Ripple Ally Flare to Enter into New Staking Era, Here's What to Expect

The XRP Ledger-linked Flare Network has announced a new update in its journey toward transitioning to proof of stake, where FTSO data providers will take on the role of network validators.

Timeline of Flare, Xrp

Renowned crypto analyst Benjamin Cowen has made an important revelation amid the recent bearish trends on the crypto market, shedding light on XRP's tumultuous journey in particular. Cowen's insights are rooted in the XRP price chart, and they remain fundamental knowledge on the digital asset's trajectory.

JPMorgan Chase & Co., one of the most well-established financial institutions in the world, is reportedly developing a new blockchain-powered deposit token for cross-border transactions and settlements. Bloomberg first reported the exploration on August 8.

The recent rather dismal outlook in the crypto market has forced altcoins like XRP to puke considerable gains after Ripple's landmark court ruling over the U.S. Securities and Exchange Commission (SEC) in July. XRP's price has plunged 5.20% in the past week and 22.6% over a 30-day period, returning to pre-ruling levels.

Flare Network (FLR), a decentralized oracle service provider with a close association to Ripple Labs Inc., has announced to its community that it has gotten the needed approval for its recent proposal FIP.05. According to the update on the X app, the proposal will be implemented on the mainnet through a hardfork that is billed to go live later this month.

In a recent development, the U.S. Securities and Exchange Commission (SEC) has taken a significant step in the ongoing legal battle with Ripple. The regulatory body has formally requested court approval for an appeal, a move that could potentially put the entire case on hold until a final decision is reached.

With rising global interest in central bank digital currency (CBDCs), Mastercard (NYSE: MA) is firm on supporting the central bank with its CBDC program which was initially launched in August 2023. The program's partners include Ripple, Consensys, Fluency, and Fireblocks.

The U.S. Securities and Exchange Commission (SEC) submitted a filing last Friday that pushed the court of the Southern District of New York to appeal its ruling on the agency's lawsuit against Ripple Labs.

After a period of decline that saw XRP lose much of its gains following a favorable court ruling against the U.S. Securities and Exchange Commission (SEC), there are signs that the cryptocurrency may be eyeing a rebound.

Ripple's legal chief, Stuart Alderoty, doesn't hold back, slamming the SEC's recent filing as a 'hypocritical pivot' while spotlighting inconsistencies and regulatory ambitions.

In the midst of prevailing crypto market uncertainty, the XRP price seems to have anchored itself near the $0.48 region. For the past three weeks, the coin price trajectory has been more horizontal than vertical, oscillating within a confined range dictated by two intersecting trend lines.