- Ripple launched the official website for its RLUSD stablecoin, sparking excitement in the XRP community.
- Prominent lawyer Fred Rispoli warns the new stablecoin venture could trigger a separate lawsuit from the SEC.
- XRP’s price dropped 16.88%, with increased selling pressure, amid speculation about the stablecoin’s impact.
California-based blockchain company Ripple has launched the official website for its anticipated RLUSD stablecoin. This development has generated significant excitement within the XRP community, leading many to speculate that it might signal an imminent conclusion to the ongoing Ripple vs. SEC case.
Legal Concerns Emerge
Despite the optimism, prominent crypto lawyer Fred Rispoli has warned that this new venture could prompt a fresh lawsuit from the SEC. His comments have sparked concern across the market. The speculation about potential legal issues comes as XRP experiences a significant downturn, with its value plummeting by approximately 18% in the last 24 hours.
Ripple’s Stablecoin Ambitions
On August 4, Ripple unveiled a new website dedicated to the RLUSD stablecoin. The site, hosted on Ripple’s official domain, features a simple design that provides information about the coin’s benefits and offerings.
Although the exact launch date remains undisclosed, many believe the release could happen sooner than anticipated. Ripple had announced earlier this year its plans to enter the stablecoin market, intending to launch RLUSD on both the XRP Ledger and Ethereum network.
Ripple aims to meet the growing demand in the stablecoin sector, which is currently valued at around $150 billion and projected to reach $3 trillion by 2028. The new website marks a significant step toward achieving this goal.
Market Reaction and Future Outlook
The launch of the RLUSD website has led to widespread discussion on social media regarding its potential impact on the ongoing legal battle with the SEC.
Crypto influencer discussions highlighted the possible implications, with Rispoli suggesting that any new legal issues regarding RLUSD would result in a separate lawsuit. He emphasized that these concerns would not affect the current case, which is nearing settlement.
Meanwhile, the XRP price has seen a notable decline. After breaking above $0.7, XRP fell below $0.5, raising concerns among investors about the project’s future. According to CoinMarketCap, XRP’s price dropped by 16.88%, currently trading at $0.452.
Additionally, its one-day trading volume surged by 232%, indicating increased selling pressure. XRP has exhibited high volatility, fluctuating between $0.4396 and $0.5489 over the past day.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
