XRP is approaching the key $0.60 level as Ripple prepares to launch its Ripple USD (RUSD) stablecoin, despite the SEC's strict stance on cryptocurrency regulation. Additionally, the Grayscale XRP Trust has seen a rise in its Net Asset Value (NAV) to $11.49, indicating growing institutional demand.
XRP has gained 2.3% this week, driven by factors such as the stablecoin launch and the rise in the Grayscale Trust's NAV. On a technical level, if XRP holds the $0.5500 support, it could see an increase of up to 6%.
XRP is primarily used to facilitate fast and cheap transactions in cross-border payments.
Although XRP is a decentralized cryptocurrency in terms of its structure (since it runs on a public ledger called the XRP Ledger), Ripple, the company, has a significant influence over the XRP ecosystem. This is because Ripple owns a large amount of XRP and is a major proponent of its adoption. This has led to some criticism that XRP
