- Ripple CLO Stuart Alderoty believes the SEC is less likely to appeal the final ruling in the lawsuit.
- Ripple’s SVP of stablecoins recently spoke on the definition of the asset as the firm continues to test RippleUSD in private beta.
- The payment remittance firm recently partnered with the crypto arm of SBI holdings to boost the utility of the XRP Ledger.
- XRP climbed above $0.56 on Saturday, likely to sweep liquidity at $0.52 prior to recovery in the altcoin.
Ripple (XRP) surged above $0.56 on Saturday, amidst positive developments in the ecosystem. Ripple’s executive commented on the definition of a stablecoin, as the firm tests Ripple USD, their stablecoin, in private beta.
The token is seeking regulatory approval and is not available for purchase or trade, per Ripple’s official announcement.
XRP traders are digesting the final ruling in the Securities & Exchange Commission’s (SEC) lawsuit against Ripple. The firm’s Chief Legal Officer, Stuart Alderoty assuaged the concerns surrounding SEC’s likely appeal in the lawsuit.
Ripple ecosystem notes positive developments
Ripple has three key market movers: SEC vs. Ripple lawsuit outcome and likely appeal, Ripple USD stablecoin and the recent partnership with SBI Holding’s crypto arm. Post the partnership announcement with SBI Digital Asset Holdings, XRP price failed to rally. The development is expected to boost the utility of the XRP Ledger.
Ripple started testing its stablecoin in private beta, even as the asset awaits regulatory approval. The firm’s SVP spoke on stablecoins and the asset’s definition, in an official update by Ripple.
Stuart Alderoty says less than 10{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} of appeals result in reversal of rulings, trying to assuage the concerns of XRP traders speculating the regulator’s next move.
XRP risks decline to $0.52
Ripple has attempted to break out of its multi-month downward trend on three occasions and failed to do so. XRP trades at $0.5649 at the time of writing, on Saturday. The Moving Average Convergence Divergence (MACD) indicator shows there is underlying negative momentum in Ripple price.
XRP could sweep liquidity at support at $0.52 before attempting a recovery. This marks nearly 8{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} decline from the current price level.
XRP/USDT daily chart
A daily candlestick close above $0.57 would invalidate the bearish thesis and XRP could rally towards its psychologically important $0.60 target.
