XRP News Today: ETF Filings Mount as Legal Battle Finally Ends; BTC Bounces on Powell

SEC vs. Ripple Case: Court of Appeals Approval Ends Legal Saga

Ripple’s long-standing legal battle with the US Securities and Exchange Commission comes to an end. On Friday, August 22, the US Court of Appeals approved the Joint Stipulation of Dismissal in the SEC vs. Ripple case with little fanfare, boosting demand for XRP.

The approval simply stated:

“The parties in the above-referenced case have filed a stipulation withdrawing this appeal pursuant to FRAP 42. The stipulation is hereby So Ordered.”

Pro-crypto lawyer Bill Morgan summed it up, stating:

“Finally, finally, finally over over.”

The SEC’s appeal withdrawal means that Judge Analisa Torres’ Programmatic Sales of XRP ruling crucially stands unchallenged.

Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The ruling led exchanges to relist the token, allowing them to avoid SEC regulatory reach, which was crucial during former SEC Chair Gary Gensler’s era.

What Does the Ruling Mean for XRP?

The resolution of the Ripple case opens the door for the SEC to approve pending XRP-spot ETF filings.

On Friday, August 22, a flurry of activity drew the attention of ETF market leaders and legal experts. Nate Geraci, President at Nova Dius Wealth, shared details of ETF issuers submitting S-1 amendments for spot XRP ETFs, stating:

“S-1 amendments rolling in today on spot XRP ETFs… Canary, CoinShares, Franklin, 21Shares, WisdomTree, & Bitwise so far. Highly notable to see them cluster like this…”

Amicus Curiae attorney John E. Deaton, instrumental in Programmatic Sales Ruling, underscored its significance, stating:

“3 years ago, the SEC argued XRP itself was illegal. SEC lawyers argued that because XRP represented the efforts of Ripple, ALL XRP tokens constituted unregistered securities. Fast forward to today: And XRP Spot ETFs are on their way to approval. Bottom line: As Judge Torres ruled, in part, due to XRP Holders intervening in the case as amici the Judge cited in her ruling” XRP itself is not a security. Without that ruling, these Spot ETFs possibly never happen.”

Earlier this week, the SEC had pushed back the deadlines for Grayscale XRP Trust, CoinShares XRP Trust, 21Shares Core XRP Trust, and Bitwise XRP ETF to October.

The final deadlines are between October 18 and October 25. The key question is whether ETF issuers had any discussions with the SEC leading to the S-1 amendments. If so, approvals could come sooner than October, given that the US Court of Appeals removed the final legal impediment.

However, issuers may have to wait until the SEC rolls out its planned standardized crypto ETF framework. The next week could prove pivotal if the SEC introduces its framework and approves the spot XRP ETFs.

XRP Price Outlook: Spot ETFs in Focus

Is the latest XRP rebound the beginning of a long-lasting bull run? XRP rallied 7.77% on Friday, August 22, reversing Thursday’s 3.39% drop to close at $3.0745. The token outperformed the broader market, which rose 5.98%, lifting the total crypto market cap to $3.99 trillion.

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

• XRP-spot ETF headlines.
• XRP Treasury Reserve Asset adoption.
• Ripple’s US-chartered bank license application.
• SWIFT-related updates.
• Legislative developments.

Potential scenarios:

• Bearish Scenario: Legislative setbacks, slowing Treasury Reserve Asset adoption, OCC declines application for US-chartered bank license, lawmakers protect SWIFT, or SEC disapproves XRP-spot ETFs. These factors could push XRP below its August 3 low of $2.7254, exposing $2.5.
• Bullish Scenario: XRP-spot ETF approvals, OCC approves US-chartered bank license, pickup in Treasury Reserve Asset adoption, bipartisan support for the CLARITY Act, or SWIFT loses share of global remittance business to Ripple. These factors could send XRP above its record high of $3.6606 (Binance Exchange), opening the door to $5.

Global macroeconomic developments and Bitcoin (BTC) trends will also influence XRP price action.

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

Bitcoin Rebounds as Fed Chair Powell Pivots

While XRP surged on the Court of Appeals approval, Bitcoin (BTC) broke above the crucial $115,000 resistance level. Fed Chair Powell’s highly anticipated speech at the Jackson Hole Symposium triggered market relief, driving demand for risk assets.

Fed Chair Powell signaled a potential Fed pivot, stating that conditions “may warrant” rate cuts as downside risks build.

BTC rallied from $111,680 to a Friday, August 22, high of $117,357 in response to Powell’s policy pivot.

Why does the Fed matter to cryptos? Fed rate cuts would lower borrowing costs and weaken the US dollar, boosting BTC’s appeal as a store of value.

US Crypto-Spot ETF Market Flows Cap BTC Gains

The US BTC-spot ETF market extended its outflow streak to six sessions on Friday, August 22. According to Farside Investors, total net outflows reached $23.2 million after net outflows of $194.4 million on Thursday, August 21. Key outflows for Friday, August 22, included:

• BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) reported net outflows of $198.8 million.
• Meanwhile, ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) saw total net inflows of $116.6 million.

US BTC-spot ETF flow trends remain crucial, given the market’s influence on BTC’s supply-demand balance. The extended outflow streak left BTC trading well below its August 14 all-time high of $123,731.

BTC Price Outlook: Fed Speakers and Spot ETFs in Focus

BTC rallied 3.27% on Friday, August 22, reversing Thursday’s 1.61% loss to close at $116,146.

Looking ahead, several key events may influence the near-term price trajectory. These include:

• US Economic data: Consumer confidence, GDP, jobless claims, and the Personal Income and Outlays Report.
• Legislative developments on Capitol Hill.
• BTC adoption as a Treasury Reserve Asset.
• BTC-spot ETF flows.

Potential scenarios:

• Bearish Scenario: Legislative setbacks, strong US economic data, waning adoption, or ETF outflows. A combination of these may send BTC to $110,000, potentially exposing the psychological $100,000 support level.
• Bullish Scenario: Bipartisan support for the CLARITY Act, softer US data, rising adoption, and ETF inflows. In this case, BTC could target the record high of $123,731.

Key Market Drivers to Fuel or Derail a Breakout

Traders should closely monitor the following key developments to determine whether XRP and BTC rebound:

• XRP-spot ETF headlines.
• Legislative news: The CLARITY Act.
• US economic data: Supports rate cuts or tempers bets on a Fed pivot.
• 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.