XRP News Today: ETF Bets Hold as XRP Dips—All Eyes on SEC’s Next Move

XRP Dips as another Closed Meeting Passes Without an Appeal Withdrawal

XRP came under pressure after the SEC once again failed to formally withdraw its appeal in the Ripple case, heightening market uncertainty. On Saturday, May 3, XRP fell 0.97%, following Friday’s 0.14% loss, closing at $2.1882. XRP tracked the broader crypto market, which dropped 1.07% to a total crypto market cap of $2.94 trillion.

SEC Closed Meeting Looms – Will Commissioners Vote on the Appeal?

The next SEC closed meeting on May 8 has drawn interest amid speculation over a potential vote to drop its legal challenge against the Programmatic Sales of XRP ruling. After the May 1 meeting passed without comment, investors are looking to SEC Chair Paul Atkins and Commissioners Hester Peirce and Mark Uyeda to act.

Investors have been waiting for a formal withdrawal since March, when Ripple CEO Brad Garlinghouse declared victory, stating:

“This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build.”

However, the Ripple CEO later clarified the process:

“We have reached agreement with staff. Usually, what happens is you reach agreement with staff. Staff makes recommendations to the Commission, and then the Commission votes. […] The Commission hasn’t yet voted. But, what we’ve agreed is to dismiss and move on.”

Crypto America host and journalist Eleanor Terrett responded to one crypto enthusiast speculating about an imminent SEC announcement:

“Not yet because the Commission still has to formally approve the withdrawal. Once this happens, we’ll likely see a similar press release to the one the SEC put out about dismissing the lawsuit against Coinbase a few weeks ago. The Commission usually deals with matters of litigation and enforcement during their closed meetings and so will probably address the Ripple dismissal at its next closed-door meeting which is next Thursday. I didn’t see a closed meeting on the schedule for today.”

XRP-Spot ETF Approval Odds Hold Firm

Despite the SEC’s ongoing silence regarding an appeal withdrawal, investors remain hopeful for a US XRP-spot ETF approval. Polymarket places the approval odds by December 2025 at 79%, up from 68% on April 22.

The SEC would likely need to withdraw its challenge to Judge Analisa Torres’ 2023 Summary Judgment before approving an ETF. In July 2023, Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test, a crucial ruling for potential spot ETF approvals.

Notably, the SEC recently extended its review of Franklin Templeton’s XRP-spot ETF application by 45 days. The new review date closely follows the deadline for the SEC to file a status report on the paused appeal, suggesting possible convergence between legal and regulatory timelines.

The court deadline relates to the SEC and Ripple’s jointly filed motion to pause the appeal, citing the prospect of a settlement.

XRP Price Outlook: Legal Moves and ETF Progress in Focus

XRP’s near-term outlook hinges on several key catalysts: the SEC’s formal appeal withdrawal, settlement terms, and XRP-spot ETF-related updates.

If the SEC drops its appeal and a favorable settlement follows, XRP could retest its all-time high of $3.5505, with ETF approval potentially pushing prices toward $5. However, continued delays or adverse rulings could see XRP retreat toward the $1.50 support level.

XRP Price Action

Daily Chart

XRP trades below the 50-day Exponential Moving Average (EMA) but holds above the 200-day EMA, indicating a bearish near-term trend with longer-term support.

A breakout above the 50-day EMA could enable the bulls to target the April 28 high of $2.3621. A decisive move above $2.3621 may bring the March 19 high of $2.5925 into play.

On the downside, a drop below $2.05, a crucial support level, could expose the 200-day EMA and test the $1.9299 support level.

The 14-day Relative Strength Index (RSI) sits at 51.82, suggesting room for XRP to climb to $3 before entering overbought territory (RSI > 70).

Broader Market Outlook

XRP’s performance remains exposed to broader market sentiment. Earlier this year, the token surged to $3.3999 on optimism tied to the Ripple case and President Trump’s pro-crypto rhetoric.

However, renewed trade tensions and recession concerns have pressured risk assets. As regulatory clarity evolves, the SEC’s actions, Ripple’s litigation strategy, and the roadmap for ETF approvals will likely dictate XRP’s next major move.

Click here for expert XRP price forecasts and upcoming SEC deadlines.