XRP News Today: Court Clock Ticks—Appeal Vote Could Make or Break XRP Rally; BTC Slides

SEC Silence Sends XRP Below $3 as Court Filing Deadline Looms

Another SEC closed meeting and another week of silence on the agency’s appeal plans in the Ripple case. Five weeks have passed since Judge Analisa Torres rejected the joint motion for an indicative ruling on settlement terms. The five weeks have given the SEC ample opportunity to vote on dropping the appeal against the Programmatic Sales of XRP ruling.

Notably, the SEC’s silence has impacted XRP demand in recent weeks, declining in the last three Friday sessions, coincidentally, the day following each of the closed meetings.

The next closed meeting is slated for August 7. Significantly, the SEC has two meetings remaining before an August 15 court deadline. The SEC must submit a progress report on the Ripple case settlement. Given Judge Torres’ ruling, investors expect the agency to drop its appeal by this date and for Ripple to withdraw its cross-appeal.

Despite optimism, the SEC may still pursue the appeal. Investor concerns about the SEC’s plans may intensify as the August 15 filing data nears. However, the SEC is known for last-minute filings, which may ease fears about any intent to extend the case.

An appeal withdrawal could be a crucial step toward an XRP-spot ETF market, the next likely price catalyst. Notably, an SEC appeal withdrawal could raise expectations for BlackRock to file for an iShares XRP Trust. BlackRock’s BTC and ETH-spot ETFs have been pivotal to the success of the crypto-spot ETF market.

ETF Store President Nate Geraci remarked:

“Sticking w/ prediction that BlackRock will launch both xrp & sol ETFs…Doesn’t make sense that world’s largest asset manager (& current leader in both spot btc & eth ETFs) would ignore two top 5 non-stablecoin crypto assets.”

XRP Price Outlook: Ripple Case and ETFs in the Spotlight

XRP extended its losing streak to three sessions on Friday, August 1, falling 2.02% to close at $2.9611. Notably, XRP closed below $3 for the first time since July 15. The token tracked the broader market, which dropped 2.63% to a total crypto market cap of $3.63 trillion.

XRP’s near-term price outlook hinges on several key catalysts, including:

• The SEC’s appeal vote.
• XRP-spot ETF-related news
• Ripple’s push for a US banking license.
• SWIFT-related news
• Legislation: The CLARITY Act and 21ST Century Mortgage Act’s progress on Capitol Hill.

A breakout above $3 could pave the way to the $3.2 level. A sustained move above $3.2 may bring the record high of $3.6606 into sight. Conversely, a drop below the $2.9 level could enable the bears to target the $2.8 level and the 50-day EMA.

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

Bitcoin Slides as Labor Market Data Spooks Investors

Bitcoin (BTC) joined XRP in the red for the third consecutive session on August 1. The US Jobs Report triggered a broad-based sell-off of risk assets, dragging BTC from a session high of $116,178 to a low of $112,792.

Nonfarm payrolls increased by 73k in July after rising just 14k in June. Significantly, June’s number was revised down from 147k, indicating early cracks in the US labor market. The US unemployment rate increased to 4.2% in July, up from 4.1% in June, despite the participation rate dropping from 62.3% to 62.2%.

The Nasdaq Composite Index tumbled 2.24%, with the Dow and the S&P 500 sliding 1.23% and 1.6%, respectively.

Concerns about the US labor market and economic outlook overshadowed rising bets on a September Fed rate cut. This week’s data raised stagflation risks as tariffs lifted inflationary pressures, while the US economy looks to be losing momentum early in the third quarter.

Justin Wolfers, an Economics Professor at the University of Michigan, remarked on Powell’s recent press conference, stating:

“Powell didn’t mince words: Trump’s tariffs risk stagflation—higher prices and higher unemployment. That’s not my forecast. That’s the Fed chair talking.”

According to the CME FedWatch Tool, the chances of a September Fed rate cut jumped from 32.7% on July 31 to 80.3% on August 1.

US BTC-Spot ETF Market Sees Outflow Surge

Demand for US BTC-spot ETFs slumped as investors reacted to the US Jobs Report. According to Farside Investors, key flows for August 1 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $331.4 million.
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $327.9 million.
• Grayscale Bitcoin Trust (GBTC) had net outflows of $66.8 million.

With BlackRock (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF outflows reached $809.7 million, the largest since February 25.

BTC Price Outlook: US Inflation and Spot ETF Flows in Focus

BTC slid 2.1% on Friday, August 1, following Thursday’s 1.68% loss, closing at $113,365.

Several key drivers will dictate the near-term price outlook. These include:

• US Services PMI and labor market data.
• Fed commentary.
• Legislative Developments: The CLARITY Act’s progress on Capitol Hill.
• BTC-spot ETF flows.

Potential scenarios:

• Bearish Scenario: Legislation setbacks, weaker US labor market and services PMI data, hawkish Fed cues, and ETF outflows. A combination of these may drag BTC below the 50-day Exponential Moving Average (EMA) and bring the $110,000 support level into sight.
• Bullish Scenario: Bipartisan support for the CLARITY Act, stronger US labor market and PMI data, dovish Fed cues, and ETF inflows. In this case, BTC may target the all-time high of $122,055.

Key Market Drivers to Fuel or Derail a Breakout

Traders should monitor these catalysts to gauge whether XRP and BTC extend losses or mount a recovery:

• Ripple case updates: Pending SEC appeal vote.
• Legislative developments: The CLARITY Act.
• US economic data: ISM Services PMI and Jobless Claims.
• Fed commentary: Hawkish or dovish signals.
• ETF market flows: Flow trends crucial for BTC’s supply-demand balance.

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