Despite facing a lawsuit from the SEC, Ripple has plans to launch its own stablecoin that will compete with Tether and CENTER. The company aims to achieve a remarkable market capitalization of $3 trillion by 2028.
Although the price of XRP has experienced a decline, there is optimism that Ripple’s new stablecoin will drive both XRP and the CTF token to unprecedented heights.
Ripple has been caught in a legal battle with the SEC for the past four years, which has hindered its growth and innovation potential, particularly affecting the value of its native token, XRP.
According to the latest data from CoinMarketCap, XRP is currently priced at $0.5159, representing a 1.06% decrease in the last 24 hours and a slight 0.54% decrease in the last week.
To navigate the restrictions imposed by the ongoing legal disputes, Ripple recently announced its intention to launch a stablecoin pegged to the US dollar. This move is seen as a direct challenge to market leaders like Tether and CENTER, a partnership between Coinbase and Circle.
Ripple CEO Brad Garlinghouse explained that the stablecoin is designed to address the issue of de-pegging incidents, which have caused significant losses for stablecoin holders in the past.
However, the SEC, which considers the impending stablecoin offering as an unregistered security, similar to XRP, has opposed Ripple’s plans. The regulatory authority maintains its strict stance, arguing that Ripple has predominantly sold unregistered securities since 2013.
Despite the legal challenges, investors are becoming more optimistic due to Ripple’s ambitious goal of reaching a valuation of $3 trillion for its stablecoin by 2028, as reported by CNF. Prominent XRP supporter Brett Hill has even suggested that the price of XRP could increase substantially to $62.75 if this goal is achieved.
Additionally, if the CTF token, the top decentralized finance token on the XRPL platform, manages to capture just $10 billion of the anticipated inflows into XRPL, it is expected to experience a significant surge, potentially rising from $0.95 to $374.25 per token.
Furthermore, there are hints from pro-XRP lawyer MetaLawMan that Judge Torres may overturn the SEC’s $2 billion penalty against Ripple’s CEO Brad Garlinghouse.
In conclusion, despite the legal challenges, Ripple remains determined to launch its stablecoin and compete with established players in the market. Investors and market speculators are hopeful about the future potential of XRP and the CTF token, with expectations of significant price increases.