XRP Price Drops 326 as Federal Reserve Rate Concerns Mount SEC Lawsuit Developments and Ripples Strategy in Focus

Ripple Implements Strategic Changes with Jack McDonald Leading Stablecoin Initiatives Post Acquisition of Standard Custody
Ripple has been making strategic moves, one of which includes appointing Jack McDonald to spearhead stablecoin initiatives after acquiring Standard Custody. The XRP price has been consistently below both the 50-day and 200-day EMAs, signaling a bearish trend. If XRP falls below $0.48, it could potentially attract bearish attention towards the $0.45 level.
As the entire cryptocurrency market faces significant selling pressure ahead of the upcoming FMC meeting on June 12, Ripple’s XRP is also experiencing a downward price movement. On June 11, XRP saw a 3.26% decline, following a 0.20% drop on June 10, closing the session at $0.4808. Concerns surrounding the Fed interest rate decision and economic forecasts have dampened demand for XRP and other cryptocurrencies. Notably, XRP closed below $0.49 for the first time since April 13.
Despite no specific news related to the SEC vs. Ripple case affecting buyer demand for XRP, investors are eagerly waiting for the court’s decision on Ripple’s Motion to Seal, which aims to protect confidential information, including financial statements and business agreements. The SEC has opposed this motion, arguing that such information should be made public if considered in a court ruling. They believe that revealing contractual agreements could impact Ripple’s future business dealings as it expands its remittance services globally.
The court’s ruling on penalties for violating US securities laws is expected to have a significant impact on XRP. The SEC’s opening brief demands a hefty penalty of nearly $2 billion and an injunction against XRP sales to institutional investors, potentially disrupting Ripple’s plans for US expansion. Furthermore, the SEC has objected to Ripple’s stablecoin launch, labeling it an unregistered crypto asset. With a court ruling anticipated in the coming months, XRP’s future remains uncertain.
Ripple’s CEO, Brad Garlinghouse, recently announced the appointment of Jack McDonald to lead stablecoin initiatives following the acquisition of Standard Custody. McDonald will continue as the CEO of Standard Custody while overseeing the stablecoin projects. Custody has been highlighted as a crucial aspect of the crypto market by Garlinghouse, emphasizing its importance for institutions to custody digital assets effectively.
In terms of XRP price action, a break above the lower trend line and the $0.50 mark could signal a potential upward movement, leading towards the upper trend line. Investors should consider various factors like US inflation data, updates from the Fed, and developments in the SEC’s case against cryptocurrencies. However, if XRP falls below $0.48, it could pave the way for bears to target the $0.45 level.