XRP News Today: Bulls Eye $3 With ETF Buzz and Legal Hopes in Play; BTC Dips on Tariffs

The SEC vs. Ripple Case and Ripple CEO Brad Garlinghouse Testimony

Market optimism about a potential end to the SEC vs. Ripple case sent XRP to a six-week high of $2.3539 on Monday, July 7. Despite the SEC’s ongoing silence regarding its appeal plans, certain events have bolstered expectations that the SEC will drop its appeal against the Programmatic Sales of XRP ruling.

Crucially, the SEC and Ripple had previously agreed to drop their appeals if Judge Analisa Torres granted an indicative ruling to vacate the injunction prohibiting XRP sales to institutional investors and reduce the $125 million penalty to $50 million.

Despite Judge Torres rejecting two joint motions for an indicative ruling, Ripple announced it would drop its cross-appeal on June 27. It seems implausible for Ripple to drop the cross-appeal without the SEC agreeing to withdraw its appeal.

However, the SEC must vote on dropping the appeal on the basis that the injunction and $125 million penalty stand. The next SEC closed meeting is slated for Thursday, July 10, a second opportunity for SEC Chair Paul Atkins and the Commissioners to vote on the appeal withdrawal.

Uncertainty about the outcome of a vote continues to leave XRP below its 2025 high of $3.3999 and the all-time high of $3.5505 (Binance Exchange).

Is the SEC vs. Ripple Case a Show? Legal Experts Weigh In

Meanwhile, there has been market speculation that the SEC vs. Ripple case is a planned show. One XRP holder referred to comments from Jesse at Apex Crypto Consulting, stating:

“According to Jesse, the legal battle between Ripple and the SEC is more like a carefully planned show. He feels it’s being used to control XRP’s price and allow Ripple to quietly build strong partnerships around the world.”

Legal experts firmly disagreed with the suggestion. Pro-crypto lawyer Bill Morgan remarked:

“I have never agreed with this theory even if the recent two week joint motions for indicative rulings seemed to unnecessarily delay the end of the litigation by three months (and counting) on a hope and a prayer.”

Notably, Ripple previously agreed to drop its cross-appeal if the courts lifted the injunction and lowered the penalty. Yet, Ripple declared it would withdraw its cross-appeal just one day after Judge Torres rejected the second motion for an indicative ruling on settlement terms, creating some confusion about the need for a settlement.

Former SEC lawyer Marc Fagel commented:

“They got sued by the SEC for violating the federal securities laws, as the court confirmed. The SEC enforcement staff doesn’t care in the least about whether a company is changing the status quo. That’s just not how the agency works. Sorry.”

XRP Price Outlook: SEC Appeal Headlines and ETF Chatter

XRP slipped 0.06% on Monday, July 7, partially reversing Sunday’s 2.4% rally to close at $2.2714. The token outperformed the broader market, which dropped 0.85% to a crypto market cap of $3.30 trillion.

The near-term XRP price outlook depends largely on the SEC’s appeal plans and US XRP-spot ETF-related developments. While approving the rule change for the Grayscale Digital Large Cap Fund (GDLC) to convert to an ETF, the SEC imposed a stay, delaying the ETF’s launch. GDLC gives investors exposure to BTC, ETH, ADA, SOL, and XRP. The eventual launch of GDLC ETF could pave the way to XRP-spot ETF approvals, a potential catalyst for an XRP breakout.

A breakout above the July 7 high of $2.3539 could bring the May high of $2.6553 into play. A sustained move through $2.6553 may enable the bulls to target $3 and the 2025 high of $3.3999.

Conversely, a drop below the 50-day EMA could expose the crucial $2.2 support level and potentially the 200-day EMA.

Explore our full XRP forecast here for key breakout zones and timing insights.

Bitcoin Dips as US Administration Rolls Out Tariff Letters

While XRP sat in the hands of the SEC, US tariff developments impacted bitcoin (BTC) demand. President Trump shared trade letters overnight, reintroducing Liberation Day (April 2nd) level tariffs. Spencer Hakimian, Founder of Tolou Capital Management, shared a Bloomberg chart highlighting the similarities between the latest tariffs and the Liberation Day tariffs.

BTC has remained sensitive to trade developments. The Fed has kept interest rates unchanged since Trump’s tariffs over concerns of levies fueling inflationary pressures. Monday’s announcements could further delay Fed rate cuts, impacting risk assets.

The prospect of punitive tariffs also weighed on US equity markets. The Nasdaq Composite Index fell 0.92%.

US BTC-Spot ETF Market Extends Inflow Streak

Despite the market reaction to Trump’s tariff letters, US BTC-spot ETF issuers continued to see robust demand, cushioning BTC’s downside. According to Farside Investors, key flow trends for July 7 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $66 million.
• Grayscale Bitcoin Mini Trust (BTC) had net inflows of $6.2 million.
• Meanwhile, ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) reported combined net outflows of $20.3 million.

With BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $51.9 million, potentially extending the inflow streak to three sessions. IBIT last reported net outflows on June 6.

BTC Price Outlook: Trade Headlines, Legislation, and Spot ETF Flows in Focus

BTC dropped 0.87% on July 7, following Sunday’s 0.86% decline and closing at $108,284.

The near-term price outlook depends on several key events, including trade headlines, legislation-related developments, Fed rhetoric, and spot ETF flow trends.

Potential scenarios:

• Bearish Scenario: Rising trade tensions, legislation setbacks, hawkish Fed signals, and ETF outflows. A combination of these may drag BTC toward the 50-day Exponential Moving Average (EMA) and potentially $100,000.
• Bullish Scenario: Easing trade tensions, bipartisan support for crypto bills, dovish Fed cues, and ETF inflows. Under these scenarios, BTC could target its all-time high of $111,917.

What to Watch

Investors should monitor the key drivers, which could dictate whether XRP and BTC can revisit record highs. These include:

• Ripple case updates: SEC appeal plans.
• Legislative developments: Market Structure Bill.
• US trade news: Retaliation to Trump’s tariff letters.
• Fed guidance: Hawkish or dovish.
• ETF market flows: Flow trends crucial for BTC’s supply-demand balance.

See where analysts expect XRP and BTC to head as legal and political risks evolve.