Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
XRP trades at $0.5879, climbs closer to the psychologically important $0.60 level. Ripple prepares for launch of its stablecoin even as SEC head maintains harsh stance on crypto regulation. Grayscale XRP Trust NAV climbs to $11.49, suggesting growth in institutional demand for the asset. Ripple gained 2.3% since the start of the week.
Further, if the SEC appeals the July 2023 ruling of Judge Analisa Torres, it could strip the altcoin of its status as a non-security. The “what ifs” have XRP traders gripped to every move of the regulator. Technical analysis: XRP ready for nearly 6% gains if $0.5500 support holds XRP attempted to break out of its downward trend on several occasions throughout July, August and September to no avail. The altcoin has traded in a range-bound manner between the August 7 top of $0.
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