XRP steadied as the SEC vs. Ripple case drew closer to a formal resolution. The SEC filed a status report with the US Court of Appeals. US defense attorney James Filan shared the latest court filing, stating:
“The SEC has filed a status report with the Court of Appeals noting that the parties have filed a Joint Stipulation of Dismissal of the appeals and that the stipulation remains pending and therefore awaiting approval by the Court.”
Though procedural, the filing marked another crucial step toward resolving the Ripple case. Ripple and the SEC previously filed a Joint Stipulation of Dismissal on August 7, formally withdrawing their appeals in the case.
As the dust settles from the Ripple case, market focus has shifted to Ripple’s pursuit of a US-chartered bank license, efforts to challenge SWIFT, rising institutional adoption, and XRP-spot ETFs. The end to the Ripple case has fueled institutional demand for XRP.
This week, Wellgistics Health, a Nasdaq-listed pharmaceutical company, announced the integration of XRP Ledger into its payments program.
Bill Morgan remarked:
“What was amazing in the announcement was how Wellgistics comments on the high fees, delays, and inefficiencies of traditional banking and contrasts with all the great features of XRP we have come to know and love.”
Morgan shared details of the announcement, which included:
For context, Wellgistics Health had previously filed an S-1 form with the SEC. The Company stated its intent to adopt XRP as a treasury reserve asset. The pharma company also expected to implement a payment solution, using the XRP Ledger (XRPL) to facilitate secure, low-cost, and real-time payments between the Company, its pharmacy customers, their manufacturers, and vendor partners.
Wellgistics Health’s announcement underscored real utility and use for XRP and XRPL, potentially crucial for XRP’s price outlook.
Institutions adding XRP to their balance sheet have drawn the attention of investors, likely triggered by the agreement to end the Ripple case. Last week, Bill Morgan commented on increased institutional demand, stating:
“That is four companies I have identified in less than a week just from their SEC filings on top of many others disclosed over the last few months holding XRP.”
The companies include Quantum Biopharma Ltd., Worksport Ltd., Hyperscale Data Inc., and Flora Growth Corp.
XRP slipped 0.07% on Friday, August 15, after the previous session’s 5.78% slide, closing at $3.0809. The token outperformed the broader market, which fell 0.96% to a total crypto market cap of $3.91 trillion.
In the near-term, XRP’s price outlook hinges on several key catalysts, including:
A breakout above the $3.2 resistance level could allow the bulls to target the August 8 high of $3.3826. A sustained move above $3.3826 may pave the way toward the July 18 all-time high of $3.6606 (Binance Exchange).
However, a drop below $3 may bring the 50-day Exponential Moving Average (EMA) into play. If breached, the August 3 low of $2.7254 would likely come into play.
Explore our full XRP forecast here for key breakout zones and timing insights.
While XRP saw modest losses, falling expectations of aggressive Fed rate cuts weighed on Bitcoin (BTC) demand.
A jump in US producer prices, upbeat US labor market data, and resilient retail sales tempered bets on aggressive Fed rate cuts.
Producer prices rose 3.3% year-on-year in July, following a 2.4% increase in June, with core producer prices surging 3.7% (June: 2.6%). Economists view producer prices as a leading inflation indicator, signaling a potential pickup in inflation. Initial jobless claims dropped from 227k (week ending August 2) to 224k (week ending August 9).
Retail sales increased 0.5% month-on-month in July, after a 0.9% rise in June, potentially fueling demand-driven inflation.
According to the CME FedWatch Tool, the chances of a September Fed rate cut fell from 100% on August 13 to 92.1% on August 15.
A less dovish Fed rate path could dampen demand for risk assets, including BTC. Notably, BTC fell from its August 14 record high of $123,731 to a low of $116,904 following the US data.
Easing bets on multiple Fed rate cuts affected the US BTC-spot ETF market flows on Friday, August 15. Key flow trends included:
Notably, BlackRock (BLK) iShares Bitcoin Trust avoided outflows for eight sessions. However, total US BTC-spot ETF outflows reached $14.1 million on August 15, snapping a seven-day inflow streak.
BTC fell 0.74% on Friday, August 15, following the previous session’s 3.54% loss, closing at $117,527.
Several key events will dictate the near-term price trajectory. These include:
Potential scenarios:
Traders should monitor the following key events to determine whether XRP and BTC climb to new all-time highs:
See where analysts expect XRP and BTC to head as legal and political risks evolve.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.