Ripple (XRP) News: April 4th

Ripple and its cross-border token remain among the trendiest topics in the cryptocurrency space. In the following lines, we will explore the most recent developments surrounding them. 

XRP futures coming this month

Earlier this week, the US-based crypto exchange Coinbase filed with the US Commodity Futures Trading Commission (CFTC) to introduce XRP futures. If the necessary approval is received, the product is expected to go live on April 21. 

The contract will allow traders to speculate on the future price of Ripple’s native token without owning the actual cryptocurrency. 

Coinbase called XRP “one of the most liquid digital assets,” but it has yet to shed additional details on the initiative. The move follows its recent launch of Solana (SOL) and Hedera (HBAR) futures contracts as part of its broader plan to offer investors the ability to deal with both crypto and traditional futures within a regulated environment.

RLUSD’s progress

Last year, Ripple’s ecosystem was boosted by the integration of RLUSD, a stablecoin pegged to the American dollar. The product garnered the attention of numerous crypto exchanges, which listed it on their platforms, the latest one being Kraken.

Earlier this week, Ripple integrated RLUSD into its flagship payments solution, Ripple Payments: a move that could drive further interest and demand for the asset. The company revealed that it has collaborated with numerous “top-tier” partners to make RLUSD globally available.

“New exchanges are listing RLUSD on an ongoing basis, and we’re actively working with NGOs that see the opportunity to streamline giving through stablecoins. We’re additionally excited to enable RLUSD in Ripple Payments, extending the breadth of stablecoins available in our cross-border payments solution,” said Jack McDonald, SVP of Stablecoins at the company.

Several days ago, RLUSD witnessed the record minting of 50 million tokens, which was later duplicated with another such mint. While its market cap neared the $300 million milestone, it remains far behind the leaders in this niche. Tether (USDT), for instance, has a capitalization of over $144 billion, while Circle’s USDC follows next with almost $61 billion.

Is the lawsuit over?

Ripple’s CEO Brad Garlinghouse said last month that the US SEC had dropped its latest appeal against the company. This marked the end of the lawsuit, he added, which was later confirmed by company CLO Stuart Alderoty. 

However, there are still some doubts on the matter as the agency is yet to publish an official statement, which many believe would mark the official closure.

Meanwhile, popular journalist Eleanor Terrett recently informed about “an odd” filing in the SEC v. Ripple docket. The letter from a person called Justin W. Keener represents “an emergency request” to Judge Analisa Torres to “present decisive evidence in favor of the defendants and in favor of liberty for the American people.”

The filing doesn’t clarify exactly how this evidence might help Ripple, but it suggests a connection to physical investment contracts that the individual has been accumulating. It is interesting to note that the SEC has recently filed a lawsuit against Keener for operating as an unregistered penny stock dealer, and the court has ordered him to pay more than $10 million in penalties.

Price predictions

Ripple’s native cryptocurrency witnessed a substantial retreat this week, briefly plummeting below $2. In the past several hours, though, the bulls reclaimed some lost ground, and XRP currently trades above that crucial level.

Popular crypto analyst Ali Martinez has noted the importance of the $2 support line multiple times, alerting that the price may tank to $1.2 if it breaks to the downside. Most recently, he outlined that the TD sequential has flashed a buy signal that could set the stage for a rebound.

Those willing to explore additional forecasts can take a look at our dedicated article here.