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Daily digest market movers: Ripple shares bullish developments, XRP crushed under market-wide correction

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  • Ripple shares details of its stablecoin, its features and a disclosure that its availability is subject to regulatory approval.
  • In its Q2 2024 report published recently, the firm said it expects a “fair approach” and ruling in the Securities & Exchange Commission’s (SEC) lawsuit against Ripple. 
  • The judge is expected to rule on the issue of Ripple’s institutional sales of XRP and the settlement or fine to be imposed on the firm for the alleged securities law violation. 
  • XRP suffered a steep correction in the market-wide bloodbath that pushed Bitcoin under the $50,000 level. 
  • The crypto market observed $1.06 billion in liquidations within a 24-hour time frame and XRP dipped to $0.44 low, before beginning a recovery. 
  • XRP is down nearly 7% on the day, and the asset is hovering close to the psychologically important $0.50 level on Monday. 


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