Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive

• Ripple stablecoin RLUSD will be launched with a compliance first approach, unlikely to face legal trouble, says SVP.
• Markus Infanger of Ripple says stablecoin aims to capture market share, expected to grow bigger in the coming years.
• SEC vs. Ripple lawsuit remains unresolved, XRP traders await settlement.
• XRP hovers around $0.60 after losing key psychological support on Tuesday.

Ripple (XRP), the native token of the XRP Ledger slipped under $0.60, a key psychological support for the altcoin. The two key market movers are the Securities & Exchange Commission’s (SEC) lawsuit against Ripple and the upcoming stablecoin RealUSD (RLUSD).

XRP trades at $0.5956 at the time of writing.

Daily digest market movers: Ripple stablecoin unlikely to face legal issues from the SEC

• Ripple stablecoin RLUSD is scheduled to launch towards the end of 2024, per the payment firm’s announcement.
• Markus Infanger, SVP of RippleX, commented on Ripple’s stablecoin and whether the asset could face legal woes with the SEC.
• Infanger believes it is unlikely that RLUSD will face legal concerns with the SEC, since the payment remittance firm has taken a compliance first approach to the stablecoin.
• Infanger slammed the SEC for “stifling innovation” in the US, in his interview with the Thinking Crypto YouTube channel.

• The SEC vs. Ripple lawsuit awaits a final ruling. XRP traders await settlement in the legal battle between the regulator and the cross-border remittance firm.
• The news of a closed-door meeting at the SEC has sparked rumors of settlement, the meeting is scheduled for July 25.
• XRP traders have their eyes peeled for signs of a resolution in the Ripple lawsuit, since it could have a longstanding impact on cryptocurrencies.

Technical analysis: XRP loses key psychological support

Ripple price is currently in an upward trend that started on July 8. The altcoin trades at $0.5963, after Ripple lost psychological support at $0.60. XRP could pullback to the 50% Fibonacci level of the decline from the March 11 top of $0.7440 and the July 5 low of $0.3423, at $0.5632.

XRP could find support in the Fair Value Gap (FVG) between $0.5404 and $0.5783, as seen in the XRP/USDT daily chart.

XRP could sweep liquidity at $0.5632 and attempt a comeback above psychological support at $0.60, to thenrally to $0.6666, the 78.6% Fibonacci retracement level.

XRP/USDT daily chart

A daily candlestick close above $0.60 could invalidate the bearish thesis.