Today, #XRP witnessed a major comeback after losing the $2 range during the market-wide dump of the last two days.
Notably, the turnaround emerged as the New York Department of Financial Services (NYDFS) approved Ripple’s RLUSD stablecoin, a product designed to enable cross-border payments.
The regulatory green light, announced by Ripple CEO Brad Garlinghouse, follows months of review, positioning Ripple for the imminent mainnet launch of its dollar-pegged stablecoin.
Ripple’s CEO also revealed plans to announce exchange and partner listings soon, signaling preparations for the stablecoin’s rollout. Additionally, Garlinghouse cautioned XRP community members not to fall for scams amid the ongoing excitement about coming to RLUSD. “When RLUSD launches, Ripple will be the first to share the news,” he said.

XRP Price Reaction

Ripple’s announcement of RLUSD approval spurred notable activity in the market. XRP, the crypto asset closely associated with Ripple, experienced a surge following the news.
After dipping to a low of $1.91 on Tuesday, XRP has rallied to $2.41 today, reflecting a 26.17% comeback.
XRP has retraced slightly as of press time, trading at $2.33 amid selling pressure. XRP’s market capitalization is now closing in on Tether’s $138 billion valuation once again.

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The stakes for a strategic #Bitcoin reserve among countries are rising, with Russia becoming the latest to receive such a proposal.
A Russian lawmaker has proposed to the country’s finance ministry that it adopt Bitcoin as a treasury reserve asset. State Duma Deputy Anton Tkachev of the New People party submitted the proposition on Monday, local news outlet RIA Novosti reported.
Tkachev urged Russia’s finance minister, Anton Siluanov, to consider investing in Bitcoin as a reserve asset, as the country does with other traditional financial assets. The lawmaker suggested that considering its unique qualities, Bitcoin would provide economic upsides for Russia.

Lawmaker Teases Bitcoin as Russia’s Economic Solution

The lawmaker cited that Bitcoin would provide respite for Russia on key economic fronts. According to him, Bitcoin as a treasury reserve asset would hedge the economy against the inflation affecting fiat currencies, bolstering the country’s financial stability. 
Furthermore, the decentralized nature of the Bitcoin technology will help Russia avert Western sanctions. With the innovation, the lawmaker implied that Russia could carry out cross-border transactions without bounds or restrictions.
Meanwhile, Tkachev also views Russia’s adoption of Bitcoin as a ploy to tap the asset’s growth potential. The report noted that Bitcoin’s historical price performance, including its recent surge past $100,000, shows the asset can preserve value while providing substantial gains for the country.

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#Shiba Inu has sustained its bullish momentum over the past few weeks, as it eyes a nine-month peak after recovering from a recent slump.
In Shiba Inu crypto news, The crypto market is now showing signs of a patchy recovery push following a short period of bearish pressure. As Bitcoin (BTC) collapsed from the $99,800 peak on Nov. 22, altcoins like Shiba Inu (SHIB) suffered.
Specifically, SHIB slumped to a low of $0.000023 on Nov. 26 amid a 6% drop in three days but eventually recovered. It rode on this rebound campaign to record a 15% spike on Dec. 1 but suddenly crashed by over 7% in the days that followed to retest the $0.000026 low.
However, it appears Shiba Inu is now leveraging the ongoing market push to eye greater heights, as BTC finally hits $100,000. The meme coin witnessed a massive 14.82% price rally yesterday, soaring to a peak of $0.000033 before facing a pullback that has spilled into this morning.

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Roger Ver, widely known as “Bitcoin Jesus,” is at the center of a contentious legal battle following an indictment on criminal charges related to alleged tax evasion.
The indictment, filed by U.S. authorities, accuses Ver of failing to pay nearly $50 million in taxes stemming from his sale of approximately $240 million worth of Bitcoin in 2017. Following his arrest in Spain earlier this year, Ver was released on bail and is awaiting possible extradition to the United States.
According to a Fox Business’ Eleanor Terrett, Ver’s legal team is vigorously contesting the charges, arguing that the case is politically motivated and based on flawed evidence.

Allegations and Indictment Details

The charges against Ver involve a series of alleged tax violations, including underreporting his Bitcoin holdings in 2014. The U.S. government claims that Ver intentionally misrepresented the value of his Bitcoin to avoid a higher “exit tax” when he renounced his U.S. citizenship and moved to Saint Kitts and Nevis. 
Additionally, the indictment accuses him of failing to report capital gains from the sale of his Bitcoin holdings in 2017. Ver’s legal team argues that these actions were based on professional legal advice and a lack of clear regulatory guidelines surrounding digital assets at the time. They assert that the tax obligations were complex, and Ver made every effort to comply with U.S. tax laws.

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Shiba Inu is a sponsor of the Blockchain Futurist Conference in Canada this August, with the latest disclosure coinciding with a 9.72% rise in SHIB’s price to $0.00002545.

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MicroStrategy, under the leadership of Michael Saylor, has invested heavily in Bitcoin once again, acquiring 11,931 BTC at a cost of about $786 million. 

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Leading Singapore-based crypto exchange, Bitrue, promises to support XRP irrespective of market conditions. 

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Ripple is collaborating with ten governments on CBDCs, aiming to enhance the utility of the XRP Ledger and develop stablecoins for global financial inclusion.

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The Shiba Inu community has burned 33 million SHIB in the last 24 hours, boosting the burn rate by 529.72%.

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The recent partnership between Ripple and the National Bank of Georgia will focus on exploring potential collaboration in the digitalization of the country’s economy. 

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