at the $3 level to target higher resistances at $3.38 and $3.66. Conversely, a drop below $3 could see it retesting the daily SMA 200 at $2.46. While the lawsuit's conclusion was a primary driver, general market sentiment was also buoyed by hints of a potential September rate cut from Fed chairman Jerome Powell.
Expanding Horizons for Ripple USD (RLUSD)
Beyond XRP's price action, the broader Ripple Ledger ecosystem also saw significant growth, particularly for the Ripple USD (RLUSD) stablecoin. Bullish announced its substantial $1.15 billion IPO would be settled in stablecoins, including RLUSD, underscoring its growing acceptance. Furthermore, Ripple has forged a new Memorandum of Understanding (MOU) with SBI subsidiary SBI VC Trade, laying the groundwork for RLUSD's distribution within Japan, signaling strategic moves to expand its global reach and utility.
