Ripple (XRP), a cross-border payment remittance firm, is progressing in the development of its stablecoin, Ripple USD (RUSD), which is currently being tested on both the XRP Ledger and Ethereum blockchain.
Meanwhile, XRP holders are considering the potential for an appeal by the Securities and Exchange Commission (SEC) against the final ruling in the Ripple lawsuit.
As of early Sunday, XRP is trading at $0.6251.
XRP is targeting gains of over 5%
XRP has been on a downward trend since mid-July but remains above key support at $0.6200. The Moving Average Convergence Divergence (MACD) indicator is showing green histogram bars, suggesting underlying positive momentum in the XRP price trend.
XRP could potentially extend its gains by 5.55%. A critical level to watch is the 50% Fibonacci retracement of the altcoin’s decline, which ranges from its July 2023 peak of $0.9380 to its July 2024 low of $0.3823, located at $0.6602.
Additionally, the native token of the XRP Ledger may find support within the Fair Value Gap between $0.5972 and $0.6076—an imbalance zone where XRP could gather liquidity as it seeks to reach the July 2024 high of $0.6602.
XRP may encounter resistance at the August 7 high of $0.6434 as it moves toward $0.6602 on Sunday.
Pro-crypto attorney suggests that the SEC may pursue an appeal:
Pro-crypto attorney John Deaton, who served as an amici (friend of the court) in the SEC vs. Ripple lawsuit, has provided insights to help XRP holders understand the potential for an appeal by the U.S. financial regulator. Deaton contends that pursuing an appeal would be a misuse of taxpayer funds, although he suggests that SEC Chair Gary Gensler might still decide to move forward with it.
