Lawyer Warns of Possible New Ripple Lawsuit From SEC Following RLUSD Website Launch
California-based blockchain company Ripple recently launched the official website for its expected stablecoin RLUSD. The move sent a wave of excitement across the XRP community as participants speculated that it could mean an imminent end to the ongoing Ripplve vs. SEC case.
However, a prominent lawyer in the crypto space, Fred Rispoli, opined that the new venture could trigger a separate new lawsuit from the regulatory watchdog, sending tension across the market. The brewing speculation comes amid a significant downtrend in the price of XRP coin that saw about 18% wiped out of its value in the last 24 hours.
Ripple Launches New Stablecoin Website
On August 4, the blockchain giant Ripple launched a new website for their highly anticipated RLUSD stablecoin. The website which is also hosted on the official Ripple site shows a simple design with necessary information including offered products and benefits of using the coin.
Though the website does not have any information about the exact launch date of the coin, observers have guessed that it might be sooner than expected. Recall that Ripple announced at the beginning of the year that it would venture into the stablecoin market, launching the RLUSD (Ripple USD) on both the XRP Ledger and Ethereum main network.
Ripple said that it is entering the stablecoin market to cater to the growing need of users in the sector. Currently valued at around $150 billion, the global stablecoin market could skyrocket to $3 trillion by 2028. The release of the dedicated website marks a significant step further in achieving this purpose.
Rispoli Warns of a Possible Lawsuit
In the wake of the website going live, discussions have flooded social media about the potential effect the stablecoin might have on the ongoing Ripple vs SEC case. A crypto influencer on X (formerly Twitter) questioned the impact and Rispoli offered his two cents on the matter. According to him, Ripple could be at risk of bagging another lawsuit from the SEC, targeting the stablecoin.
However, Rispoli added that any new concerns about the RLUSD stablecoin will be included in a separate lawsuit, and not the current one which is at the cusp of settlement. “Any issues the SEC has with $RLUSD is for another lawsuit and cannot be bootstrapped to one that is about to end!” he stated. This means that Ripple and its ever-growing community could witness another rollercoaster of court battles even though the current one gets a final ruling.
XRP Price Reaction Amid Speculation
Meanwhile, the XRP price has declined notably over the last day. After previously breaking above the $0.7 mark, XRP has come crashing below $0.5. The current trend has triggered worries as investors begin to lose confidence in the future outlook of the project.
According to CoinMarketCap data, XRP has plummeted by 16.88% to change hands at $0.452. Moreover, its one-day trading volume has hit the roof, jumping by 232% signifying growing selling pressure. Ultimately, XRP has shown high volatility, touching the lows and highs of $0.4396 and $0.5489 respectively.
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