Ripple (XRP) News Today August 23rd

The legal battle between Ripple and the US Securities and Exchange Commission (SEC) may be over, but the stream of interesting news surrounding the company is far from finished.

In this article, we dive into the latest developments and examine the price dynamics of XRP.

Partnerships, SEC Case Update, and More

Ripple has recently taken center stage due to its involvement with other projects. Earlier this week, TRM Labs introduced Beacon Network (described as “the first real-time crypto crime response network).

Ripple reposted the news on its official X account, saying it is “proud” to be a founding member of the project. “Working with industry & law enforcement, Beacon helps stop illicit funds before they exit the blockchain,” the announcement reads. 

Just a few days later, Ripple collaborated with the Japanese financial giant SBI Holdings. The focus of the agreement is to distribute the company’s stablecoin RLUSD through the licensed subsidiary, SBI VC Trade.

“The introduction of RLUSD will not just expand the option of stablecoins in the Japanese market, but is a major step forward in the reliability and convenience of stablecoins,” said SBI VC Trade CEO Tomohiko Kondo.

This is not the first financial institution to get involved with Ripple’s product. Other well-known names that have previously supported it include the oldest bank in the USA, BNY Mellon, and the Swiss AMINA Bank. 

What’s perhaps more intriguing is the latest development on the SEC vs. Ripple battlefront, where both parties have taken another important step to resolve their legal argument. The Second Circuit finally approved their joint stipulation of dismissal.

XRP Price Outlook

Ripple’s cross-border token had declined by almost 10% over the past week, dropping to under $2.8 amid a recent selling spree by whales.

However, the landscape changed yesterday evening after Jerome Powell’s speech at Jackson Hole. XRP, also fueled by the aforementioned update in the lawsuit against the SEC, flew from $2.8 to $3.1 within minutes before it settled at the current $3.05.

Before this price revival, the popular X user Ali Martinez outlined that the TD Sequential had flashed a buy signal. For their part, CRYPTOWZRD described $2.80 as the main daily support target, saying that the next resistance target is above $3.30 while a new ATH is possible on a sustained bullish reversal. 

XRP ETF on the Way?

Ever since the historical launch of spot BTC and ETH ETFs in the USA, the Ripple community has been eagerly awaiting the introduction of a similar product with XRP as the underlying asset. If approved, it will enable investors to purchase shares in a fund that directly holds the token, providing exposure to its price movements.

The companies that have filed to launch such an investment vehicle include Bitwise, Franklin Templeton, WisdomTree, 21Shares, and many more. Earlier in August, the odds of approval before the end of 2025 had slipped to nearly 50%, while Polymarket currently estimates a chance of over 80%.

There was a big update on this matter as well, which helped raise the odds. The SEC had delayed making a decision on the aforementioned filings by these companies. However, the potential ETF issuers responded swiftly, updating their applications as the October deadline approaches.