XRP News Today: Settlement Countdown Fuels Speculation of ETF Greenlight; BTC at $96k

SEC vs. Ripple: Is an SEC Appeal Vote Looming?

Developments in the ongoing SEC vs. Ripple case remain crucial for XRP’s supply-demand outlook. Investors await an SEC court filing requesting Judge Analisa Torres to vacate the injunction prohibiting XRP sales to institutional investors and reduce the $125 million penalty.

Modification of Judge Torres’ Final Judgment may trigger a series of crucial events potentially culminating in a US XRP-spot ETF market. If Judge Torres lifts the injunction and lowers the penalty:

• SEC will withdraw its appeal against the Programmatic Sales of XRP ruling.
• Ripple would pull its cross-appeal.
• SEC may review and approve pending XRP-spot ETF applications.

The SEC and Ripple jointly filed a motion to pause the appeal on April 10, citing the prospect of a settlement. Both parties have until June 16 to finalize terms, which could result in the SEC withdrawing its appeal. A successful resolution could signal SEC openness to expanding the crypto ETF market to include XRP.

Pro-crypto lawyer Bill Morgan highlighted a potential link between the case timeline and XRP-spot ETF decisions, noting:

“Oddly, the delay of the ETF approval to 17 June 2025 is to a date that falls just after the expiry of the 60 day period by which a status report must be filed by the SEC in the SEC v Ripple appeal pursuant to the court order dated 16 April 2025.”

XRP Outlook: Legal Proceedings and ETF Prospects in Focus

XRP slipped 0.14% on Friday, May 2, partially reversing Thursday’s 0.95% gain to close at $2.2097. The token underperformed the broader crypto market, which climbed 0.29%, taking the total crypto market cap to $2.97 trillion. A lack of developments in the Ripple case left XRP trailing the broader market.

Looking ahead, XRP price trends will hinge on:

• Progress in the legal proceedings.
• Updates on XRP-spot ETF filings.
• Broader macroeconomic signals, including Fed policy and US-China trade developments.

Technically, support lies at $2.10. A breakout above $2.50 could open a path toward $3.00 and a potential retest of the all-time high at $3.5505.

See our full XRP forecast here.

Bitcoin Eyes $100,000 as Trade Tensions Ease

XRP’s drop failed to impact bitcoin (BTC) demand on May 2 as trade developments and US economic data boosted demand for risk assets.

The US Jobs Report signaled a resilient labor market, with the unemployment rate and wage growth steady while nonfarm payrolls jumped by 177k in April. BTC rallied to a post-Jobs Report high of $97,997, its highest since February 21.

Meanwhile, easing US-China trade tensions bolstered the appetite for risk assets. The Nasdaq Composite Index ended Friday up 1.51% on the news that China may resume trade talks with the US.

Julio Moreno, Head of Research at CryptoQuant, shared BTC’s Bull Score Index Chart, stating:

“CryptoQuant’s Bull Score Index is now at 80, well inside bullish territory, and at the highest level since Jan 30.”

ETF Flows Reinforce Bullish Sentiment

A thaw in US-China relations fueled BTC-spot ETF demand. On May 1, US BTC-spot ETF issuers reported net inflows of $422.5 million. On May 2, further inflows hinge on BlackRock’s (BLK) iShares Bitcoin Trust (IBIT). According to Farside investors, ten of the eleven US BTC-spot ETF issuers reported zero net flows. BTC-spot ETF flow trends are crucial for BTC’s supply-demand trajectory.

In April, the spot ETF market reported net inflows of $2,942.1 million, helping drive BTC’s 14% monthly gain.

Longer term, legislation could also be key. Senator Cynthia Lummis reintroduced the Bitcoin Act, proposing the US acquire one million BTC over five years with a 20-year holding period, potentially a major demand catalyst. On May 2, Senator Lummis commented:

“The Bitcoin Act is the only solution to our nation’s $36T debt. I’m grateful for a forward-thinking president who not only recognizes this, but acts on it.”

BTC Price Outlook: Policy and Legislation in Focus

BTC rose 0.5% on May 2, extending Thursday’s 2.43% rally to close at $96,939.

Key drivers for BTC’s near-term direction include:

• Bearish Scenario: Escalation in the US-China war, hawkish Fed rhetoric, soft US economic data, resistance to the Bitcoin Act, and renewed ETF outflows. Bearish sentiment could send BTC below $90,000.
• Bullish Scenario: Easing US-China tensions, a dovish Fed stance, upbeat US data, pro-crypto legislation, and sustained ETF inflows. Bullish sentiment could drive BTC above $100,000.

What to Watch

Investors should track progress in the Ripple case, ETF flows, macroeconomic trends, and central bank guidance. A favorable ruling for Ripple could boost XRP, while the broader crypto market direction hinges on regulatory clarity and global risk sentiment.

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