XRP News Today: Ripple Legal Win Boosts Outlook, Spot ETFs in Focus; BTC Hits New High

SEC Formally Affirms Appeal Withdrawal

SEC Crypto Task Force Chief, Commissioner Hester Peirce, put the record straight on the agency’s decision to drop the Ripple case appeal. On Monday, August 11, Commissioner Peirce shared a formal announcement from the agency’s Litigation Releases page, stating:

“Last week, the SEC’s case against Ripple was finally laid to rest. A welcome development for many reasons, including that minds once occupied with litigation now can concentrate on creating a clear regulatory framework for crypto.”

SEC Chair Paul Atkins commented:

“Commissioner Peirce is right. With this chapter closed, we now have an opportunity to shift our energy from the courtroom to the policy drafting table. Our focus should be on building a clear regulatory framework that fosters innovation while protecting investors.”

The crypto community reacted to Commissioner Peirce and Chair Atkins’ comments. Ripple Chief Legal Officer Stuart Alderoty remarked:

“Thank you for your leadership in moving America towards clear rules of the road for crypto, Chair Atkins.”

Notably, the press release stated that the Final Judgment, including an injunction prohibiting Ripple from violating the registration provisions of the Securities Act of 1933, will remain in effect. There were no details on the Thursday, August 7, vote, though Commissioner Caroline Crenshaw potentially voted against dropping the appeal.

SEC Waives Bad Actor Disqualification – What Does This Mean for Ripple?

Following the August 7 Joint Stipulation of Dismissal filing, the SEC also addressed the ‘Bad Actor’ disqualification. Pro-Crypto Lawyer Bill Morgan commented:

“Another win for Ripple. The SEC has made an order waiving the Bad Actor disqualification of Ripple that arose from the permanent injunction. Next best thing, given Judge Torres would not dissolve the permanent injunction. This will help Ripple raise capital. Ripple is no longer barred from conducting exempt securities offerings. It may also help Ripple achieve broader business objectives, including its application for a national bank charter.”

Former SEC lawyer Marc Fagel clarified the SEC’s stance on the injunction and ensuing waiver, stating:

“The injunction prohibits Ripple from violating the registration provisions of the securities laws (which the court found Ripple violated through its institutional sales). If the law is changed to allow crypto sales without registration—then future sales without registration wouldn’t violate the law (or, thus, the injunction).”

Fagel added that the waiver renders the injunction moot, as would be the case if the law changed.

Notably, the waiver firmly closes the door on former SEC Chair Gary Gensler and the Biden administration’s war on crypto.

XRP Price Outlook: Spot ETFs Key to Breakout

XRP extended its losing streak on Monday, August 11, declining by 1.74% to close at $3.1326. The token underperformed the broader market, which snapped a five-day winning streak, falling 0.91% to a total crypto market cap of $3.89 trillion. XRP continued to pull back from its August 8 high of $3.3826 amid a lack of progress toward an XRP-spot ETF market.

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

• XRP-spot ETF news.
• Ripple’s progress on a US banking license.
• SWIFT-related headlines.
• Legislative news.

A breakout above $3.2 could pave the way toward the August 8 high of $3.3830. A sustained move through $3.3830 may open the door to testing the July 18 all-time high of $3.6606 (Binance Exchange).

However, a break below $3.1 may allow the bears to target the August 5 low of $2.9184, exposing the 50-day Exponential Moving Average (EMA).

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

Bitcoin Strikes All-Time High Before Hitting the Reverse

While XRP continued to struggle under ETF uncertainty, Bitcoin (BTC) soared to a record high of $122,190. A shift in the supply-demand balance, in BTC’s favor, sent the token to a new highs.

Strategy Marks Five-Year Adoption of the Bitcoin Standard

Strategy (MSTR) adopted the Bitcoin Standard on August 11, 2020, after announcing it had acquired 21,454 BTC for around $250 million as its primary treasury reserve asset. Founder and Chairman Michael Saylor declared the acquisition part of a new corporate strategy to protect shareholder value against currency debasement and inflation risk.

On August 11, Saylor marked the fifth anniversary of adopting the Bitcoin Standard, announcing:

“Strategy acquires 155 BTC and achieves its BTC yield of 25.0% YTD; Now holds 628,946 BTC.”

Strategy tops the Bitcoin 100 table, with Marathon Capital (MARA) a distant second, holding 50,639 BTC. The increasing number of firms adopting Bitcoin Treasury strategies and demand from the BTC-spot ETF market drove BTC to its new all-time high.

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

Strategy’s latest purchase coincided with the US BTC-spot ETF market recording total net inflows of $253.2 million in the week ending August 8. Issuers had recorded total net outflows of $642.9 million in the previous week.

On Monday, August 11, the US BTC-spot ETF market may extend its inflow streak to four sessions. According to Farside Investors, key flows for August 11 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $13 million.
• Grayscale Bitcoin Mini Trust (BTC) had net inflows of $14.2 million.

With BlackRock (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $39.9 million.

US CPI Report Risks Spoiling the Crypto Party

The continued surge in institutional demand for crypto has been pivotal to BTC’s climb to record highs. However, the upcoming US CPI Report could trigger market volatility on Tuesday, August 12. Economists forecast the US annual inflation rate to rise from 2.7% in June to 2.8% in July, and for core inflation to hit 3% (June: 2.9%).

Hotter-than-expected inflation could support a less dovish Fed policy stance, weighing on risk assets such as BTC. On the other hand, softer inflation may lift bets on multiple Fed rate cuts, potentially sparking another BTC rally.

BTC Price Outlook: US Inflation and Spot ETF Flows in Focus

BTC fell 0.29% on Monday, August 11, partially reversing Sunday’s 2.66% rally to close at $118,699.

Several key events will influence the near-term price outlook. These include:

• US CPI Report.
• Fed monetary policy stance.
• Legislative developments on Capitol Hill.
• BTC-spot ETF flows.

Potential scenarios:

• Bearish Scenario: Legislation setbacks, higher US inflation, hawkish Fed rhetoric, and ETF outflows. A combination of these may push BTC toward $115,000, potentially bringing the 50-day Exponential Moving Average (EMA) into sight.
• Bullish Scenario: CLARITY Act’s progress on Capitol Hill, softer US inflation, dovish Fed signals, and ETF inflows. In this case, BTC could move beyond the all-time high of $122,190.

Key Market Drivers to Fuel or Derail a Breakout

In summary, traders should closely track the following key events to assess whether XRP and BTC extend recoveries toward all-time highs:

• XRP-spot ETF headlines.
• Legislative news: The CLARITY Act.
• US Economic Data.
• Fed commentary: 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.