XRP News Today: Court Filing Fuels Hopes of SEC Appeal Withdrawal; BTC dips to $104k

SEC vs. Ripple Case: Court Filings Fuel Settlement Speculation

Court filings in the ongoing SEC vs. Ripple case fueled speculation about a settlement and appeal withdrawal on Tuesday, June 17. US attorney James Filan shared the latest filing, pushing Judge Torres to grant a favorable indicative ruling on settlement terms. Ripple filed a Supplemental Letter, arguing:

“In light of the SEC’s commitment to provide ‘clear rules of the road’ for the crypto industry and to chart a new approach to the regulation of crypto assets, Ripple respectfully asks the Court to acknowledge the parties’ negotiated settlement, which would relieve the burdens on both this Court’s and the Second Circuit’s dockets.”

Ripple added:

“Without disturbing the Court’s substantive ruling – and while still holding Ripple accountable – the settlement would also place Ripple on a more comparable footing with other industry participants whose cases were dismissed much earlier in their lifecycle as a matter of SEC discretion.”

Pro-crypto lawyer Bill Morgan remarked on Ripple’s Supplemental Letter, stating:

“A good move but Ripple certainly did not waste words. Legal costs savings.”

Ahead of the Supplemental Letter, Morgan underscored the significance of vacating the injunction, prohibiting XRP sales to institutional investors, stating:

“There will be uncertainty whether such a sale of XRP to institutional investors is an investment contract. From Ripple’s perspective, it alone will be at risk not only of contravening registration provisions of the Securities Act but also of breaching a permanent injunction. That is a significant disadvantage compared to its competitors.”

Crypto legal expert Fred Rispoli assessed Ripple’s filing, concluding:

“I’m still underwhelmed but feeling more optimistic. This may push us over the line!”

Settlement Pivotal for XRP-Spot ETFs and Demand

A favorable ruling on settlement terms would allow Ripple and the SEC to drop their appeals. If the SEC withdraws its appeal against the Programmatic Sales of XRP ruling, the agency could begin approving pending XRP-spot ETF applications. A US XRP-spot ETF market may fuel XRP demand, potentially sending the token to new highs.

On June 17, the SEC delayed its decision on Franklin Templeton’s Franklin XRP Fund as the legal drama unfolded.

XRP Price Outlook: Court Rulings and ETF News

XRP slid 3.43% on Tuesday, June 17, reversing Monday’s 3.25% rally, closing at $2.1606. The token underperformed the broader market, which dropped 1.94% to a total crypto market cap of $2.21 trillion.

The near-term XRP price outlook depends on Judge Torres’ settlement ruling and ETF-related developments.

A breakout above $2.2 could open the door to retesting the June 16 high of $2.3376. A sustained move through $2.3376 may bring $2.50 and the May 12 high of $2.6553 into play. However, a break below the 200-day EMA could enable the bears to target the $1.9299 support level.

For a deeper dive, see our full XRP forecast here.

Bitcoin Dips as Iran-Israel Conflict Draws US Threat

While XRP slid amid legal developments, bitcoin (BTC) faced selling pressure as investors reacted to an escalation in the Iran-Israel conflict. Reports of US fighter jets relocating to the Middle East fueled fears of a US strike on Iranian sites, potentially triggering a broader regional conflict.

A prolonged conflict could lead to oil supply disruption and higher WTI crude oil prices, potentially fueling inflationary pressures. A higher inflation backdrop would force the Fed and other central banks to delay further policy easing, impacting demand for risk assets. WTI surged 5.17% on June 17, closing at $73.455.

Remarking on news of reaching out to Iran for peace talks, President Trump stated:

“I have not reached out to Iran for ‘Peace Talks’ in any way, shape, or form. This is just more HIGHLY FABRICATED, FAKE NEWS! If they want to talk, they know how to reach me. They should have taken the deal that was on the table – Would have saved a lot of lives!!!”

The US President later called for Iran’s unconditional surrender. Speculation about the US joining the conflict has intensified. On June 17, the Kobeissi Letter reported:

“Israeli officials say Prime Minister Netanyahu believes the US will join Israel’s war against Iran ‘within days’.”

According to Polymarket, there is a 76% chance of US military action against Iran before July, up from 38% on June 16 but down from today’s peak of 90%.

Risk aversion also impacted the US markets, with the Nasdaq Composite Index falling 0.91% on June 17.

US BTC-Spot ETF Snaps Outflow Streak

Fears of US involvement in the Israel-Iran conflict also sank demand for US BTC-spot ETFs. According to Farside Investors, key flows for June 17 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $208.5 million.
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $191.4 million.
• Bitwise Bitcoin ETF (BITB) saw net outflows of $22.8 million.

Excluding pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), BTC-spot ETF issuers saw total net outflows of $422.7 million, potentially ending a six-session inflow streak. Despite Tuesday’s potential outflows, the US BTC-spot ETF market has reported $1,227.9 million of net inflows in June, cushioning BTC’s downside.

Despite Farside reporting June 17 outflows, Santiment noted that ETF inflows since June 9 remain robust overall, stating:

“Even with Bitcoin slipping below $104K Tuesday, Bitcoin ETFs remain strong. Working on a 5-day net inflow streak, there has been a total of just over $1.464B in money moving into BTC’s ETFs, dating back to June 9th.”

BTC Price Outlook: Geopolitical Risks and ETF Flows

BTC fell 2.14% on June 17, reversing Monday’s 1.18% gain, closing at $104,518. The near-term price trajectory depends on Israel-Iran war-related news, legislative headlines, the FOMC’s economic projections (June 18), and ETF flows.

Potential scenarios:

• Bearish Scenario: US involvement in the Israel-Iran conflict, legislation setbacks, hawkish Fed signals, and ETF outflows. A combination of these could send BTC below the 50-day Exponential Moving Average (EMA), bringing $100,000 into play.
• Bullish Scenario: Progress toward an Iran-Israel ceasefire, bipartisan support for crypto bills, dovish Fed cues, and ETF inflows. Under these scenarios, BTC could retarget its all-time high of $111,917.

What to Watch

Investors should monitor court rulings in the Ripple case, legislative headlines, reports from the Middle East, and ETF flows. These factors are pivotal for XRP and BTC price trajectories and could dictate whether either token revisits record highs.

Explore analyst forecasts on where XRP and BTC may head next as legal and political factors unfold.