The post XRP Price Nears $0.60 as Ripple vs. SEC Lawsuit Enters Critical Phase appeared first on Coinpedia Fintech News
As the legal showdown between Ripple vs SEC reaches a critical juncture, the crypto market braces for potential aftershocks. With the lawsuit advancing into the pivotal “remedies” phase, investors and stakeholders eagerly await developments that could shape the future trajectory of the case and influence broader regulatory dynamics.

The latest update reveals Ripple’s XRP rose to $0.5741 today, moving closer to its $0.60 target amid growing anticipation of the SEC v. Ripple legal battle. However, the key financial and operational facts stay secret until February 20, 2024, as the litigation progresses.

SEC v. Ripple Lawsuit Enters New Phase

Today, February 20th marks the crucial date in the Ripple vs SEC case, with Ripple poised to reveal its financial records and respond to the SEC’s interrogatories. The delay in remedies-related discovery, granted by Magistrate Judge Sarah Netburn, highlights the case’s complexity and the necessity for careful consideration before deciding.

On top of that, Ripple’s compliance with the SEC’s demands for detailed financial statements and post-complaint XRP institutional sales contracts represents a significant development in the lawsuit. Ripple initially refused the demands however later agreed to adhere to the court’s order, signaling a willingness to cooperate with legal proceedings.

Implications for the Crypto Industry

As the case advances into the remedies phase today, both Ripple and the SEC are preparing for forthcoming legal briefs and proceedings in March and April. The court’s ruling on the appropriate penalties and remedies for Ripple’s alleged securities law violations carries far-reaching implications for the crypto industry and regulatory landscape.

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Ripple announced plans to launch a dollar stablecoin

The Ripple team promises that the future stablecoin will be backed by an equivalent amount of reserves in US dollars, as well as US government bonds. The name of the stablecoin and its ticker have not yet been specified.

Initially, the new stablecoin will be available to US users on the XRP Ledger and Ethereum blockchains. In the future, it is possible that additional regional stablecoins will be offered in markets outside the US, such as Europe or Asia.

In an interview with CNBC, Ripple CEO Brad Garlinghouse said that he is not afraid of competition from Tether (USDT stablecoin) and Circle (USDC). His company will be able to successfully compete for its market share. The reason, according to the businessman: the existing stablecoin ecosystem is not so diverse and reliable.

Earlier, Mehen Finance, the company behind the USDM stablecoin launched on March 17, announced that access to token trading for retail investors would be provided in April.
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XRP price slips below $0.55 with development in SEC v. Ripple lawsuit

XRP price dropped below $0.55 on Thursday as both Ripple and SEC work on remedy-related briefs.

March 13 is the next key deadline for the SEC v. Ripple lawsuit.

The court will determine penalties for Ripple’s institutional sales of XRP by the April 29 deadline.

More news ….

https://www.fxstreet.com/cryptocurrencies/news/xrp-price-slips-below-055-with-development-in-sec-v-ripple-lawsuit-202402220603

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#XRP🚀 Update.
1- Stage Is Being Set for XRP as Ripple Capability Is Displayed to Millions in New York City #Ripple #XRP:

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3- Wall Street Analyst Says $XRP  Will Rise in Price Citing David Schwartz.

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Currently trading at $0.59 with a steady recovery

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XRP price today is $ 0.561109 with a 24-hour trading volume of $ 1.99B, market cap of $ 30.61B, and market dominance of 1.56%. The XRP price decreased -1.13% in the last 24 hours.
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Overall, the outlook for XRP is cautiously optimistic in the medium to long term.
Here are some factors that support this optimism:
*Partnership agreements:
* Ripple has strong partnerships with many major financial institutions, such as American Express, Santander, and Bank of America.
* These partnerships may lead to increased use of XRP for international money transfer transactions, which could push its price higher.
*Payment solutions:
* Ripple offers innovative payment solutions such as RippleNet,
*These solutions aim to make money transfers faster, cheaper and more efficient.
* If these solutions are widely adopted, it could lead to increased demand for XRP, which could push its price higher.
* Clarity of laws:
* Investors are eagerly awaiting the results of Ripple's lawsuit against the US Securities and Exchange Commission (SEC).
* If the court rules in favor of Ripple, this could remove the legal uncertainty surrounding the currency, which could lead to an increase in demand and price for it.
However, there are some risks that may affect the rise of XRP:
* The competition:
* There are many other cryptocurrencies that offer payment solutions similar to Ripple.
* Increased competition may make it difficult for Ripple to distinguish itself from other currencies, which may limit its ability to attract users and raise its price.
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Ripple will unlock 1 billion XRP again on April 1st, will the price crash?

Ripple, the company behind the XRP Ledger, will unlock 1 billion XRP tokens worth $628.5 million on April 1. This is another Ripple sell-off that occurs every month and could negatively impact the price of XRP in the coming weeks.

Since 2017, Ripple has been releasing 1 billion tokens from escrow accounts on the first day of every month. April will mark the beginning of a new era of XRP inflation as the company has been running different accounts for the past few years.

Until this time, according to XRPScan, the company used the accounts “Ripple (22)” and “Ripple (23)”.

Analysis of the XRP price against the backdrop of sales It is worth paying attention to how previous Ripple sales affected the price of XRP. The chart below shows all XRP sales year-to-date, broken down by day.

Interestingly, only two out of eight days had positive price action. However, even these “green” days were marked by very modest achievements, while the negative days had much more impressive consequences.
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