The XRP price saw a significant surge this week following the official closure of the Ripple vs. SEC lawsuit. The Joint Stipulation of Dismissal filed by both parties was approved by the Second Circuit Court on August 7th. This landmark ruling marks an end to a highly debated legal battle and has generated excitement in the cryptocurrency market. The XRP Ledger ecosystem, particularly the Ripple USD stablecoin RLUSD, also experienced notable developments this week. Bullish’s $1.15 billion IPO is set to be settled with stablecoins including RLUSD. Furthermore, Ripple secured a memorandum of understanding (MOU) with SBI subsidiary SBI VC Trade for distributing its XRP-backed USD stablecoin in Japan. The surge brought XRP above the $3 mark on Friday as market sentiment was influenced by remarks from Federal Reserve chairman Jerome Powell regarding a potential September rate cut. 📈 This action pushed XRP back above its daily SMA 50 at $3.01, after temporarily falling below it earlier this week. With trading volume surging to $10 billion, a retest of the recent highs at $3.38 and $3.66 appears likely. However, further declines could target the next major support level around $2.46 on the daily SMA 200.