Category: Crypto market

XRP dipped after a proposed $50 million settlement between Ripple Labs and the US SEC was rejected by a U.S. court. The token lost $2.5 area and traded at $2.37 at publication.

Despite the previous 24 percent increase between the announcement of the May 8 deal proposal and the May 14 high above $2.6, the court’s rejection has created some uncertainty, as XRP’s price dropped to $2.3 by May 17.

According to the most recent update on the Ripple lawsuit, the deal was rejected on procedural grounds, suggesting that a settlement could still be reached. Ripple’s chief legal officer, Stuart Alderoty, underlined that the company and the regulator are dedicated to resolving the issue.

Earlier successes, like the clarification that XRP is not a security, have not been rendered inadmissible. This relates to procedural issues with the rejection of Ripple’s cross-appeal. The SEC and Ripple are completely in agreement to settle this matter, and will jointly bring it up with the Court again.

The rejection started soon after the May 14 high, making the token more volatile. Additionally, the SEC’s most recent appeal of a Ripple court case, which was filed before Gary Gensler’s departure, did not contend that XRP was a security but that the contracts used to sell the token were.

The long-running legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) seemed to end on May 8 with only formal court approval preventing a $50 million settlement,

Coinbase Assets highlighted “there could be fraudulent actors making false claims that cbADA, cbDOGE, cbDLTC, and cbzXRP are available to trade,” about the growing number of phishing and scam attacks on the Base Layer-2 chain.

91 percent of memecoins on Base L2 had at least one feature of a security breach or a risk to investors, while 16 percent of the projects were outright scams. Dishonest people may claim that cbADA, cbDOGE, cbLTC, and cbXRP are tradeable. But Base L2 has caused a stir with several meme coins with animal themes and a lot of community support, such as Brett (BRETT), Keyboard Cat (KEYCAT), and Dog In Me (DOGINME).

Coinbase clarified the official addresses of the upcoming wrapped Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) to allay concerns about such tokens’ legitimacy.

Undoubtedly, the monthly hacks that cause multi-million dollar losses can be avoided by revealing the smart contract addresses early.

The American-listed crypto exchange plans to launch four wrapped altcoin assets using its native Base Layer-2 chain. These include Dogecoin (DOGE), Cardano (ADA), Litecoin (LTC), and Ripple (XRP). They will all soon be accessible through specific Base Layer-1 smart contracts.

Ripple emphasized how RLUSD is being used in the financial industry.

Fiat-backed digital currencies are increasingly used in business domains such as institutional workflows, payment infrastructure, and decentralized finance. The use of RLUSD in institutional finance as a settlement and collateral tool is one of the main use cases that Ripple has highlighted

According to Ripple, RLUSD is built on the XRP Ledger and serves as a reliable and regulated stablecoin. Organizations can use it to post collateral, settle trades, and unlock liquidity across blockchain-based platforms.

RLUSD facilitates cross-margining in foreign exchange, derivatives, and digital asset markets, integrating Hidden Road. This demonstrates how the stablecoin can support complex financial operations by reducing capital inefficiencies and minimizing friction in multi-asset trading strategies.

Another significant area of focus is RLUSD’s role in enabling decentralized trading and tokenized real-world assets (RWAs).

RLUSD gains access to a native decentralized exchange and automated asset bridging by running on the XRP Ledger. According to Ripple, RLUSD easily combines with native features like auto-bridging and the integrated decentralized exchange (DEX) on the XRP Ledger.

The U.S. Securities and Exchange Commission delayed two of Grayscale’s ETF applications, specifically those concerning Litecoin and Solana. This recent announcement follows the Commission’s decision to postpone several other ETFs

Since its reorganization under the Trump administration, the SEC has been inundated with ETF proposals. Although experts and community members remain optimistic about the likelihood of approval, it has not yet been granted.

However, responses to the Commission’s choice to delay Grayscale’s applications for Solana/Litecoin ETFs have been muted. “The start of proceedings does not mean that the Commission has made any decisions on the matters at hand. Instead, the SEC stated in its delayed filing that the Commission is requesting and encouraging interested parties to comment on the proposed rule change. The financial watchdog has postponed several ETF applications.

The crypto industry anticipated that Canary Capital’s Litecoin ETF approval would be delayed. Analysts have previously indicated that Litecoin ETFs are more likely to be approved than other altcoin products, but they have not commented on today’s developments.

Although it has not yet occurred, the market awaits a Solana ETF. The market is starting to factor these delays into pricing. In defiance of bearish forecasts, Litecoin surged last week after the SEC postponed an ETF filing.

Solana is showing “buy” signals and is trading well above all of the major moving averages, as well as 200-day EMAs and SMAs. This demonstrates a robust upward trend. On the other hand, the relative strength index, which stands at 71, indicates overbought conditions.