Ripple is making strategic moves by appointing Jack McDonald to lead stablecoin initiatives following the acquisition of Standard Custody. The XRP price has been consistently below both the 50-day and 200-day EMAs, signaling a bearish trend with a potential break below $0.48 opening the door for bears to target the $0.45 level.
As the broader cryptocurrency market faces selling pressure ahead of the FMC meeting on June 12, Ripple’s XRP is also experiencing a downward price movement. On June 11, XRP saw a 3.26% decline, following a 0.20% drop on June 10, closing at $0.4808. Concerns about the Fed interest rate decision and economic projections dampened buyer demand for XRP.
There is no specific news related to the SEC vs. Ripple case impacting buyer demand for XRP. Investors are eagerly awaiting the court’s decision on Ripple’s Motion to Seal, seeking to protect non-public information like financial statements and agreements with business partners. The SEC opposed this motion, arguing for public access to such information.
The court’s ruling on penalties for violating US securities laws is expected to have a significant impact on XRP. The SEC’s remedies-related opening brief demands a nearly $2 billion penalty and an injunction against XRP sales to institutional investors, potentially affecting Ripple’s US business expansion plans. Additionally, the SEC has challenged Ripple’s stablecoin launch plans, calling it an unregistered crypto asset.
Ripple CEO Brad Garlinghouse announced the appointment of Jack McDonald, who will spearhead stablecoin initiatives following Ripple’s acquisition of Standard Custody. McDonald will continue as CEO of Standard Custody while overseeing stablecoin endeavors. Garlinghouse emphasized the importance of custody in the crypto market for institutions to custody digital assets successfully.
XRP’s price action remains below key EMAs, indicating a bearish trend. A potential upward movement would be signaled by a break above the lower trend line and the $0.50 mark, potentially leading to a move towards the upper trend line. Investors should consider factors like US inflation data, Fed updates, and developments in the SEC’s case against cryptocurrencies. A break below $0.48 could open the door for bears to target the $0.45 level.