Ripple has issued about 99% of the total supply of RLUSD, the Ripple Ledger (XRPL) based stablecoin. The market expects the launch of RLUSD to be imminent.
XRP has surpassed the 800 won level amid the risk of the SEC's appeal. A former SEC lawyer said the SEC's appeal is not easy.
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According to the Ripple Ledger analyst 'Vet', Ripple issued about 800,000 RLUSD in a single day on the 29th. This is about 99% of the RLUSD issuance volume Ripple had previously announced.
Ripple's key executives, including CEO Monica Long, have repeatedly forecast the issuance of RLUSD within this year. With Ripple issuing about 99% of the announced RLUSD supply, the market both inside and outside is interpreting this as a sign of the imminent market launch of RLUSD.
With the impending launch of RLUSD, XRP has maintained an upward trend in the cryptocurrency market, which has been largely sideways over the weekend. XRP has surpassed the 800 won level on Upbit since the 29th.
XRP's rise is drawing attention as it occurred despite the news that the U.S. Securities and Exchange Commission (SEC) is preparing to appeal against Ripple.
Mark Peikin, a former SEC lawyer, predicted on the 27th through his X account that the SEC will argue again the issue of Ripple's unregistered securities sales through the appeal of the August ruling.
Peikin said the SEC's chance of appeal is around 75%, and the SEC will decide to appeal to strengthen its position in the cryptocurrency market, focusing particularly on Ripple's XRP intermediary sales.
Peikin, who shared the SEC's moves, expressed the view that the SEC's appeal will not be easy. On the 29th, he argued on his X account that the SEC will find it difficult to prepare evidence to support its logic to overturn the court's ruling, and the appeal decision has been continuously delayed as a result.
The SEC's deadline to file the appeal is October 7.
Kwon Seung-won, reporter ksw@
