XRP has experienced a 7% decline since Monday, with the focus on stablecoin legislation set by U.S. Crypto Czar David Sacks. Sacks aims to create clearer regulations for stablecoins, which could benefit Ripple's RLUSD stablecoin. RLUSD has recently entered partnerships with various crypto exchanges, allowing it to be traded and used for payments. The SEC's lawsuit against Ripple in 2020 has had some positive outcomes for the company, leading to gains in XRP price. Ripple's Chief Technology Officer is optimistic about positive regulation in the future. On-chain metrics of XRP and the total value of assets locked on the XRPLedger suggest a potential recovery. However, XRP's price is affected by its high correlation with Bitcoin, and traders should keep an eye on BTC's price chart. The long/short ratio for XRP remains bullish, and there has been no significant change in options open interest.



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