Crypto Whales Drive Ripple (XRP) Price Up 10% in Three Weeks, Will $0.5 Price Prediction Be Achieved?
The price of Ripple (XRP) has increased by 10% in the past three weeks, with on-chain data indicating that bullish activity among crypto whales is a significant factor in the price surge. Despite negative social sentiment surrounding XRP, the Ripple community is optimistic about the resolution of the long-standing SEC case in the coming weeks, which could lead to further gains in XRP price. Crypto whales holding 10 million to 1 billion XRP balances have doubled down on their bullish positions this month, adding 290 million XRP coins to their wallets. If they continue to buy in the coming weeks, it is possible that the $0.60 XRP price forecast could be validated. However, if XRP price breaks below $0.45, the bears could negate the bullish narrative.
Federal Reserve Bank Atlanta Report Mentions XRP as International Payment Medium for Cross-Border Settlements
A recent report from the Federal Reserve Bank Atlanta Policy Hub titled "An Introduction to Web3 with Implications for Financial Services" mentioned XRP as an "international payment medium" and highlighted the relevance of Ripple's business model. The report emphasized how XRPL is used to meet cross-border settlement needs at a low cost and how XRP operates as an efficient institutional and cross-border payment medium with low-cost transactions and fast speeds. The report also mentioned the relevance of XRP and Stellar network in value transfers, citing the proof of concept, Project Mariana, which explores using Automated Market Makers (AMMs) for foreign exchange trading and settlement. While the report did not state that the bank will adopt XRP for settlements, supporters are enthusiastic about the mention of XRP and see it as a sign that public institutions are noticing its business model.
XRPL Architect Clarifies Foundation's Role in Validator Selection and Emphasizes Decentralization
Discussions about decentralization have resurfaced in the XRP Ledger community, with a recent move by an enthusiast sparking renewed debate. The focus of the discussion is on the role of the XRPL Foundation in defining validators within the Default Unique Node List.
Palau adopts XRP-based stablecoin project following successful pilot
The Republic of Palau has launched its native stablecoin project on the public XRP Ledger (XRPL), with the stablecoin now live following a successful pilot program involving 200 citizens. The stablecoin project offers faster, more cost-effective, and secure transactions compared to traditional approaches, and Palauan residents can now use their mobile devices to buy goods from participating stores or engage in local transactions using the currency. The project emerged through a strategic collaboration between Palau and Ripple, with Ripple providing comprehensive assistance in multiple domains, including technical support for the development of the stablecoin on the XRP Ledger infrastructure. While the value report initially stated that the stablecoin runs on a private version of the XRPL, Ripple's CBDC Strategic Advisor clarified that it is built on the public XRP Ledger.
Federal Reserve Bank of Atlanta Report Highlights Ripple's Use of XRP for Cross-Border Settlements in Web3 Era
The Federal Reserve Bank of Atlanta has highlighted Ripple's business model and the use of XRP for cross-border settlements in its latest report on Web3 and financial services. The report also mentions the growing adoption of blockchain technology among public institutions such as central banks and highlights Project Mariana, a proof of concept for more efficient cross-border settlements. While the report does not explicitly state that the Atlanta Fed plans to use XRP for settlements, it underscores the growing attention XRP is receiving from public institutions. Ripple has also recently rolled out its CBDC platform, which central banks can leverage to develop their digital currencies.
Ripple Attorney Kylie Chiseul Kim Leaves Legal Team Amid Ongoing SEC Lawsuit
Ripple has suffered a setback in its legal battle with the SEC as one of its attorneys, Kylie Chiseul Kim, has resigned. The departure comes as the XRP community awaits a summary judgment ruling. Kylie's motion to leave the law firm representing Ripple was granted by the court, but her exit has left many wondering about the impact on the case. However, most believe her departure was unrelated to Ripple and did not reflect her view of the company's stakes in the lawsuit. Meanwhile, the crypto community is eagerly awaiting the unsealing of the "Hinman documents" on June 13, which could tip the scales in Ripple's favor.
Synthetix Adds 7 New Perpetual Futures Markets for XRP, DOT, FLOKI, INJ, PEPE, SUI, and BLUR
Decentralized derivatives trading platform Synthetix has added seven new perpetual futures markets, including XRP, DOT, FLOKI, INJ, PEPE, SUI, and BLUR. The platform will also add support for TRX, with the new perps markets available on various trading front-ends.
XRP Overtakes Bitcoin as Most Traded Asset on South Korean Cryptocurrency Exchanges
XRP, the cryptocurrency of the Ripple network, has surpassed Bitcoin as the most traded asset on South Korean cryptocurrency exchanges, Upbit and Bithumb, for the second consecutive day. This signals a growing popularity of XRP among Korean investors and a potential shift in the cryptocurrency landscape.
Pyth Network Releases XRP/USD Price Feed for DeFi Protocols to Boost XRP Exposure
Pyth Network, a decentralized oracle solution based on Solana, has announced the release of an XRP price feed for DeFi protocols. This move is expected to increase XRP's exposure by providing real-time price data to numerous platforms. The Pyth Network aggregates and validates data from various sources, including traditional financial institutions, and provides this data on-chain for developers. By integrating with Pyth Network, developers and platforms can leverage the XRP price feed to create or enhance new applications, increasing the visibility and usage of XRP within the DeFi ecosystem.
Australian Lawyer Explains How XRP Is Not a Security in Ongoing Ripple vs. SEC Lawsuit
Australian attorney Bill Morgan shared his views on the ongoing Ripple vs. SEC lawsuit on Twitter, stating that XRP cannot be classified as a security. He explained that if the judge rules that Ripple's sales of XRP to On-Demand Liquidity customers are not investment contracts, XRP would not be categorized as a security. Morgan also noted that digital assets could transition from being securities to non-securities based on economic reality, technology, the law, and the asset's legal classification in other jurisdictions. He further explained that the sale of XRP to ODL customers does not conform to the elements of the Howey Test, meaning that it cannot form an investment contract.
