The recent agreement between Terraform Labs and the US SEC has caused a stir within the Ripple community as they await the outcome of the case. Ripple is pushing forward with its XRPL development strategy outside of the US to encourage widespread adoption of XRP.
The legal dispute between the SEC and Ripple Labs, a leading blockchain payment company, regarding the sale of XRP to support its operations has sparked various opinions. The lack of clear regulations from the US Congress has allowed the SEC to interpret outdated laws in light of new technology.
Nevertheless, the recent approval of spot Ethereum exchange-traded funds (ETFs) in the US and Hong Kong has raised hopes for clearer regulations in the altcoin industry. Ripple’s CEO, Brad Garlinghouse, is optimistic that other spot ETFs for Solana, Dogecoin, and XRP will soon be approved in the US.
The Ripple vs SEC lawsuit is nearing its conclusion, with Judge Sarah Netburn recently signing a scheduling order focusing on remedies and final judgment. The settlement reached between the US SEC and Terraform Labs, along with former CEO Do Kwon, has provided insight for the Ripple community. The SEC agreed to a $4.47 billion settlement, with an additional fine of around $204 million for Kwon.
Stuart Alderoty, Ripple’s Chief Legal Officer, criticized the SEC for prioritizing headlines over good policy. Ripple is also battling in court to keep its financial documents sealed, as requested by the SEC to uncover past XRP sales.
Despite the legal challenges in the US, Ripple is forging ahead with global expansion. The collaboration with UK-regulated digital asset exchange Archax and the acquisition of Standard Custody demonstrate Ripple’s commitment to enhancing the adoption of RWA on XRPL. The development team has also introduced an EVM-compatible sidechain for XRPL to boost DeFi development.
Additionally, Ripple has announced the upcoming launch of Rippe USD (RLUSD), a stablecoin backed by the US dollar on the XRPL and Ethereum network.
In terms of XRP price action, the altcoin is striving to reclaim the 50 weekly Moving Average (MA) as a support level amidst the current crypto correction. If the price continues to decline, XRP may target a support level around 31 cents. On the other hand, a rebound could propel the price towards its all-time high in the coming quarters. As of Thursday, the XRP price has dropped 8 percent to trade around 48 cents.
For more information on Ripple (XRP), including guides on buying XRP, setting up a Ripple XRP wallet, checking 24-hour XRP prices, and the latest news, visit the recommended links.
