XRP News Today: SEC Vote Looms – Will Appeal Withdrawal Spark a Rally? BTC Eyes $100k

SEC Closed Meeting: Will There Be an Appeal Withdrawal?

On Thursday, May 8, the SEC vs. Ripple case returns to the spotlight, potentially influencing XRP demand. A scheduled SEC closed meeting will give Chair Atkins and the Commissioners a quorum to vote on key elements of the case. Potential topics include lifting the injunction on XRP institutional sales, reducing the $125 million penalty, and withdrawing the appeal against the Programmatic Sales of XRP ruling.

SEC staff have agreed to lift the injunction and reduce the penalty. Ripple and the SEC filed a joint motion, requesting a pause in the appeal process, citing progress toward a settlement. The motion reaffirms Ripple’s confirmation that the agency intends to withdraw its appeal.

Still, these outcomes hinge on a formal Commission vote, which favor Ripple. Republicans Chair Atkins and Commissioners Mark Uyeda and Hester Peirce, known for supporting pro-crypto policies, may align with President Trump’s agenda. Having dismissed the Coinbase (COIN) case in February, the Commission may also favor dropping the appeal and finalizing Judge Torres’ ruling. Until then, XRP remains well below its January peak of $3.3999 and all-time high of $3.5505.

Former SEC lawyer John Reed Stark reacted to remarks from the new Chief of the SEC Cyber and Emerging Technologies Unit, stating:

“BREAKING NEWS: The new Chief of the SEC Cyber and Emerging Technologies Unit (formerly the SEC Crypto Unit), speaks for the first time publicly. Stick a fork in SEC crypto-enforcement, it’s done.”

On May 4, Stark had already delivered a critical view:

“The entire crypto enforcement program at the SEC has been absolutely demolished … There’s no audits, no inspections, no examinations, no net capital requirements, there’s no cyber security requirements, there’s nothing.”

XRP Outlook: Legal Momentum and ETF Trends

XRP fell 1.31% on Wednesday, May 7, reversing Tuesday’s 1.08% gain to close at $2.1267. The token underperformed the broader crypto market, which rose 0.08%, taking the total crypto market cap to $2.95 trillion. Uncertainty surrounding the SEC’s legal strategies and the prospects of an XRP-spot ETF approval weighed on XRP demand.

The SEC’s appeal withdrawal could enable the agency to approve pending XRP-spot ETF applications, potentially boosting XRP demand.

XRP’s short-term price direction hinges on several catalysts:

• SEC votes, court filings, and appeal withdrawal.
• XRP-spot ETF-related updates.
• Broader macro factors, including US-China trade developments.

Key support lies at $2.10. A breakout above $2.50 could trigger a run at $3.00 and a retest of the all-time high at $3.5505.

See our full XRP forecast here.

Bitcoin Rebounds on Fed Chair Powell’s Comments

While XRP faltered, bitcoin (BTC) responded positively to Fed Chair Powell’s press conference. On May 7, the Fed left interest rates at 4.5%. Powell warned of potential economic drag from tariffs, raising stagflation risks. Despite the risks, Powell described the economy as resilient and in good shape, signaling a data-dependent approach.

Bitcoin climbed from $95,822 to $97,349 following Powell’s remarks before trimming gains.

Institutional Demand Picks Up

Institutional investors responded positively to the Fed’s policy decision and Powell’s press conference, supporting BTC’s session gains. According to Farside Investors, key inflow trends for May 7 included:

• ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $54.7 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $39.9 million.
• Bitwise Bitcoin ETF (BITB) reported net inflows of $10.5 million.

Excluding pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net inflows of $105.1 million on May 7, potentially reversing Tuesday’s outflows of $85.7 million. Notably, IBIT could extend its inflow streak to seventeen sessions.

BTC Price Outlook: Policy and Legislation in Focus

BTC rose 0.17% on May 7, following Tuesday’s 2.19% rally, closing at $97,013.

Key factors likely influencing BTC’s price trajectory include Fed commentary, Bitcoin Act news, and ETF flow trends.

Key scenarios include:

• Bearish Scenario: Rising US-China tensions, hawkish Fed rhetoric, US recession concerns, resistance to the Bitcoin Act, and ETF outflows. Bearish sentiment could send BTC toward $90,000.
• Bullish Scenario: Upbeat US-China trade talks, a dovish Fed outlook, pro-crypto legislation, and ETF inflows. Bullish sentiment could drive BTC above $100,000.

Senator Cynthia Lummis recently reintroduced the Bitcoin Act, proposing the US acquire one million BTC over five years with a 20-year hold. If passed, the bill would significantly tighten long-term BTC supply.

This week, two developments at the state level suggested the Bitcoin Act may face political challenges on Capitol Hill. While New Hampshire Governor Kelly Ayotte signed a bill allowing state investment in digital assets and metals, Arizona’s Governor Katie Hobbs vetoed similar legislation.

What to Watch

Traders should closely follow SEC decisions in the Ripple case, BTC-spot ETF flows, and US economic updates. A favorable SEC vote may lift XRP, while broader sentiment across crypto markets will depend on regulatory clarity and global risk appetite.

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