The XRP/USD closed at $0.64730, after placing a high of $0.64730, and a low of $0.60289. The XRP/USD remained green over the weekend, despite some negative developments surrounding it. The central bank of Israel announced that it was using the Ethereum network to test a digital version of its fiat currency, the shekel, instead of using the private version of the XRP ledger. The Bank of Israel issued a report in May, suggesting that a digital shekel payment system should have a positive impact on its economy, by simplifying payment processes while providing security to both parties in a transaction.

Earlier this year, Ripple started piloting a private version of its public, open-source XRP Ledger that could provide central banks with secure, controlled, and flexible solutions for the issuance and management of digital currencies. Ripple has stated that the CBDC Private Ledger is based on the same blockchain technology behind the XRP Ledger, which means the CBDC Private Ledger was built for payments.

The SEC argued that the motion put forward by Ripple would set a precedent for the company to be allowed a parade of requests for the testimony of high-ranking government officials, that would interfere with government operations. Despite all these negative developments surrounding the Ripple environment, the XRP/USD still managed to post gains for the weekend, mainly because of the improved market sentiment amid Bitcoin’s comeback and the weakness in the US dollar.