XRP News Today: Ripple Case Spotlighted in Senate—XRP Targets $3 Breakout; BTC Eyes $110k

CEO Brad Garlinghouse to Showcase the Ripple Case on Capitol Hill

Ripple CEO Brad Garlinghouse could spotlight the SEC vs. Ripple case on Wednesday, July 9, influencing XRP demand. Garlinghouse will give testimony at a Senate Banking Committee hearing titled ‘From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets’.

Garlinghouse shared his testimony for Wednesday’s hearing, which discussed the ongoing Ripple case and the adverse effects of weak regulatory frameworks on innovation and the US digital asset space. He stated:

“For the last decade, the legal and regulatory uncertainty surrounding crypto has prohibited meaningful progress in the US. At Ripple, we’ve seen firsthand how the lack of clear rules of the road can be weaponized to target good actors. Ripple was the tip of the spear of this regulatory-by enforcement campaign and was subject to enforcement action in 2020.”

Discussing the Ripple case, Garlinghouse underscored the significance of the court rulings, adding:

“Ripple was the first leading US crypto company to be sued by the SEC. We and many others understood that a loss here would be a death knell for the industry in the US. Fortunately, after four years of a hard fought legal battle, we prevailed. The court ruled in our favor on everything that mattered – including finding that the token XRP is not, in and of itself, a security. Our victory cleared the path for other market participants to fight back.”

Optimism Toward the SEC’s Appeal Plans Drives XRP Appetite

Notably, Garlinghouse will give testimony despite the SEC’s silence on withdrawing its appeal against the Programmatic Sales of XRP ruling. Investors await an SEC vote on dropping the appeal after Ripple declared plans to withdraw its cross-appeal.

A vote in favor of withdrawing the appeal could greenlight a US XRP-spot ETF market, potentially boosting XRP demand. A closed meeting on Thursday, July 10, is the next opportunity for SEC Chair Paul Atkins and the Commissioners to vote on the appeal.

Despite the market optimism, uncertainty about the outcome of a vote has left XRP well below its 2025 high of $3.3999 and the all-time high of $3.5505 (Binance Exchange).

XRP Price Outlook: SEC Appeal Vote and ETF News

XRP gained 1.74% on Tuesday, July 8, reversing Monday’s 0.06% loss to close at $2.311. The token outperformed the broader crypto market, which climbed 0.93%, lifting the total crypto market cap to $3.33 trillion.

Near-term XRP price trends hinge on the SEC’s appeal plans and the chances of a US XRP-spot ETF market.

Last week, the SEC approved the rule change for the Grayscale Digital Large Cap Fund (GDLC) to convert to an ETF. GDLC invests in BTC, ETH, ADA, SOL, and XRP. However, the launch is on hold as the SEC rolls out a streamlined roadmap for crypto ETF applications.

On July 8, Truth Social, part of Trump’s Media and Technology Group, filed for SEC approval for Truth Social Crypto Blue Chip ETF. The ETF will invest in cryptos, including BTC, CRO, ETH, SOL, and XRP.

The eventual launch of GDLC ETF and other multi-crypto-spot ETFs could pave the way to XRP-spot ETF approvals, a potential catalyst for an XRP breakout.

A breakout above the July 7 high of $2.3539 could pave the way to the May high of $2.6553. A sustained move through $2.6553 may bring $3 and the 2025 high of $3.3999 into play.

Conversely, a break below the 50-day EMA could enable the bears to target the crucial $2.2 support level and potentially the 200-day EMA.

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

Bitcoin Eyes $110k Return as Crypto Takes on Capitol Hill

While optimism about the SEC appeal boosted XRP demand, bitcoin (BTC) advanced as the focus turned from US tariffs to digital assets. The House will consider three key pieces of crypto legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. While lawmakers will vote on these in the week of July 14, dubbed crypto week, today’s Senate Banking Committee hearing will also be significant.

Passing the legislation sitting with the House could expedite the debate and vote on the Bitcoin Act. Senator Cynthia Lummis reintroduced the Bitcoin Act in 2025, proposing the US government acquire one million BTC over five years with a mandatory 20-year holding period.

Legislation permitting the US government to acquire BTC as a strategic reserve could significantly tilt the supply-demand balance in BTC’s favor, potentially sending the token to unprecedented highs.

Sentiment toward BTC has improved despite the latest trade developments. Market intelligence platform Santiment commented:

“Bitcoin traders are leaning very bullish once again with crypto’s top coin’s market value sitting just above $108.5K. Be cautious while crowd FOMO is pouring in, as it can often lead to short-term corrections.”

US BTC-Spot ETF Market Eyes Four-Day Inflow Streak

US BTC-spot ETF market flow trends have likely influenced broader market sentiment. On Monday, July 7, BTC-spot ETF issuers reported net inflows of $216.5 million despite Trump’s tariff letters. The US BTC-spot ETF market could extend its inflow streak to four sessions on July 8. According to Farside Investors, key flows for the July 8 session included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $4.8 million.

With Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), and BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $8.5 million.

BTC Price Outlook: Trade Developments, Legislation, and Spot ETF Flows in Focus

BTC advanced 0.60% on July 8, partially reversing Monday’s 0.87% loss to close at $108,938.

The near-term price trajectory hinges on several key drivers, including trade developments, legislation-related headlines, Fed commentary, and spot ETF flow trends.

Potential scenarios:

• Bearish Scenario: Intensifying trade tensions, legislation roadblocks, hawkish Fed cues, and ETF outflows. A combination of these may push BTC toward the 50-day Exponential Moving Average (EMA) and potentially $100,000.
• Bullish Scenario: Easing trade friction, bipartisan support for crypto bills, dovish Fed signals, and ETF inflows. Under these scenarios, BTC could target its all-time high of $111,917.

What to Watch

Investors should track the key drivers, which may determine whether XRP and BTC can revisit record highs. These include:

• Ripple case updates: SEC appeal plans.
• Legislative developments: Hearings and lawmaker votes.
• US trade news: Retaliation to Trump’s tariff letters.
• Fed guidance: Hawkish or dovish.
• 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.