XRP News Today: ETF Timing Uncertainty Keeps XRP Traders on Edge

XRP Steadies as Investors Await US Court of Appeals Acknowledgment

XRP rose 0.89% on Saturday, August 16, reversing the previous day’s 0.07% loss to close at $3.1082. The token outperformed the broader market, which climbed 0.19%, taking the total crypto market cap to $3.92 trillion.

Court filings in the SEC vs. Ripple case lifted XRP demand as the legal saga neared its highly anticipated conclusion. On Friday, August 15, the SEC submitted a status report with the US Court of Appeals, noting the pending court approval of the recent Joint Stipulation of Dismissal filing.

Ripple and the SEC filed the Joint Stipulation of Dismissal on August 7, seeking to withdraw their appeals. A US Court of Appeals approval would officially conclude the Ripple case. No further rulings from Judge Analisa Torres are expected, reducing investor uncertainty.

Former SEC lawyer Marc Fagel reacted to speculation over a final Judge Torres ruling, stating:

“Reminder: Judge Torres has nothing further to do with this case.”

XRP-Spot ETFs: When will the SEC Give the Green Light to ETF Issuers?

A US spot XRP ETF approval could be the next key price catalyst. The formal approval of the appeal withdrawal requests could fuel bets on pending XRP-spot ETF approvals.

However, investors must wait for the SEC’s standardized crypto ETF framework, fueling uncertainty about the timing of a spot XRP ETF approval.

BlackRock Spot XRP ETF Filing Pivotal for XRP Demand

With Ripple’s legal saga nearing an end, attention turns to ETFs, where BlackRock’s (BLK) silence looms large.

The issuer’s iShares BTC Trust (IBIT) and iShares Ethereum Trust (ETHA) dominate the crypto-spot ETF market, underscoring the importance of BlackRock’s presence in an XRP-spot ETF market.

Nate Geraci, President at Nova Dius Wealth, recently remarked on the prospects of an iShares XRP Trust application, stating:

“I obviously believe BlackRock will file for spot XRP & SOL ETFs.”

Notably, BlackRock could be waiting for the SEC to roll out a standardized crypto ETF framework before applying. A prominent crypto commentator, Marty Party, recently addressed claims that BlackRock has no plans for an XRP-spot ETF, stating:

“Correction: After several conversations, this is verified as false. […] Both SOL and XRP ETFs are in discussion with BlackRock – timing cannot be confirmed – deadline is October to file.”

Why does a BlackRock XRP-spot ETF matter?

IBIT has reported total net inflows of $58.683 billion since launch, with ETHA reporting total net inflows of $12.165 billion. Both dominate the crypto-spot ETF space.

For context, the second-largest BTC and ETH-spot ETFs, Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Ethereum Fund (FETH), have reported total net inflows of $12.165 billion and $2.75 billion, respectively.

XRP Price Outlook: Appeal Dismissal Approval and ETF News

The near-term XRP price outlook hinges on several key events. These include:

• US Court of Appeals approval of Joint Stipulation of Dismissal.
• XRP-spot ETF headlines: BlackRock activity.
• Ripple’s US-Chartered bank license decision.
• SWIFT-related developments.
• Legislative news from Capitol Hill.

XRP Price Action: Technical Indicators Signal Bullish XRP Setup

Daily Chart

XRP trades above the 50-day and the 200-day Exponential Moving Averages (EMA), indicating a bullish bias.

• On the upside, a breakout above the August 14 high of $3.3511 could pave the way toward the crucial $3.5 resistance level. A sustained move through $3.5 could allow the bulls to target the July 18 record high of $3.6606.
• On the downside, a break below the psychological $3 support level could bring the 50-day EMA into play. If breached, the August 3 low of $2.7254 would be the next key support level.

Broader Market Outlook

XRP-spot ETF developments remain crucial. However, XRP remains exposed to external market forces.

Broader macroeconomic headwinds—US stagflation risks and Fed monetary policy guidance—may continue to influence sentiment. Renewed recession fears and a hawkish Fed stance could weigh on XRP, while stronger US data and dovish Fed rhetoric could bolster demand for risk assets.

Looking ahead, crypto-related legislative developments and ETF-related news will be the key price catalysts. Click here for expert XRP price forecasts and crypto market developments.