XRP Crashes Below Key Support Amid Market Turmoil

09.06.2024 17:16 68 times read Reading time: 2 minutes 0 Comments

XRP News: Mega-Crash? XRP falls below support

The weekend was disappointing for many crypto investors. After a solid end to the week on Friday, there was a significant setback on Saturday, especially for altcoins like XRP. While Bitcoin benefited from institutional capital inflows and tested the $70,000 mark, XRP fell below key support.

According to wallstreet:online, XRP was traded between $0.50 and $0.56 for weeks. The recent dip could lead to further losses if the bulls do not react quickly.

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BRICS group considers using XRP for cross-border payments

The BRICS nations – Brazil, Russia, India, China, and South Africa – are currently exploring the use of Ripple's XRP for settling international transactions. This could be a significant development for the token's growth.

Crypto News Flash reports on progress towards an autonomous payment system within the BRICS group, supported by President Putin.

XRP Ledger to introduce tokenized gold and silver assets

In the third quarter of 2024, the XRPL (XRP Ledger) will introduce tokenized gold and silver assets. These new stablecoins will each be backed by physical precious metal and will be fully redeemable for it.

According to Bitcoin2Go, this initiative is being conducted in collaboration with Meld Gold and leading custodians like MKS Pamp and Imperial Vaults.

Ripple CEO expects SEC approval for spot-XRP ETF next year

According to the Ripple CEO, there is hope for the approval of a spot-XRP ETF by the U.S. Securities and Exchange Commission (SEC) next year. Such a decision could have significant market implications and strengthen confidence in cryptocurrencies.

Blockchain-Hero highlights that this would also positively affect the price of XRP.

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Article Summary

XRP experienced a significant drop below key support levels over the weekend, while BRICS nations are considering using XRP for cross-border payments and XRPL plans to introduce tokenized gold and silver assets in 2024. Additionally, Ripple's CEO anticipates SEC approval for a spot-XRP ETF next year, which could positively impact XRP's market value.

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