XRP News Today: Ripple Drops Appeal, Eyes ETF Boom as SEC Case Nears End; BTC at $107k

SEC vs. Ripple Case: Ripple Drops Cross-Appeal to End Legal Saga

The twists and turns in the ongoing SEC vs. Ripple case continued to drive XRP volatility on Friday, June 27, but perhaps for the final time. Brad Garlinghouse, Ripple CEO, announced:

“Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’ve previously said. We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value. Lock in.”

Ripple withdrew its cross-appeal despite Judge Analisa Torres rejecting a second joint motion for an indicative ruling on settlement terms on June 26.

The legal community had expected Ripple to take time to decide on its legal response to Judge Torres’ ruling, with the appeal courts needing a status report on the settlement by mid-August. Ripple’s swift response underscored confidence in the SEC ending its pursuit of crypto firms.

Pro-crypto lawyer Bill Morgan reacted to the announcement, stating:

“The SEC v Ripple lawsuit is finally, finally, OVER. Common sense prevailed. Programmatic sales are not investment contracts. Ripple has found other ways to sell XRP to institutions. XRP itself is not a security.”

Amicus Curiae attorney John E. Deaton, who represented 80,000 XRP holders in the case had fewer words, simply stating:

“And then it ended.”

What’s Next in the Ripple Case?

Despite the market jubilation, Ripple’s announcement does not mark the formal end of the case. Ripple and the SEC must file motions with the US Court of Appeals, seeking dismissal of the appeals.

A formal withdrawal by the SEC would leave Judge Torres’ ruling on Programmatic Sales of XRP in place.

In 2023, Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test, which concerns expectations of profits from the efforts of others. Notably, the SEC’s formal appeal withdrawal could expedite XRP-spot ETF approvals, potentially driving XRP to record highs.

XRP’s reaction to Brad Garlinghouse’s announcement was relatively muted by historical standards, rising to a June 27 high of $2.1561, underscoring market caution ahead of any SEC announcement.

XRP Price Outlook: SEC Appeal News and ETF Headlines

XRP rallied 1.8% on Friday, June 27, partially reversing Thursday’s 3.76% slide to close at $2.1432. The token outperformed the broader market, which gained 0.31%, lifting the total crypto market cap to $3.24 trillion.

The near-term XRP price outlook now hinges on the SEC’s appeal plans and XRP-spot ETF developments.

A breakout from $2.2 and the 50-day Exponential Moving Average (EMA) could open the door to retesting the June 16 high of $2.3389. Sustained buying pressure may enable the bulls to target the May high of $2.6553. A move through $2.6553 could bring the January 16 high of 3.3999 into play.

Conversely, a drop below the 200-day EMA could expose sub-$2 levels and the $1.9299 support level.

For a deeper dive, see our full XRP forecast here.

Bitcoin Under Pressure as US Inflation and Trade Developments Sap Market Confidence

While XRP responded to Ripple’s announcement, US inflation data and tariff developments influenced demand for bitcoin (BTC). The US Core PCE Price Index rose 2.7% year-on-year in May, up from 2.6% in April, tempering bets on a Q3 Fed rate cut. According to the CME FedWatch Tool, the probability of a September Fed rate cut dipped from 93.2% to 92.5%.

Friday’s data could reflect the early effects of tariffs on inflation, supporting Fed Chair Powell’s call for a wait-and-see policy stance.

However, unexpected falls in personal income and spending limited the impact of the inflation figures on Fed rate cut bets. Personal income fell 0.4% month-on-month in May vs. a 0.7% rise in April, while personal spending slipped 0.1% (April: +0.2%). Falling income and spending could signal a softer inflation outlook, supporting a more dovish Fed rate path.

News of US President Trump ending all trade talks with Canada impacted risk sentiment. On June 27, Trump announced:

“(Canada) has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country. They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately.”

Trump also stated that he would announce tariffs on Canadian goods within the next seven days. An escalation in trade tensions previously dragged BTC from a record high of $111,917 to a pre-Middle East conflict low of $100,424.

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

Despite the market headwinds, US bitcoin-spot ETF flow trends continued driving BTC higher. According to Farside Investors, key inflows for June 27 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $165.5 million.
• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $150.3 million.
• Bitwise Bitcoin ETF (BITB) saw net inflows of $11.6 million.

With BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $344.5 million. Notably, the US BTC-spot ETF market may extend its net inflow streak to 14 sessions.

The launch of the BTC-spot ETF market has been pivotal in smoothing BTC’s price volatility and boosting demand from mainstream corporations.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas remarked:

“Speaking of bitcoin’s volatility, here’s a chart showing the ratio of IBIT’s 60-Day volatility to SPX. It was 5.7x more volatile a year ago, now it’s barely over 1 (meaning about same vol as US stocks).”

BTC Price Outlook: Trade developments, US Inflation, and ETF Flows

BTC gained 0.15% on June 27, partially reversing Thursday’s 0.39% loss to close at $107,130.

The near-term price trajectory depends on several key drivers, including Fed rate cut signals, trade headlines, Iran and Israel upholding the ceasefire, and ETF flows.

Potential scenarios:

• Bearish Scenario: Rising Middle East frictions, legislation roadblocks, renewed trade tensions, hawkish Fed signals, and ETF outflows. A combination of these may send BTC toward the 50-day Exponential Moving Average (EMA), exposing sub-$100,000 levels.
• Bullish Scenario: Iran-Israel ceasefire holds, bipartisan support for crypto bills, easing trade tensions, dovish Fed cues, and ETF inflows. Under these scenarios, BTC could revisit its all-time high of $111,917.

What to Watch

Investors should look out for an SEC response to Ripple’s announcement, legislative updates, Middle East news, trade headlines, Fed chatter, and ETF flows. These factors remain critical for near-term price trends. They could dictate if XRP or BTC revisits record highs.

See where analysts expect XRP and BTC to head as legal and political risks evolve.