Digital currency XRP surges past $3 once more, following a victory in court by Ripple, as investors now consider the next possible market developments.

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In a significant turn of events, XRP, the fourth-largest cryptocurrency by market capitalisation, has surged above the $3 mark, following a series of positive developments within the XRP ecosystem.

The surge was primarily due to Federal Reserve Chairman Jerome Powell hinting at the possibility of a September rate cut in his address at the annual Jackson Hole, Wyoming. This announcement sparked a rally across the cryptocurrency market, with XRP being no exception.

Over the past 24 hours, XRP's trading volume has risen an impressive 83%, reaching a staggering $10 billion. This surge brought XRP above the daily Simple Moving Average (SMA) 50 at $3.01.

At the time of writing, XRP was trading at $3.03, up 8.54% in the last 24 hours. If it can maintain this momentum, XRP might aim for a retest at recent highs of $3.38 and $3.66, with the daily SMA 50 at $3 potentially flipping into support.

However, a further drop below $3 could target the next major support at the daily SMA 200 at $2.46.

The XRP Ledger ecosystem, particularly the Ripple USD stablecoin, RLUSD, had a notable week. Ripple, the company behind XRP, has signed a new Memorandum of Understanding (MOU) with SBI subsidiary SBI VC Trade to distribute Ripple USD (RLUSD) in Japan.

It's worth noting that there has been no institution reported this week to have made a $1.15 billion deposit in Ripple USD through an Initial Public Offering (IPO). The IPOs found in the search results raised $15 million each and are unrelated to Ripple USD.

On a positive note, Bullish, a company, announced a historic $1.15 billion IPO that will be settled in stablecoins, including RLUSD.

The Ripple SEC lawsuit has been officially closed following the approval of a Joint Stipulation of Dismissal of appeals by both parties on Aug. 7.

This article is written by Godfrey Benjamin and is tagged with #XRP Price Prediction, #XRP News, and #XRP.

Stay tuned for more updates on the cryptocurrency market.

Digital currency XRP surges past $3 once more, following a victory in court by Ripple, as investors now consider the next possible market developments.