u.today
$XRP saw a sharp surge toward the weekend as investors reacted to the latest development in the Ripple SEC lawsuit, which saw its official closure.
According to a recent update provided by James K. Filan as regards the Ripple lawsuit, the Joint Stipulation of Dismissal of appeals filed by both parties on Aug. 7 has been approved by the Second Circuit, marking the official close of the highly followed legal battle.
The week had also been remarkable for the $XRP Ledger ecosystem, in particular for the Ripple USD stablecoin, $RLUSD.
This week, Bullish announced that its historic $1.15 billion IPO would be settled in stablecoins, including $RLUSD.
Ripple has also signed a new memorandum of understanding (MOU) with SBI subsidiary SBI VC Trade, outlining a plan to distribute Ripple USD ($RLUSD) in Japan.
$XRP returns above $3
$XRP surged from a low of $2.78 to $3.10 on Friday as markets were sent into frenzy mode after Fed chairman Jerome Powell hinted at the possibility of a September rate cut in his address at the annual Jackson Hole, Wyoming.
The move brought $XRP above the daily SMA 50 at $3.01 again after it had declined beneath it earlier at the week's start.
At press time, $XRP was still sustaining above $3, trading up 8.54% in the last 24 hours to $3.03. $XRP's trading volume has risen in tandem with the price rise, up 83% in the last 24 hours to $10 billion.
Going forward, traders will watch if $XRP will flip the daily SMA 50 at $3 once again into support to aim for a retest at recent highs of $3.38 and $3.66. A further drop below $3 might target the next major support at the daily SMA 200 at $2.46.