XRP Update: Ripple’s CLO on SEC Appeal, RippleUSD Beta, and SBI Digital Asset Holdings Partnership

• Ripple is strengthening its ecosystem with key developments, including the beta testing of its stablecoin, RippleUSD, and its strategic partnership with SBI Digital Asset Holdings.
• Ripple’s CLO, Stuart Alderoty, has expressed optimism about the SEC’s decision not to appeal the recent court ruling in the recent SEC vs Ripple legal battle. 

The Ripple vs SEC legal battle has sent shockwaves across the crypto world. Early this month, Judge Analisa Torres gave her verdict in favor of Ripple. Consequently, crypto investors have been on the edge of their seats, wondering if the SEC might appeal this ruling. 

Tackling this, Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed optimism about the SEC’s decision not to appeal the recent court ruling. Aldetory believes the chances of the SEC overturning the ruling via an appeal are very slim, citing the historical trend of such appeals, which set the odds at less than 10%.

As earlier reported by CNF, if the SEC decides to appeal, Stuart acknowledged in a recent interview that an appeal was possible. Still, he greatly emphasized the ruling central decision: XRP is not a security in secondary market transactions. 

Stuart Aldetory stated:

That is the law of the land, and that does not change even if the SEC appeals

It is worth mentioning that the court’s ruling provided much-needed clarity for the cryptocurrency by distinguishing between Primary and Secondary sales of XRP.

RippleUSD Stablecoin in Private Beta

Reminiscing, as CNF earlier reported, Monica Wong, Ripple’s President, unveiled the most anticipated Ripple stablecoin. According to Long, this innovative stablecoin would not only coexist with XRP but will also “complement” it, creating a powerful synergy that will elevate both assets to new heights. In a new development, Ripple is actively testing the RippleUSD in the private beta phase.

The firm’s Senior President of stablecoins established this when he commented on its definition and potential use cases. Ripple’s regulatory hurdles have made its approach cautious. At the time, the stablecoin is not accessible for public trading as it awaits regulatory approval. 

We’re back for another episode of #CryptoInOneMinute with Ripple SVP, Stablecoins @_JackMcDonald_ discussing “What makes a stablecoin, stable?” Short answer – it’s all about the assets backing the stablecoin. Learn more: https://t.co/uMcoqVx86k pic.twitter.com/kOQuEwesOZ

— Ripple (@Ripple) August 16, 2024

This significant development is crucial for Ripple as the firm aims to plant its roots deeper into the cryptocurrency landscape.

Ripple Partners  Japanese’ SBI Digital Asset Holdings

In addition, Ripple is emerging as a dominant force in the cryptocurrency arena. With nearly 80% of Japanese banks adopting Ripple, its recent partnership with SBI Digital Asset Holdings, the cryptocurrency arm of Japan-based SBI Holding, means Ripple is not yet done. This continued collaboration aims to bolster the utility of the XRP ledger, enabling more seamless and secure transactions across the platform. 

Following this major partnership, this development has not significantly affected XRP’s price. At the time of writing, XRP is exchanging hands with $0.6007, marking a 4.09% surge in the last 24 hours. However, technical indicators show a rather wary pattern, especially the Moving Average Convergence Divergence (MACD), which suggests underlying negative momentum.