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Market Technician Sees XRP Hitting $1.68 if This Happens

Sam Wisdom Raphael
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Market Technician Sees XRP Hitting $1.68 if This Happens

Jonathan Carter, a self-acclaimed market technician, expects XRP to rally to $1.68 in the mid-term if it can secure a breakout from a multi-year symmetrical triangle.

XRP has been trading within a downtrend since it dropped from the last cycle’s peak of $1.96 in April 2021. This trend has resulted in sustained lower highs, essentially leading to the formation of a symmetrical triangle featuring robust resistance at the upper descending trendline.

XRP Caught in a Symmetrical Triangle

However, Carter expects this downward pull to elapse as the market progresses, predicting an imminent breakout. Calling attention to XRP’s price movements over a weekly timeframe, the analyst revealed that the massive drop recorded last month resulted in a retest of the lower trendline of the 3-year symmetrical triangle.

For context, XRP collapsed with the broader crypto market from April 11 to 13, recording three consecutive days of decline, which culminated in a 24% drop. This bearish pressure pulled XRP toward $0.4188 on April 13, a low last seen in May 2023.

Nonetheless, this sharp slump in XRP’s price resulted in a retest of the support at the lower trendline of the triangle, essentially signaling an imminent price upswing. Carter believes this upcoming price upswing could help XRP breach the upper trendline of the symmetrical triangle, leading to more substantial gains.

A Modest $1.68 Mid-Term Target

Should this play out, the analyst first projects a price pump toward the $0.93 high, XRP’s highest value in two years. Recall that XRP spiked toward $0.93 last July when Judge Analisa Torres declared it a non-security in the Ripple vs. SEC lawsuit. However, it faced major resistance at the $0.93 peak, eventually retracing all its gains.

Carter expects XRP to eventually breach the major resistance at $0.93 this time around. Consequently, he projects a higher mid-term target of $1.68 following this breach. Currently changing hands at $0.5362, XRP would have to rally by 213% to reach the $1.68 target, a feat achievable within this market cycle.

A metric that further bolsters optimism in XRP’s potential is its MVRV Ratio, which has recently collapsed to -0.5733%. This low MVRV ratio signifies that the current market price of XRP, at $0.5362, is relatively low compared to the average price at which coins were last moved. The metric suggests that XRP might be undervalued.

XRP MVRV Ratio Santiment
XRP MVRV Ratio | Santiment

The XRP Commodity Channel Index (CCI) on the 1-hour chart adds credence to this signal. At the current value of -99.58, the CCI indicates that XRP is largely undervalued in terms of the hourly timeframe. This has led to price projections to audacious targets such as $20.

Pepe Leads Crypto Surge With Bonk And New Meme Coin Raboo On The Rise

Andrew MacGill
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Pepe Leads Crypto Surge With Bonk And New Meme Coin Raboo On The Rise

As the crypto landscape pulsates with fresh energy, meme coins are asserting their dominance in the market. Notably, Pepe Coin and Bonk are leading the charge, but it’s the new meme coin Raboo that’s capturing investor attention. Raboo has emerged as not just a promising newcomer but a potential game-changer in the meme coin arena, and naturally analysts are now reviewing the potential of these three top projects.

Pepe (PEPE): The Veteran Meme Coin Making Moves

Pepe, long celebrated for its iconic status in the meme world, has experienced a resurgence. As investors reminisce about the golden days of meme coins, Pepe has cleverly capitalized on this nostalgia, delivering robust performance and a solid Pepe price prediction. This resurgence not only highlights its enduring appeal but also sets the stage for newer meme coins to shine, and if the project is able to add more utility over time, we may see the project deliver returns once more for token holders, if recent Pepe price prediction data is accurate.

Bonk: The Dogged Competitor

Bonk, another player in the meme coin field, has been making waves with its unique community-driven initiatives. Known for its aggressive marketing and loyal community, Bonk continues to attract investors who are looking for dynamic and active crypto projects and keen to be part of the large community of investors.

Despite facing stiff competition, Bonk’s innovative strategies ensure it remains a top contender in the meme coin race, and while Bonk has increased awareness compared to years past, we may still see growth in the Bonk project over 2024 and beyond.

Raboo: The New Meme Coin Revolutionizing the Market

Raboo, the new meme coin, stands out with its AI-backed technology and a robust ecosystem that includes NFTs, merchandise, and a platform for AI-generated memes. Its presale phase is drawing considerable interest due to the low entry price and high potential for explosive returns. Analysts are particularly excited about Raboo’s innovative use of meme culture combined with cutting-edge technology to engage a growing community of digital natives.

With its initial offering priced enticingly at $0.003, Raboo is a highly-discounted opportunity to grab a stake in the future of how meme coins integrate with technological advancements. The promise of a 233% increase by the end of its presale phase and a forecasted 100x return post-launch positions Raboo as a compelling opportunity for those who missed out on the early days of Dogecoin and Shiba Inu.

A New Era for Meme Coins

The resurgence of Pepe and the steady rise of Bonk have set a vibrant backdrop for the emergence of Raboo, the new meme coin set to revolutionize the market. As these digital assets carve out substantial niches within the broader crypto market, Raboo’s unique proposition of combining memes with AI technology and a community-focused ecosystem offers a fresh and potentially lucrative avenue for investors.

Explore the potential of Raboo and join its journey to becoming a standout star in the meme coin universe, and don’t miss out on what could be the investment opportunity of the year. Join the Raboo presale today and be part of the new wave of meme coin evolution.

You can participate in the Raboo presale here.

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Leading Institution Nexo Affirms Shiba Inu Listing with Educational Notes

Abdulkarim Abdulwahab
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Leading Institution Nexo Affirms Shiba Inu Listing with Educational Notes

Nexo, a prominent institution for regulated digital assets, has reaffirmed its inclusion of Shiba Inu on its platform with an exploratory analysis of SHIB.

In an update on X earlier today, Nexo reiterated its support of Shiba Inu and provided users with an in-depth analysis of the project.

Shiba Inu Now a Powerful Symbol of Strength

The firm pointed out that Shiba Inu debuted in August 2020 as a joke meme coin. However, Nexo observed that over its almost four-year trajectory, SHIB has transformed into a powerful symbol of communal strength.

Moreover, Nexo emphasized that the well-known Shiba Inu dog meme sparked the inception of the Shiba Inu cryptocurrency. 

Now, this meme-based project has risen to prominence in the crypto sphere, riding on the back of its vibrant community. Also, Nexo recognized that Shiba Inu has established a captivating brand identity through the support of the SHIB Army. 

This dedicated Army has helped SHIB maintain its position as the 11th most valuable crypto and second most prominent meme coin, trailing only Elon Musk’s favorite Dogecoin. In the first quarter of this year, Shiba Inu re-entered the top ten rankings, closing in on Dogecoin.

ShibaSwap’s Role

Furthermore, Nexo highlighted the crucial influence of ShibaSwap, Shiba Inu’s ecosystem DEX, in advancing the SHIB token. The firm noted that the launch of ShibaSwap in July 2021 was a strategic move to foster a participatory platform where users can partake in token swapping and yield farming activities.

Nexo Joining 130 Other Platforms Listing SHIB

Notably, this Shiba Inu spotlight from Nexo emerged a month after the firm first announced listing the SHIB token. At the time of the listing, the exchange disclosed that users could purchase SHIB instantly using card services. 

Other disclosed benefits included complimentary Ethereum top-ups, rewarding swaps, borrowing against their SHIB holdings, and transferring the asset to others using just a phone number or email.

Now, a month into the listing, Nexo is enriching its users’ understanding by offering more detailed information about Shiba Inu, suggesting why its listing is merited. However, the exchange emphasized that the notes about Shiba Inu are for enlightening purposes only and are not intended for U.K. residents.

Meanwhile, Nexo is pretty late to the party. Nearly all prominent trading platforms have already supported Shiba Inu. CoinMarketCap data indicates that over 130 centralized and decentralized exchanges have listed Shiba Inu. 

Interestingly, the Shiba Inu team has proudly disclosed that the community never paid monetary compensation to facilitate any of the listings.

Robinhood Responds to SEC Securities Allegations, Prepares to Contest Matter in Court 

Lele Jima
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Robinhood Responds to SEC Securities Allegations, Prepares to Contest Matter in Court 

Prominent retail trading platform Robinhood Markets has revealed plans to challenge the U.S. SEC in court over securities allegations. 

Robinhood’s CEO and co-founder Vlad Tenev disclosed this yesterday, shortly after the company received a Wells Notice from the securities regulator. 

SEC Issues Wells Notice to Robinhood  

For context, Robinhood became the latest crypto-related trading platform to come under the radar of the SEC’s scrutiny, a trend which the broader cryptocurrency community has vehemently condemned.

Robinhood revealed that it received a Wells Notice from the SEC, suggesting that the regulator plans to bring an enforcement action against the firm. 

The SEC typically sends a Wells Notice to officially notify a company of its plans to bring an enforcement action and to inform it about its involvement in a completed securities-related investigation. 

Robinhood Conservative Listing Approach 

Expectedly, the development surprised the crypto community, given that Robinhood has followed a conservative approach when listing crypto assets. Unlike most trading platforms, Robinhood currently supports only 15 crypto assets. 

They include Bitcoin, Ethereum, Shiba Inu, Dogecoin, USD Coin, Avalanche, Bitcoin Cash, Chainlink, Litecoin, Uniswap, Ethereum Classic, Stellar Lumen, Aave, Tezos, and Compound. 

Robinhood takes a conservative approach to ensuring it does not support crypto assets deemed securities. The trading platform constantly modifies its list of supported cryptos, removing assets involved in securities litigation.

This is evident in the delisting of Polygon, Solana, and Cardano, which came shortly after the SEC labeled them securities in its lawsuits against Binance and Coinbase. 

Despite following this careful approach in listing tokens, the SEC still issued a Wells Notice to the firm, suggesting that a lawsuit is imminent. 

Robinhood Plans to Contes Matter in Court  

Notably, Robinhood’s co-founder said the company will contest the matter in court on behalf of its customers, with the aim of protecting its crypto business and fostering regulatory transparency in the United States. 

Tenev described the SEC’s regulatory onslaught in the U.S. as an improper attempt to stifle innovation in the country. 

SEC Seeks Control Over Crypto 

Meanwhile, industry pundits claim the SEC has sought complete control over the crypto industry by alleging that most assets are securities subject to federal laws. So far, the SEC has given the securities tag to Binance Coin, Solana, Cardano, and Polygon, among others. 

Despite declaring Ethereum as a non-security in 2018, reports suggest that the SEC is investigating certain ETH-related transactions to determine whether they constitute investment contracts. 

Interestingly, top industry stakeholders have criticized the SEC’s attempt to elevate itself as the suitable regulator for crypto. As a result, they characterized the efforts as gross overreach. 

Bitcoin Bleeds as Crypto Investment Products See $251M Weekly Outflow

Sam Wisdom Raphael
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Bitcoin Bleeds as Crypto Investment Products See $251M Weekly Outflow

Bitcoin (BTC) takes the biggest hit, as crypto-focused investment products record $251 million in weekly outflows, marking the fourth consecutive week of sustained capital exit.

The ongoing market volatility has continued to impact traditional investment products linked to cryptocurrencies. According to data sourced by capital market firm CoinShares, these investment instruments witnessed a net outflows of $251 million last week.

The latest data marks the fourth straight week of sustained outflows, with the previous figure amounting to $435 million, the largest since March. These outflows have persisted despite the Grayscale Bitcoin Trust (GBTC), the major contributor, observing a decrease in capital withdrawals. 

Bitcoin Only Asset to Record Outflows

Of the indexed cryptocurrencies, Bitcoin was the only asset to experience outflows last week, totaling $284 million. In contrast, Ethereum (ETH) observed $30 million inflows, effectively ending a 7-week streak of outflows. Although altcoins, including Cardano, Polkadot, Solana and XRP, saw modest inflows, Bitcoin’s $284 million outflow eclipsed these figures.

Weekly Flow by Asset CoinShares
Weekly Flow by Asset | CoinShares

Despite the gloom, the week observed the launch of six Hong Kong-based spot crypto ETFs, as asset managers in the Asian city-state sought to replicate the success of the U.S.-based products. Before their launch, ChinaAMC divisional head Zhu Haokang expressed confidence in the potential of these products to surpass the U.S.-based ones on their first trading day.

However, they debuted with a trade volume of $112 million, far below the $4.54 billion debut volume recorded by the U.S.-based spot Bitcoin ETFs. Though the Hong Kong investment products saw declining volumes as the week progressed, they managed to scoop up $307 million in capital inflows over the week.

Performance by Region

While the recently launched Hong Kong-based spot Bitcoin ETFs bolstered the positive momentum, global capital exit overshadowed this figure, leading to the $251 million in net inflows overall. Region-wise, most of the outflows came from the U.S., which witnessed $504 million in negative flows.

Weekly Flow by Region CoinShares
Weekly Flow by Region CoinShares

Other countries followed this trend of outflows, with only Brazil and Hong Kong recording inflows. The major factor that contributed to the outflows in the United States was the underperformance of the spot Bitcoin ETFs in the country, commanding outflows of about $156 million. 

However, recent data suggests that the trend is recording a shift, with this week already looking bullish. Remarkably, GBTC saw its second consecutive inflow yesterday after months of persistent outflows. In addition, yesterday marked the first time all the spot Bitcoin ETFs in the U.S. saw positive flows.

Shiba Inu Price Forecast: PayPal Sparks $0.000030 SHIB Rally?

Mark Brennan
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Shiba Inu Price Forecast: PayPal Sparks $0.000030 SHIB Rally?

Shiba Inu’s price has gained 25% since Paypal Inc. confirmed an operational partnership that would allow US customers to purchase SHIB tokens through Moonpay. 

Paypal Integration has triggered a 25% SHIB Price Surge.

On May 2, MoonPay announced a crucial collaboration with US payments giant PayPal. The partnership’s core premise is to facilitate smooth on/off ramping from fiat currency to crypto assets like Shiba Inu across the USA.

With U.S. users now expected to purchase cryptocurrencies like Shiba Inu more easily, investors have reacted positively to this news.

Shiba Inu SHIB Price Action
Shiba Inu SHIB Price Action

The chart above shows that SHIB’s price has now increased 25% since the PayPal partnership was confirmed on May 2, 2024.

Evidently, the price action suggests that the PayPal integration may have triggered increased demand for SHIB over the past week. More so, recent on-chain trends reveal that SHIB holders are anticipating that the uptrend could persist for a much longer period.

Santiment’s supply on exchanges data tracks real-time changes in the number of a specific token currently deposited across trading platforms.

Shiba Inu SHIB Supply on Exchanges 
Shiba Inu SHIB Supply on Exchanges

At the close of May 2, Shiba Inu investors held a total of 75.36 trillion SHIB tokens in exchange-hosted wallets. However, according to the latest data, as of May 7, the supply on exchanges had rapidly dropped to 75.04 trillion SHIB.

This implies that since May 2, Shiba Inu investors have shifted 32 billion SHIB worth around $800,000 into long-term storage, likely in anticipation that the PayPal partnership will deliver future price gains.

While the $800,000 is only a fraction of Shiba Inu’s daily average trading volumes, it represents a symbolic shift towards a long-term bullish sentiment among current holders.

SHIB Price Forecast: $0.000030 Target in Focus

Shiba Inu is exchanging hands for $0.000024 a piece at the time of writing on May 7. However, a 32 billion SHIB exchange supply decline during the 25% price surge in May signals that fewer holders are looking to book early profits.

During the next demand surge, dwindling sell-side pressure puts SHIB in a position for a parabolic breakout above the $0.000030 territory.

Shiba Inu (SHIB) Price Forecast 
Shiba Inu (SHIB) Price Forecast

However, the upper Bollinger band technical indicator shows that SHIB bulls face a looming sell-wall at the $0.000027 level. If that resistance caves, Shiba Inu’s price could reclaim the $0.0000030 milestone for the first time in over 60 days.

Here’s Why Bitcoin Could Hit $70,000 this Week

Mark Brennan
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Here’s Why Bitcoin Could Hit $70,000 this Week

On May 6, Bitcoin’s price broke above $65,000 for the first time in 10 days. The recent decline in BTC supply on exchanges suggests more upside could follow as the month unfolds. 

Investors Shift $290M BTC as Price Surges 15% in May 2024

Bitcoin price has made a remarkable 15.7% recovery in the past week after initially declining to a 60-day low of $56,537 on May 1.

Bitcoin BTC Price Action | TradingView
Bitcoin BTC Price Action | TradingView

Recall that TheCryptoBasic analysis had predicted that the US Non-Farm Payrolls report could spur bullish activity among investors. Recent on-chain movements of BTC coins across prominent crypto exchanges confirm that thesis.

Santiment’s chart below illustrates real-time changes in the supply of BTC coins deposited on trading platforms and exchange-hosted Bitcoin wallets.

Bitcoin Price vs. BTC Supply on Exchanges 
Bitcoin Price vs. BTC Supply on Exchanges

The chart above shows that investors held 823,180 BTC on exchanges as of May 1. However, since then, investors have withdrawn 4,550 BTC into cold storage, reducing the total Bitcoin supply on exchanges to 818,630 BTC.

Such a large decline in exchange deposits often triggers an upward price movement for the underlying crypto asset for a few reasons.

Firstly, when investors shift coins into long-term storage, it signals a confident outlook and preference for HODL. However, it also inadvertently reduces the supply readily available to be traded on exchanges. And when this coincides with a period of high demand, it sets the stage for an accelerated rally as buyers compete for fewer coins.

Valued at the current BTC price of $64,800 per coin, investors have effectively pulled over $290 million worth of Bitcoin from the short-term market supply since the start of May. Unsurprisingly, BTC prices have surged 15% during that period.

BTC Price Forecast: Road to $70k?

Bitcoin’s price is $64,000 at the time of writing on May 7, up 1.31% within the daily timeframe. However, if the $290 million decline in BTC exchange supply persists, the Bitcoin price could be set for a $70,000 retest in May 2024.

In terms of key resistance areas to watch, IntoTheBlock’s GIOM data suggest the $66,300 treasury poses the biggest threat to Bitcoin’s reclaiming of $70,000.

As seen below, 2.86 million active addresses acquired 1.61 million BTC at a minimum price of $65,571.

Having held at a loss for nearly a month, many of them could opt to take some early profits as the Bitcoin price approached $66,000, inadvertently pulling back the rally.

Screen Shot 2024 05 07 at 111539 AM
Bitcoin BTC Price Forecast | IntoTheBlock

If Bitcoin demand surges further amid the declining exchange supply, BTC price could stage a parabolic breakout above the $66,000 resistance and head toward $70,000 as predicted.

On the other hand, in the event of another major market pullback, BTC bulls can rely on the $58,750 cluster for short-term support.

Shiba Inu Lead Cryptic Message Hints at Breathing New Life into the Ecosystem

Abdulkarim Abdulwahab
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0
Shiba Inu Lead Cryptic Message Hints at Breathing New Life into the Ecosystem

Shytoshi Kusama, the Shiba Inu lead developer, has hinted at a potential move towards breathing new life into the SHIB ecosystem.

Kusama emerged from the shadows to issue a cryptic message that got community members pondering its intent. Just three hours ago, Kusama took to X to post a GIF bearing the inscription “EVITA.”

Notably, the Shiba Inu lead developer left no hashtag or hint about the mysterious message.

The absence of explicit context has ignited various speculations within the community. Members speculate whether this cryptic communication holds potential significance for Shiba Inu.

This is fueled partly by Kusama’s history of dropping subtle hints before major revelations on Shiba Inu developments.

Breathing New Life into Shiba Inu Ecosystem

“Something big is coming,” X user Manmohan Singh remarked. Another pointed out a dictionary interpretation of EVITA, revealing its origin as a feminine Latin name. Derived from the Hebrew name Eve, it means “living one” or “life.”

Meanwhile, the commenter who highlighted this interpretation expressed deeper confusion about its relevance to Shiba Inu. Conversely, the pseudonymous community figure “Infinite Avenger” provided relevant context.

Given the meaning of EVITA, the user suggested that the Shiba Inu ecosystem lead may be hinting at something that could “breathe new life into the ecosystem.”

This suggestion is inspired by the GIF Kusama shared. In particular, the GIF depicted a multitude of digital creatures in flight, symbolizing vitality and renewal.

Besides, Vet Kusama also reacted to the post, saying, “I hope the new day brings you abundant blessings,” emphasizing the message with the “EVITA” hashtag.

On the other hand, Japan-based Shiba Inu community figure Kuro observed that Shytoshi Kusama has also modified his location status on X, which now points to Las Vegas, Nevada, in the U.S.

If History Repeats

Overall, this is not the first time Kusama has engaged the community with such teasers. If history is any indicator, the revelation behind this cryptic message is likely just around the corner.

One notable example occurred in February when Kusama intrigued followers by repeatedly changing his location on X from Singapore to Hong Kong, Dubai, then back to Singapore, and finally to Australia.

This series of hints culminated in the Shiba Inu development team’s announcement of a partnership with Zama, a Paris-based cryptography firm, at the end of the month. 

Pundit States Why Shiba Inu is Greater Than Dogecoin

Lele Jima
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Pundit States Why Shiba Inu is Greater Than Dogecoin

Famous crypto trader and analyst W3Q is looking to settle the debate regarding which meme coin is better, Dogecoin (DOGE) and Shiba Inu (SHIB).

The analyst declared support for Shiba Inu, noting that the canine-themed token is greater than Dogecoin. W3Q reached a conclusion based on experiences trading both cryptocurrencies.

3 Factors Proving SHIB Is Greater Than DOGE

Interestingly, the analyst highlighted three major factors supporting his assertion. According to W3Q, Shiba Inu has been listed on all crypto exchanges that also support Dogecoin. Some exchanges that currently support both DOGE and SHIB include Binance, KuCoin, Coinbase, OKX, Bybit, Kraken, and Gate.io.

While W3 believes Shiba Inu has almost the same market presence as Dogecoin, the analyst stated that SHIB usually records a significant rally after every breakout compared to DOGE.

Lastly, the expert asserted that Shiba Inu gives traders “cleaner exit points” than Dogecoin. Such clean exit points could refer to a stable market condition where selling the cryptocurrency does not come with negative consequences.

Dogecoin vs. Shiba Inu Rivalry

Since Shiba Inu’s inception, the cryptocurrency community has been embroiled in discussions about which asset is better. Notably, both assets launched as meme coins.

While Shiba Inu launched in August 2020, Dogecoin has existed since December 2013. Nevertheless, Shiba Inu is a significant rival to Dogecoin, earning it the title “Dogecoin Killer.”

The team behind the Shiba Inu ecosystem elevated this rivalry by naming one of its ecosystem tokens Doge Killer (LEASH).

Although both Shiba Inu and Dogecoin started as meme coins, the former has introduced remarkable initiatives to transition itself into a utility project.

In particular, Shiba Inu now has a Layer-2 blockchain solution (Shibarium), a collectible card game (Shiba Eternity), metaverse (SHIB: The Metaverse), non-fungible tokens (Shiboshi and SHEboshi), among others.

The development team behind the Shiba Inu ecosystem is also building a layer-3 privacy network, which is set to go live later this year. Conversely, Dogecoin does not feature any of these sophisticated projects.

Despite not having many projects like Shiba Inu, Dogecoin has attracted the support of popular American businessman and Tesla CEO Elon Musk. Musk’s positive tweets about Dogecoin have helped to position DOGE as the eighth-largest crypto, with a market cap of $22.9B.

Dogecoin’s market cap places it as the top-ranking meme coin ahead of Shiba Inu, whose valuation stands at $14.17B. In the meantime, Dogecoin has declined 5.11% in the past 24 hours, while Shiba Inu is down 5.92% in the same time frame.

Market data shows DOGE and SHIB are changing hands at $0.1584 and $0.00002404, respectively.

Brad Garlinghouse Says Ripple is 100% Committed to XRP

Lele Jima
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0
Brad Garlinghouse Says Ripple is 100% Committed to XRP

Ripple CEO Brad Garlinghouse has dispelled doubts concerning the company’s dedication to XRP, the seventh-largest cryptocurrency by market capitalization.

Garlinghouse reaffirmed confidence in Ripple’s alignment with and support for XRP, emphasizing that the company is steadfast in its commitment to the coin.

The Ripple CEO made this known during a fireside chat at the just concluded XRP Las Vegas 2024 event. Recall that the XRP Las Vegas event was held on May 3 – 4, featuring lectures on different crypto-related topics, including Web 3.0 and TradeFi/DeFi. The event also included fireside chats with Garlinghouse and other prominent crypto stakeholders.  

During the chat, Garlinghouse emphatically stated that anyone doubting Ripple’s commitment to XRP is mistaken. 

Why Investors Think Ripple is Pivoting Away From XRP  

It bears mentioning that several factors have emerged over the past few months that have stirred doubts among investors regarding Ripple’s commitment to XRP.  

Ripple’s Stablecoin 

One of these factors is the company’s plan to launch a stablecoin later this year. Several market watchers speculated that the stablecoin, which will debut on the XRP Ledger and Ethereum, will allow U.S.-based clients to initiate cross-border settlements via the On-Demand Liquidity solution (now Ripple Payments). 

Although Ripple has not publicly confirmed this speculation, analysts noted that the stablecoin will enable the company to navigate the regulatory landscape in the United States, where it is currently embroiled in a lawsuit against the SEC. 

Nonetheless, critics believe that Ripple plans to choose the stablecoin over XRP as the preferred asset for international payments. 

XRP Exclusion From Ripple’s Liquidity Hub 

Another factor that stirred doubts about the company’s dedication to XRP was the asset’s exclusion from Ripple’s Liquidity Hub. The hub provides liquidity for businesses to buy, sell, and hold digital assets. 

Before its launch, Ripple said the platform would support XRP and other top crypto assets, including Bitcoin and Ethereum. However, the company excluded XRP from the list of supported assets, citing regulatory concerns in the United States. 

With several critics speculating that Ripple is pivoting away from XRP, Garlinghouse’s comment is a testament that this is untrue. Ripple’s upcoming stablecoin and XRP’s exclusion from the Liquidity Hub product is part of the company’s efforts to navigate the United States regulatory landscape.

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