XRP News Today: Legal Limbo and ETF Delays Stall XRP’s Bullish Breakout; BTC at $104k

XRP Surges, Then Slides—Did BlackRock’s Silence Stall the ETF Buzz?

Speculation over a potential XRP-spot ETF filing sent XRP soaring to a seven-week high of $2.4813 on Sunday, May 11. But hopes quickly dimmed as BlackRock (BLK) remained silent on whether it discussed XRP during its recent meeting with the SEC. That silence fueled uncertainty, dragging XRP to a low of $2.3293 before stabilizing.

Recent price trends highlight the potential impact of the SEC withdrawing its appeal and approving XRP-spot ETFs. To date, 21Shares, Bitwise, Canary Funds, Franklin Templeton, Grayscale, and WisdomTree have filed for XRP-spot ETFs. The SEC recently extended its review of the Franklin XRP Fund by 45 days.

SEC vs. Ripple Settlement Key Step to ETF Approval

A resolution in the Ripple case, including the SEC’s withdrawal of its appeal against the Programmatic Sales of XRP ruling, may be crucial pre-requisites to an XRP-spot ETF launch. On May 8, the SEC got the settlement wheels in motion, requesting Judge Analisa Torres to vacate the injunction prohibiting XRP sales to institutional investors and to lower the $125 million penalty. Judge Torres must grant the SEC’s motion for the agency to withdraw its appeal and for Ripple to drop its cross-appeal.

XRP could remain in limbo, lacking a clear catalyst until the court issues its decision.

US attorney James Filan outlined the likely legal steps:

• Judge Torres could issue an indicative ruling on dissolving the injunction and redistributing escrowed funds—$50 million to the SEC, with the balance returned to Ripple.
• If granted, both parties will jointly seek a limited remand from the Second Circuit to finalize the settlement.
• Upon remand approval, the parties will file a formal motion for relief.
• Once the injunction is lifted and funds distributed, the SEC and Ripple will ask the Court of Appeals to dismiss their respective appeals, thereby closing the case.

XRP Outlook: Legal Headwinds and ETF Uncertainty

XRP slid 4.24% on Sunday, May 11, partially reversing Saturday’s 5.44% rally to close at $2.3665. The token underperformed the broader crypto market, which fell 1.31% to a total crypto market cap of $3.28 trillion. Legal uncertainties and delays in ETF developments weighed on demand.

Short-term drivers include:

• Court rulings and appeal-related developments.
• Progress on XRP-spot ETF applications.
• Macro developments, tariff-related headlines.

Key support stands at $2.10. A break above $2.50 could pave the way for a $3.00 test and challenge the all-time high of $3.5505.

See our full XRP forecast here.

Bitcoin Holds Above $100,000 on Trade Deal Optimism

While XRP faced heavy losses, bitcoin (BTC) held firm above $100,000 for the third consecutive session. Reports of a US-China trade deal cushioned the downside amid profit taking across the broader crypto market.

The White House announced a China trade deal on May 11, with further details expected on Monday, May 12. The nature of the agreement may significantly impact global risk sentiment. A zero-tariff deal could boost demand for risk assets, while a high-tariff agreement may spark caution.

Chen Weihua, China Daily EU Bureau Chief, commented:

“China and U.S. will on Monday issue a joint statement reached at the two-day trade talks in Geneva over the weekend. Asked what will be the exact timing for the release of the joint statement on Monday, Li Chenggang, China’s international trade negotiator and vice minister of commerce, replied with a Chinese saying that ‘if the dish is delicious, then the timing is not a matter’.

Li Chenggang reportedly added:

“No matter when this statement is released, it’s going to be big news and good news for the world.”

BTC Price Outlook: Trade, Inflation, and ETF Flows in Focus

BTC dropped 0.78% on May 11, partially reversing Saturday’s 1.72% gain to settle at $103,805. US BTC-spot ETF inflows and MicroStrategy’s recent purchases contributed to BTC’s recent move back above $100,000.

Key drivers include US-China trade deal details, US CPI data, ETF trends, and developments on the Bitcoin Act.

Potential scenarios:

• Bearish Scenario: A high-tariff deal, rising US inflation, political resistance to the Bitcoin Act, and ETF outflows. Bearish sentiment could send BTC toward $90,000.
• Bullish Scenario: A zero-tariff US-China trade agreement, softer US inflation, pro-crypto legislation, and ETF inflows. Bullish sentiment could drive BTC above the record high of $109,312.

Senator Cynthia Lummis recently reintroduced the Bitcoin Act, proposing the US acquire one million BTC over five years with a 20-year hold, a move that could significantly tighten supply.

What to Watch

Keep an eye on the Ripple case resolution, trade headlines, ETF application trends, and key US economic releases. A favorable ruling could lift XRP demand, while broader crypto sentiment will depend on macroeconomic signals and regulatory clarity.

Read analysts’ insights on what could drive cryptocurrencies to new highs.