Quick overview

Live XRP/USD Chart

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XRP traded lower on Thursday due to reduced buying support. Price action showed the altcoin fell below $2.25 amid mild sell-offs in the crypto market.

The SEC versus Ripple case remains in the market spotlight as the Court of Appeal submission deadline approaches. The SEC is required to file a report outlining the progress toward a settlement with the Court of Appeals by June 16. However, very little progress has been made toward a settlement since Judge Analisa Torres denied the SEC’s indicative ruling on settlement terms.

The expectation that the SEC will change its mind and file a second request for an indicative ruling has almost faded. However, the agency is certainly notorious for last-minute motions.

Ripple is looking to acquire a license that would permit banking payments powered by XRP in the region, which would greatly increase adoption.

Ripple collaborated with JETRO to support Japan-based Web3 startups and foster innovation. As part of this program, grant funding of up to $200,000 is available per project in areas such as DeFi, tokenization, and payments.

SBI Holdings has already integrated XRP to enable quick and inexpensive cross-border transactions. If the U.S. sees the same level of success as Japan, particularly following the outcome of the SEC vs. Ripple case, it might be a turning point for XRP and the entire cryptocurrency market.

The company’s platform claims high exposure in the global foreign exchange market with end-to-end visibility and real-time settlement. This utility elevates it above the status of a speculative asset.

Ripple’s dedication to innovation is further demonstrated by the launch of Ripple USD (RLUSD), a stablecoin created to solve inefficiencies in conventional payment systems. The anticipated usefulness and adoption of XRP are expected to rise as Ripple continues to enhance its ecosystem.