Ripple may be on the verge of a turnaround in its lawsuit filed by the U.S. Securities and Exchange Commission (SEC). Sources suggest that the SEC may drop its case against the company. At the same time, the official launch of the Ripple-USD (RLUSD) stablecoin is approaching, which could usher in a new era for XRP, possibly leading the token to hit $20.
Recently, the destruction of almost all RLUSD tokens generated during the test phase has stirred up the cryptocurrency community. A total of 46,676,120 units were burned in just 24 hours, intensifying speculation about the imminent launch of the stablecoin.
The burn is seen as a strategy to pave Ripple’s way into the stablecoin market, which is currently dominated by Tether and USDC. Ripple CEO Monica Long has stated that several customers have already expressed interest in using RLUSD once it launches. However, the official launch timeline remains unclear.
SEC Lawsuit: A Possible Political Move?
The SEC’s lawsuit against Ripple has caused quite a stir in the cryptocurrency industry, but rumors are growing that it could be dropped. Christopher Giancarlo, the former chairman of the CFTC, recently suggested that the SEC may rethink its strategy if Donald Trump becomes president again. He said: “New leadership at the SEC would likely reevaluate the case and may dismiss it.”
These speculations are based on the possibility of political changes and the appointment of a more tech-friendly leadership at the SEC. This would represent a regulatory milestone, ending the Ripple lawsuit and bringing greater clarity to the cryptocurrency sector.
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