The platform has since regained control over its X account. Pump.fun said that it’s unlikely any of its staff are at fault as it followed “industry best-practices, and focused on minimizing the risk of such an event occurring.”

According to blockchain sleuths like ZachXBT, the attack on the platform may have been perpetrated by the same hackers responsible for other similar exploits. 

While the Pump.fun incident came to a quick close with next to no damage done, memecoins are under increased scrutiny, and security issues are at the forefront of the blockchain industry’s mind.

Pump.fun hackers also responsible for Jupiter DAO and DogWifCoin

After gaining access to Pump.fun’s X account, the hackers were quick to offer a fake governance token to potential marks, stating that “democracy has never been this degen.”

The account breach was quickly flagged by blockchain investigator and analyst ZachXBT, who warned users to stay away from the X page and not interact with any links on the page. 

He also traced the hackers back to previous incidents of compromised X accounts, namely those of Solana-based decentralized exchange (DEX) aggregator Jupiter DAO and memecoin DogWifCoin.

ZachXBT said, “Notably for these attacks it is likely not the fault of either the Pump Fun or Jupiter teams.” 

In its explanatory X post after restoring access to its account, Pump.fun detailed the various security measures it takes. It said that no messages were sent to the email associated with the account regarding changes to two-factor authentication (2FA), email, passwords or delegation. 

The platform also claimed it had a number of other safeguards in place, like physical 2FA backups, regularly changing unique and complex passwords, and not having its 2FA connected to any email addresses. 

Pump.fun’s latest post regarding the incident said it would “continue to monitor the situation and analyze any scenarios that could have taken place and report if there are any updates.”

Related: 8 most common cyberattacks and how to prevent them

The hack of Pump.fun’s social media is just the latest in an all-too-common trend of phishing attacks on prominent cryptocurrency-related social media accounts or even the institutions themselves. 

Cryptocurrency exchange Bybit was the victim of a phishing attack in which North Korean hacker group Lazarus was able to steal over $1.4 billion in Ether (ETH). A Chainalysis report following the incident found that the hacker’s chosen attack vector was a phishing campaign targeting the exchange’s cold wallet signers. This allowed them to gain access to Bybit’s user interface and replace a multisignature wallet contract with their own malicious version.

Memecoins involved in high-profile exploits and scandals

Memecoins — which launch quickly amid a furor of investors aiming to make a quick buck before disappearing just as fast — have become a prime target for phishing attacks, exploits and scandals.

As Cointelegraph reported on Feb. 10, a number of crypto data aggregators listing the Central African Republic (CAR) memecoin were directing users to phishing sites.

This was particularly problematic as Central African Republic President Faustin-Archange Touadéra seemed to give the token a nod of approval. He had posted on X that the government launched the token to “unite people, support national development, and put the Central African Republic on the world stage in a unique way.”

At publishing time, the project’s X account is still suspended. 

Furthermore, ZachXBT has linked Lazarus to a number of recent Solana memecoin scams, including rug pulls, on Pump.fun itself: “I made 920+ addresses receiving funds tied to the Bybit hack public and noticed a person laundering for Lazarus Group previously launched meme coins via Pump Fun.”

Memecoin scandals have also reached as far as the presidential office of Argentina. 

Earlier in February, the launch of memecoin LIBRA, which allegedly included sniping by founders — i.e., a form of insider trading — implicated Argentine President Javier Milei. The politician promoted the token on X before deleting his post when the price came crashing down. 

While there were no cyberattacks involved in the LIBRA incident, it draws attention to the unregulated and “Wild West” nature of the memecoin market.

Regulators take aim at memecoins

Memecoin market activity has already caught the attention of regulatory agencies worldwide. On Feb. 20, the US Securities and Exchange Commission announced it was creating a new group to fight cyber misconduct, including fraud involving crypto.

Elizabeth Davis, partner at the law firm Davis Wright Tremaine and an ex-Commodity Futures Trading Commission (CFTC) chief trial attorney, said that the CFTC could oversee memecoins in the future.

She previously told Cointelegraph, “There has been an increasing focus on retail market participants, and the CFTC is focused on protecting market participants from fraud and manipulation, and this would include the retail population who are the most likely to use memecoins.”

Related: Law firm demands Pump.fun remove over 200 memecoins using its IP

Even regulators in Dubai, who have usually taken a progressive approach to cryptocurrencies, have issued a warning about memecoin risks. “Many such assets lack intrinsic value and derive their pricing from social media trends, hype, or misleading promotional strategies,” said the Virtual Assets and Regulatory Authority. It further stated that memecoins issued under its jurisdiction must adhere to the law. 

Recent incidences and increased scrutiny have even moved along, with Pump.fun’s anonymous founder suggesting that the industry needs “guardrails.” These included better user education, onboarding and taking user protection “more seriously.”

Throughout the history of crypto, memecoins have fallen in and out of trend. Regulators are clearly gearing up to tackle them during this cycle and the next. At the time of writing, memecoin popularity reached its lowest level since January, but some believe it won’t rise back up.

Waves DeFi protocol founder Sasha Ivanov told Cointelegraph Magazine:

“This extractive economy cannot be very stable, and it’s going to be short-lived, so it will last maybe for half a year more, and then we will see something else.”

Magazine: DeFi will rise again after memecoins die down: Sasha Ivanov, X Hall of Flame

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Legal Expert Reveals Timeline For Potential Ripple Vs. SEC Settlement

In an X post, Hogan predicted a settlement in the Ripple vs. SEC could happen sometime in April or May. However, the legal expert admitted that an earlier resolution could definitely be in play following the Commission’s agreement to drop its two-year legal battle against the Coinbase crypto exchange. 

Hogan noted that the Coinbase case was dismissed with prejudice, meaning the Commission cannot refile the case again. He added that this wasn’t even a settlement agreement with some minor concessions as the SEC agreed to drop the case unilaterally. In line with this, the lawyer opined that the Commission may not be waiting for SEC Chair nominee Paul Atkins to be confirmed before making big crypto moves. 

As such, Hogan predicts that Ripple vs. SEC could be the next case to end as the Commission moves to drop its non-fraud cases against crypto firms. Former SEC official John Reed Stark also recently predicted that the Commission could soon drop the lawsuit following the developments in the Coinbase lawsuit. 

In addition to the Coinbase lawsuit, the SEC hopes to end the Binance lawsuit soon. The agency has agreed with the crypto exchange to pause legal proceedings for 60 days. This again highlights the new SEC administration’s willingness to create a regulatory-friendly environment for the crypto industry rather than the enforcement approach that Gary Gensler’s SEC adopted. 

This is why experts are convinced that the case will be resolved soon. In an X post, Ripple CEO Brad Garlinghouse expressed optimism. He stated that the Commission has demonstrated a clear interest in quickly moving on from the last administration’s failed regulation and enforcement policies. 

Why The Lawsuit May Be Harder To Settle 

In an X post, expert Sherrie suggested that a Ripple vs. SEC settlement isn’t as straightforward as the Commission’s decision to drop the Coinbase lawsuit. She remarked that the Ripple lawsuit is more complicated, considering the parties have an existing ruling to contend with. This is in reference to Judge Analisa Torres’ ruling in which she awarded a $125 million penalty against the crypto firm. 

Sherrie outlined a scenario in which Ripple and the SEC seek a penalty reduction order, lowering the amount the crypto firm is meant to pay. Meanwhile, she added that the likelihood that the appeal will go before the panel is now significantly reduced. 

Based on her predictions, the Ripple vs. SEC appeal could be closed as both parties move to drop their appeal and cross-appeal. Then, they proceed back to the district court, seeking a penalty reduction order from Judge Torres.

Featured image from iStock, chart from Tradingview.com

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XRP Price Fails To Respond Positively To Recent Ripple Vs. SEC Development

CoinMarketCap data shows that the XRP price crashed over 6% and 24% in the last 24 hours and seven days, respectively. This price crash occurred despite positive developments in the Ripple vs. SEC lawsuit, including the US SEC’s decision to reassign its Chief Litigation Council, Jorge Tenreiro, to the agency’s IT department. 

This development is positive for the Ripple vs. SEC lawsuit as Tenreiro led the agency’s crypto unit and oversaw the lawsuits against Ripple and other crypto lawsuits. Following this move and the reassignment of over 50 SEC lawyers, crypto experts like Del Crypto have speculated that the Commission could soon make an announcement, which would mark the end of the lawsuit. 

As Bitcoinist reported, the US SEC is also scaling back its crypto enforcement efforts by downsizing the special unit designated for this purpose. Indeed, this suggests that the Commission is ready to drop the Ripple lawsuit and other crypto-related actions that the new administration feels were wrongly pursued by Gary Gensler’s administration. 

These developments are bullish for the XRP price, considering how it has been greatly impacted by the long-running Ripple vs. SEC lawsuit. Still, the crypto has failed to rally in response to these positive developments, which is undoubtedly concerning. 

However, a plausible explanation for the XRP price crash amid these positive Ripple vs. SEC lawsuit developments is the bearish sentiment in the broader crypto market. The Bitcoin price is currently failing to hold critical support levels, which explains why XRP and other altcoins have crashed. 

Meanwhile, the XRP price may have priced into a potential end to the Ripple vs. SEC lawsuit since Donald Trump won the election. Since Trump’s victory, there have been speculations that the Commission would drop its appeal against Ripple, especially given the president’s pro-crypto stance and his nomination of Paul Atkins for the SEC Chair role. 

XRP Still Has Room To Run In This Bull Run

Despite the XRP price crash and its failure to react positively to the developments in the Ripple vs. SEC lawsuit, crypto analysts have suggested that XRP still has more room to run to the upside in this bull run. One of these analysts is Dark Defender, who predicted that the crypto could rally to $8 soon enough. 

Crypto analyst Egrag Crypto also recently revealed that the XRP price is mirroring a 2017 pattern. Based on the similarities, the analyst stated that XRP could surge by 1,500% and rally to as high as $27 in the coming weeks. 

At the time of writing, the XRP price is trading at around $2.29, down almost 7% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Medium, chart from Tradingview.com

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What To Know About The Commission’s Meeting Amid Ripple Vs. SEC Settlement Speculations

The SEC is set to hold its first closed-door meeting today since Mark Uyeda was appointed acting Chair. According to the press release, the meeting will cover topics related to the institution and settlement of injunctive actions, the institution and settlement of administrative proceedings, the resolution of litigation claims, and other matters related to examinations and enforcement proceedings. 

The Ripple vs. SEC settlement speculations have arisen because of the Commission’s plans to discuss topics that relate to the resolution of litigation claims at the closed-door meeting. Moreover, the crypto community is betting on a settlement since Uyeda, who is pro-crypto, unlike the former SEC Chair Gary Gensler, could be more open to the idea of settling with Ripple rather than proceeding with the appeal. 

However, former SEC official Marc Fagel has dispelled the possibility that the SEC and Ripple could reach a settlement after the closed-door meeting. In a now-deleted X post, Fagel noted that the meeting is the same one that the Commission holds nearly every week. He added that the Commissioners will simply vote on recommendations that were calendared weeks ago. 

In line with this, he remarked that those expecting something monumental to happen are about to be disappointed. Meanwhile, the former SEC official opined that any potential settlement in the Ripple vs. SEC lawsuit is still weeks away. He believes that Trump’s administration could facilitate the settlement, but that would only happen after Trump’s nominee, Paul Atkins, is confirmed by the Senate for the SEC Chair role. 

Clarification On The Case Being Removed From SEC’s Website

There had been speculations that the Ripple vs. SEC lawsuit had ended amid the case being removed from the Commission’s website. However, in an X post, legal expert Jeremy Hogan clarified that the case was still ongoing despite this development. He noted that the case was still on the appellate court’s website, confirming that both parties have yet to reach a settlement. 

The most recent developments in the case include the SEC’s filing of its opening brief in which the Commission again argued that Ripple violated securities laws through its institutional and programmatic sales were investment contracts. Meanwhile, Ripple has requested a due date of April 16, 2025, to file its opening brief. Atkins is likely to have been confirmed as the SEC chair by then, which could pave the way for a settlement before the appeal case goes further. 

It is also worth mentioning that Better Markets has filed an amicus curiae brief in support of the SEC. The nonprofit argues that Ripple violated securities laws through its secondary XRP sales. 

Featured image from iStock, chart from Tradingview.com

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This brings Ripple’s total to over 55 Money Transmitter Licenses across its payments, custody, and stablecoin operations, underscoring the company’s robust growth in the regulatory landscape.

Ripple Expands Global Reach

According to recent reports, with these new licenses, Ripple is now better positioned to provide its customers with enhanced cross-border payment solutions, enabling the company to manage end-to-end transactions effectively. 

Joanie Xie, Managing Director of North America at Ripple, highlighted the increasing interest from financial institutions and crypto businesses eager to leverage the benefits of blockchain technology for faster and more cost-efficient payment processes. She stated:

With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies that are ready to take advantage of the current landscape.

Ripple’s achievements extend beyond US borders, as the company holds a Major Payment Institution License in Singapore, Virtual Asset Service Provider registrations in Ireland and the Cayman Islands, and an in-principal license from Dubai’s Financial Services Authority (DFSA). 

Ramps Up Domestic Hiring Amid Crypto-Friendly Regulations

To date, Ripple has processed approximately $70 billion in payment volume on its blockchain-based ledger, reflecting its growing influence in the global financial ecosystem. The company has also seen a doubling of North American customers within its payment network over the past year.

Despite facing regulatory challenges, including a protracted legal battle with the US Securities and Exchange Commission (SEC) regarding the status of its XRP token, Ripple remains optimistic about its future in the US. 

The SEC alleged that XRP constituted an unregistered security; however, a court ruling determined that XRP offerings to retail customers were legitimate, although Ripple was fined $125 million for violations concerning institutional offerings.

The recent shift in the political landscape, particularly with the Trump administration’s appointment of crypto-friendly regulators, has fostered an optimistic outlook for the crypto industry in the US, capitalizing on this favorable environment by ramping up its domestic presence. 

The company has reported that approximately 75 percent of its open positions are now based in the US, with a notable increase in domestic hiring compared to 2023.

Despite these advances, XRP consolidates at $3, failing to break above its current record high of $3.40, which was set over seven years ago. Nonetheless, the altcoin still holds onto substantial gains of 40% and 470% on a monthly and year-to-date basis, respectively. 

Featured image from Shutterstock, chart from TradingView.com

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Why Ripple’s RLUSD Is A ‘Trojan Horse’

Cochran emphasized the strategic significance of RLUSD, stating, “Ripple quietly dropped a bombshell and no one’s really talking about it but it could dramatically revolutionize the position of Ripple in the marketplace.” He elaborated that while the crypto community remains focused on XRP’s price movements and its upcoming programmability upgrades, RLUSD represents a fundamental shift in XRP Ledger (XRPL) ecosystem.

RLUSD differentiates itself from other stablecoins by adhering to stringent regulatory standards. Cochran highlighted, “RLUSD isn’t just another USDC clone; this is more into the original Paxos stablecoin that’s NYDFS regulated, custodian issued, backed by secure cash assets.”

The stablecoin is exclusively backed by real US cash equivalents held in US banks registered with regulators and subject to regular audits. This regulatory compliance ensures that RLUSD meets stringent monetary transfer licenses, including a Virtual Asset Service Provider (VASP) license, positioning it for use by EU exchanges and banks.

Unlike other stablecoins such as Tether (USDT), RLUSD is set to be issued on both the XRP Ledger and the Ethereum blockchain. Cochran pointed out, “Ripple is making sure they themselves capture it and can provide more value into the ecosystem.”

Cochran posits that RLUSD is integral to unlocking the vast multi-trillion dollar Forex markets on the blockchain without necessitating advanced technological upgrades. “This stablecoin is going to unlock the ability for real-world asset (RWA) issuers, Forex issuers, currency issuers, and other programs to be able to price on a native AMM their assets in the US dollar,” he remarked.

The introduction of RLUSD is expected to facilitate the pricing of assets in US dollars directly on the XRPL’s Automated Market Maker (AMM), thereby attracting institutional trading and Forex settlement activities. Cochran elaborated: “Ripple can begin to benefit from the yield that comes in and put that back into the XRP ecosystem.” He suggests that the stablecoin could enhance liquidity on-chain, which is currently confined to opaque exchange balances:

“Sophisticated participants don’t want to have an AMM that trades against Ripple as the underlying currency. They want to be able to price their assets in the US dollar and until the launch of RLUSD that was something that wasn’t possible. This stablecoin is going to unlock the ability for RWA assets, Forex issuers, currency issuers and other programs […] to allow Ripple to bring a lot of their overall liquidity on-chain.”

Ripple has long targeted institutional clients, including banks, financial institutions, and Forex traders. Cochran emphasized the importance of regulatory compliance, stating, “If Ripple can get their MA compliance approved and be offered in the EU and bring this stablecoin to diverse markets, they have a great opportunity to get these providers to integrate Ripple’s Network by offering them on-chain yield and sharing of that yield.”

Moreover, the company’s strategic focus on programmability through upcoming features like Hooks and an Ethereum Virtual Machine (EVM) sidechain is expected to further enhance RLUSD’s utility. “Ripple still really needs hooks and their EVM sidechain to perform well, get the programmability in place to be able to offer more sophisticated DeFi products,” Cochran stated.

The global stablecoin market, currently dominated by Tether (USDT) and USD Coin (USDC), presents a significant opportunity for RLUSD, especially within the EU where regulatory frameworks are stringent. Cochran estimated, “If Ripple was to issue the same amount of stablecoins as Tether does nowadays, they’d be looking at something like $5 billion a year potentially in yield gains.”

Cochran further pointed out the competitive edge RLUSD could provide Ripple, stating, “These are the type of asset issuers that care about RWA issuance, Forex settlement and interchange […] something that no one else in the DeFi space has the expertise or the interested parties or the tooling to be able to provide.”

Cochran concluded his analysis by affirming Ripple’s strategic trajectory, “Ripple has a great potential path in front of it if it continues to execute on delivering the vision in the way that it wants to.”

At press time, XRP traded at $2.51.

Featured image from YouTube, chart from TradingView.com

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Ripple Set To Enter Stablecoin Market 

With the release of RLUSD, Ripple hopes to provide a reliable option for clients interested in digital currencies while limiting the volatility associated with its flagship asset, XRP. The certification is a strategic move for Ripple, which strives to broaden its offerings and provide customers with a dependable digital currency choice.

To operate efficiently in New York’s regulatory climate, Ripple is likely to obtain a limited purpose trust charter. This charter will allow the organization to provide certain digital asset-related services without the complications associated with standard banking laws. 

In addition, the NYDFS issues a BitLicense, allowing exchanges such as Coinbase and Robinhood to provide cryptocurrency trading and custody services.

Ripple’s entry into the stablecoin market comes as other companies, such as Paxos and Gemini, have already secured regulatory approval for their stablecoins, PAX and GUSD, respectively.

Keith Grossman, president of Enterprise at MoonPay, expressed confidence about Ripple’s entry into the market, underlining the importance of “well-capitalized, highly regulated players” in the changing global financial scene.

Garlinghouse further stated that exchange and partner listings for the new stablecoin will be released soon, and that the public will be notified directly by Ripple when RLUSD goes online.

Garlinghouse Calls For Clear Crypto Regulations

Garlinghouse’s announcement comes after his recent appearance on CBS’s “60 Minutes,” where he argued for clearer regulatory restrictions in the crypto industry.

The executive emphasized the significance of having “clear rules of the road” to maintain the United States’ leadership in the cryptocurrency area and prevent the industry from migrating to jurisdictions with weaker protections. “We’ve asked to be regulated. “Just give us clear rules of the road,” Garlinghouse said.

In his interview, Garlinghouse also discussed the current political scene, namely President-elect Donald Trump’s shifting stance on Bitcoin. He joked: “Whether or not it’s a conflict of interest, the voters have knowingly said we want this person to be our president.”

Garlinghouse also praised bipartisan actions in the US Congress, particularly the Fit 21 bill, which he sees as an important step toward a balanced regulatory environment.

This legislation seeks to transfer some regulatory functions from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), potentially reducing the regulatory burden for cryptocurrency businesses.

Regarding the ongoing XRP case, Garlinghouse responded briefly to charges that Ripple’s XRP sales constituted the sale of unregistered securities. He boldly stated, “I believe I am quite knowledgeable about what constitutes security. So I never considered the notion that XRP may be a security.”

At the time of writing, XRP is trading at $2.26, down 12% in just seven days after reaching a multi-year high of $2.91 on December 3.

Featured image from DALL-E, chart from TradingView.com

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Ripple Set To Launch RLUSD Stablecoin

If approved, Ripple will legally be able to offer RLUSD to the public, solidifying its position as a major player in New York’s regulated digital finance market and expanding its footprint to the broader stablecoin ecosystem. 

However, both Ripple Labs and the regulator have yet to comment on the matter or provide any official communication to further corroborate the information gathered by Fox’s sources.

Ripple’s primary business revolves around its decentralized global payments network, RippleNet, which leverages blockchain technology to facilitate faster, cheaper, and more efficient cross-border transactions for banks and businesses. 

This approach serves as an alternative to the traditional global bank settlement system, SWIFT. Ripple’s native token, XRP, acts as a bridge currency for settlement, although its status remains uncertain due to ongoing legal challenges with the US Securities and Exchange Commission (SEC). 

The SEC has argued that XRP should be classified as an “unregistered security,” a claim Ripple contests in an appeals case currently before the Second Circuit.

The legal battle has had significant implications for XRP’s market performance. Following the SEC’s lawsuit in late 2020, XRP’s price plummeted over 50%, resulting in a market cap loss of approximately $16 billion. Since then, XRP has fluctuated, often remaining below the $1 mark as Ripple navigates its legal challenges. 

However, recent developments, including Donald Trump’s election victory on November 5, ant the official departure announcement by the SEC chair Gary Gensler, have spurred optimism among investors, boosting XRP’s price to $1.89 and positioning it as the fifth largest cryptocurrency by market cap, exceeding $107 billion.

Competing With Established Stablecoins 

By entering the stablecoin market with RLUSD, Ripple aims to provide a stable alternative for customers seeking to utilize digital currencies without the volatility associated with XRP.

To operate within this regulatory framework, the firm is expected to obtain a limited purpose trust charter, allowing it to offer specific digital asset-related services without the complexities associated with traditional banking regulations. 

Additionally, the NYDFS offers a BitLicense, which enables exchanges such as Coinbase and Robinhood to provide trading and custody services for cryptocurrencies.

Ripple’s entry into the stablecoin sector comes at a time when other firms, including Paxos and Gemini, have already secured approval to offer their stablecoins, PAX and GUSD, respectively. 

Keith Grossman, president of Enterprise at MoonPay, expressed enthusiasm for the new entry into the stablecoin market, highlighting the importance of “well-capitalized, highly regulated players” in the evolving global financial landscape.

Featured image from DALL-E, chart from TradingView.com 

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CryptoQuant analyst Maartunn has highlighted critical insights, suggesting that XRP’s recent surge might be driven by leveraged positions rather than organic demand. A Leverage-Driven Pump indicates heightened speculative activity, which could lead to sharp corrections if momentum weakens. As the price approaches multi-year highs, market participants must navigate this scenario cautiously, balancing enthusiasm with awareness of possible downside risks.

The coming days will be pivotal for XRP as it nears the psychological $2 level. A successful breach of this mark could reinforce the bullish case, setting the stage for new highs. Conversely, a failure to maintain current levels might result in increased volatility and retracement. For now, it remains one of the most closely watched assets in the crypto market, with all eyes on its next move.

Can XRP Bulls Sustain This Pace?

XRP’s meteoric rise, surging over 285% in less than 30 days, has sparked debate among investors. Many are questioning whether the current pace can be sustained by the high demand needed to push prices further. While the rally has reignited optimism in the market, skeptics suggest this could either lead to a parabolic bull run or serve as an exit liquidity strategy for whales.

In the crypto space, exit liquidity refers to retail investors who buy into a rapidly rising asset, often driven by hype, allowing early investors or whales to sell off their holdings at higher prices. This concept raises concerns about the sustainability of XRP’s rally, particularly if organic demand cannot keep pace with speculative momentum.

Maartunn has shared an intriguing perspective on XRP’s recent performance. Analyzing price action alongside Open Interest (OI) data, he labeled the rally as a Leverage-Driven Pump. OI has surged by 37% during this period, indicating a substantial rise in leveraged trading activity.

While leverage can amplify gains, it also introduces heightened volatility and risk. Maartunn noted that a similar event in the past triggered a 17% drawdown, warning investors to remain cautious.

As XRP approaches key psychological levels, the next steps will be crucial. Investors must weigh the potential for continued growth against the risks of increased leverage and possible whale-driven selloffs.

Price Action: Key Levels To Watch

XRP is trading at $1.92, breaking past the critical $1.60 resistance level and continuing its streak of new highs. The price is now closing in on the previous cycle’s top at $1.96, a level that holds significant psychological and technical importance. This momentum has fueled optimism among investors, who are eyeing the $2 mark as a confirmation of XRP’s long-term bullish structure.

A breakout above $2 would solidify bullish sentiment, marking a critical milestone in XRP’s ongoing rally. Such a move could pave the way for even higher price targets as confidence surges in the market. However, traders remain cautious about the potential for a retracement. If XRP fails to sustain gains above $2, a correction could send prices back to key support levels, particularly around $1.60, where significant demand has been observed.

The next few days will be critical in determining whether the price can maintain its upward trajectory or face a temporary pullback. As the asset nears its all-important $2 mark, investors should keep an eye on trading volumes and market sentiment, which will likely dictate XRP’s direction in the short term.

Featured image from Dall-E, chart from TradingView

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Ripple Is Waiting For Regulatory Approval

In an interview with CNBC’s Tanvir Gill, Long discussed the burgeoning market for stablecoins and their projected growth. “Stablecoins generally are about $170 billion in terms of market cap today, but that’s projected to be north of $3 trillion in just a few years because there’s going to be more demand drivers like payments,” she said. “We talk about Ripple, and we process more than $70 billion through assets, so this use case is going to be a massive trend.”

Long highlighted the increasing interest from major payment players in adopting stablecoins for transactions. She cited Stripe’s recent acquisition of Bridge as an example of traditional financial institutions leaning into the stablecoin space. “That’s a major payment player that’s leaning into using stablecoins for payments,” she noted.

When asked about competition with existing stablecoins, Long expressed optimism about market expansion rather than direct rivalry. “I expect the market to really expand,” she stated. “From our perspective, we have the use case; we have customers who already want to use stablecoins in payments, so we think that we can be a great provider.”

Regarding the launch of RLUSD, Long emphasized the importance of regulatory approval. “The Ripple US dollar [stablecoin is] not yet launched; we’re operationally ready, but really important to us is having approval from the regulators,” she explained. “The New York Department of Financial Services is reviewing our trust application.”

Long also addressed the potential for other fiat-backed stablecoins to gain prominence. “Since more stablecoins are pegged to the US dollar and most transactions of stablecoins happen in the US dollar, do you think that dollarization could be the way forward?” Gill asked. Long responded, “I believe so, and it comes back to use cases like payments where you think about traditional use cases and there’s real need for foreign exchange there. I do think that we’ll see new forms of fiat currency turned into stablecoins.”

She noted regional preferences in the adoption of stablecoins, particularly in Latin America. “There’s certain markets, like for example we see in Latin America, where there is a preference for a US dollar stablecoin, but I do think that the world will open up to more types of stablecoins,” Long said.

Following the event, Long took to X (formerly Twitter) to reiterate the industry’s focus on stablecoins: “Back from a fantastic week at Singapore Fintech Festival—on and off stage, everyone was talking about stablecoins. I spoke with Tanvir Gill on CNBC on the growing demand (ex: LATAM wants USD-based stablecoins, but EUR and SGD could very well solidify their own place in the market), and how Ripple USD (RLUSD) already has customers ready to use it once it’s publicly launched.”

At press time, XRP traded at $0.60.

Featured image created with DALL.E, chart from TradingView.com

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