XRP News Today: Key Report and SEC Vote Set Stage for XRP Volatility Surge; BTC Dips Pre Fed

XRP Set for a Choppy 48 Hours: Disappointment or Euphoria Beckons

XRP investors are in for a bumpy 48 hours as two key events could fuel volatility. On Wednesday, July 30, the Presidential Working Group on Digital Asset Markets will release its first report, potentially supporting XRP as a US strategic reserve asset.

XRP could soar to record highs if the US government acquires XRP as part of a national crypto stockpile. US government purchases of XRP to build a stockpile would likely tilt the supply-demand balance firmly in XRP’s favor, triggering a price breakout.

On Thursday, July 31, the SEC will hold its weekly closed meeting and potentially vote to withdraw its appeal in the Ripple case. A vote in favor of dropping the appeal would end the case and potentially expedite the approval of XRP-spot ETFs.

A US government XRP stockpile and institutional demand through XRP-spot ETFs would likely send the token to unprecedented highs. However, silence on XRP becoming a strategic reserve asset and a further delay to the SEC vote could weigh on sentiment.

Meanwhile, Main Street utilization is another potential price catalyst.

21ST Century Mortgage Act: Cryptos Enter US Housing Market

On July 29, Senator Cynthia Lummis introduced the 21ST Century Mortgage Act. The bill would allow lenders to consider cryptocurrency as an asset for single-family loans delivered to Fannie Mae and Freddie Mac.

Senator Lummis stated:

“The American dream of homeownership is not a reality for many young people. This legislation embraces an innovative path to wealth-building, keeping in mind the growing number of young Americans who possess digital assets. We’re living in a digital age, and rather than punishing innovation, government agencies must evolve to meet the needs of a modern, forward-thinking generation.”

Tuesday’s bill followed news of PayPal (PYPL) introducing its Pay with Crypto feature, enabling users to remit crypto internationally with lower fees.

XRP Price Outlook: Crypto Bills, Stockpiling, SEC Vote, and ETFs in the Spotlight

XRP rose 0.24% on Tuesday, July 29, partially reversing Monday’s 3.64% loss to close at $3.1298. The token outperformed the broader market, which dropped 0.24% to a total crypto market cap of $3.82 trillion.

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

• The Presidential Working Group on Digital Asset Markets’ report.
• The SEC’s appeal vote.
• XRP-spot ETF-related developments
• 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 the July 28 high of $3.3302 could enable the bulls to target the $3.5 level. A sustained move above $3.5 may pave the way to the July 18 all-time high of $3.6606. Conversely, a drop below the $3 level may expose the $2.8 level.

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

Bitcoin Extends Losses as Fed Decision Looms

While XRP advanced on hopes for an end to the Ripple case, bitcoin (BTC) fell further back from its record high of $122,055. Uncertainty about the Fed’s monetary policy outlook weighed on demand for risk assets, including BTC. The Nasdaq Composite Index snapped a four-day winning streak, while the S&P 500 ended a run of six consecutive daily gains.

A more hawkish Fed rate stance may raise borrowing costs, affecting corporate profits and share prices. Higher consumer lending rates could also dampen credit demand to purchase risk assets such as BTC.

US BTC-Spot ETF Market Flows Impact Sentiment

The US BTC-spot ETF extended its inflow streak to four sessions on July 28, with total net inflows of $157.1 million. Strong demand for spot ETFs has bolstered BTC demand, cushioning any downside. However, outflows on July 29 could weigh on sentiment ahead of the Fed’s interest rate decision and Fed Chair Powell’s press conference.

According to Farside Investors, key flows for July 29 included:

• Grayscale Bitcoin Trust (GBTC) had net outflows of $49 million
• Bitwise Bitcoin ETF (BITB) saw net outflows of $26.2 million
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $8.2 million.

With BlackRock (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF outflows reached $83.4 million, potentially ending the four-day inflow streak.

BTC Price Outlook: US Data, the Fed, and Spot ETF Flows in Focus

BTC slipped 0.12% on Tuesday, July 29, following Monday’s 1.12% loss, closing at $117,925.

The near-term price outlook depends on several key factors. These include:

• The Fed’s interest rate decision and press conference.
• The position of the US President’s Working Group on BTC as a strategic reserve asset.
• BTC-spot ETF flows.
• The CLARITY Act’s progress on Capitol Hill.

Potential scenarios:

• Bearish Scenario: Legislation roadblocks, US government warns against BTC stockpiling, a hawkish Fed, and ETF outflows. A combination of these may drag BTC toward $115,000, potentially exposing the 50-day Exponential Moving Average (EMA).
• Bullish Scenario: CLARITY Act’s progress on Capitol Hill, support for a Strategic Bitcoin Reserve Asset, a dovish Fed, and ETF inflows. In this case, BTC may target the all-time high of $122,055.

What to Watch

Investors should continue to monitor the key drivers, which will likely determine whether XRP and BTC can hit new record highs. These include:

• Ripple case updates: Pending SEC appeal vote.
• US Presidential Working Group Report: Recommendations for crypto stockpiling.
• Legislative developments: Progress on Capitol Hill.
• Fed forward guidance: 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 political risks evolve.