XRP News Today: Will Judge Torres Unlock the Door to an XRP-Spot ETF? BTC at $103k

XRP-Spot ETF Deadlines Loom – Will the SEC Hit the Approve Button?

Intermediate review deadlines for XRP-spot ETF are fast approaching, questioning whether the SEC will approve. 21Shares XRP ETF, Bitwise XRP ETF, Canary Funds, Grayscale’s XRP Trust conversion to ETF, and WisdomTree have intermediate deadlines next week. The SEC recently extended its review of the Franklin XRP Fund by 45 days to June 17, suggesting similar delays may follow.

Ultimately, spot-ETF approval could hinge on whether it withdraws its appeal against the Programmatic Sales of XRP ruling in the Ripple case. However, any withdrawal depends on the court granting the SEC’s settlement request. The SEC filed the settlement letter, requesting the court to lift the injunction on XRP sales to institutional investors and to reduce the $125 million penalty.

If Judge Torres rejects the settlement, Ripple may proceed with its cross-appeal, prompting the SEC to pursue its appeal. An appeal could dent the chances of an XRP-spot ETF approval. In effect, the fate of these ETFs may rest more with the courts than with the SEC, despite the agency’s evolving stance on crypto.

Despite the uncertainty, market consensus leans toward approval by the final deadlines in October 2025. According to Polymarket, the chances of an XRP-spot ETF approval in 2025 stand at 80%, down from 87% in March, but up from 68% on April 22.

The launch of an XRP-spot ETF market could be crucial for XRP and its longer-term price outlook.

XRP Price Outlook: All Eyes on the Court

XRP fell 1.22% on Wednesday, May 14, partially reversing Tuesday’s 1.54% gain to close at $2.5525. Coincidentally, the crypto market cap also declined 1.22% to a total market cap of $3.29 trillion.

XRP’s near-term outlook hinges on several key drivers, including court rulings, XRP-spot ETF-related updates, and macroeconomic developments such as tariff updates.

Technical support stands at $2.5. A breakout above the May 12 high of $2.6553 could pave the way to $3.00 and potentially challenge the record high at $3.5505.

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

Bitcoin Dips Amid Rising Uncertainty

Bitcoin’s (BTC) decline mirrored XRP’s as investors weighed mounting legislative risks. Investor focus has turned to the GENIUS Act, set for another vote, potentially crucial for advancing other crypto legislation, including the Market Structure Bill and the Bitcoin Act.

Crypto America host Eleanor Terrett reported that bipartisan talks had resumed following last week’s failed cloture vote. While final text is still pending, the aim is to pass the bill before the Memorial Day recess. Timing, however, remains uncertain and depends on bipartisan cooperation.

There is growing concern that failure to pass the GENIUS Act could derail crypto legislation during the remainder of Trump’s second term. Amicus Curiae attorney John E. Deaton commented on the significance of the GENIUS Act, stating:

“If Congress can’t get the GENIUS Act passed, we won’t see a Market Structure’s Bill, which means we won’t see any long-lasting reform until 2029, depending on how the Presidential election goes.”

The GENIUS Act, Dollar Dominance, and the Bitcoin Act

Deaton emphasized the Bill’s urgency, calling it a political no-brainer that supports US financial leadership. He argued that the stablecoin legislation, better described as the ‘Dollar Dominance Bill’, is vital to counter global de-dollarization efforts and reinforce the USD’s role as the world’s reserve currency.

Deaton added:

“If politicians can’t get the Genius Act through, then there’s little chance more complex, long lasting, legislation will pass.”

Despite a pro-crypto Trump Administration, Deaton criticized the regulatory status quo, saying that the US still relies on laws from 1933 and court rulings from 1946 to regulate modern technologies like crypto and AI.

If blocked, the GENIUS Act’s failure could shelve the Bitcoin Act until 2029. Senator Cynthia Lummis recently reintroduced the Bitcoin Act, proposing the US acquire one million BTC over five years with a 20-year statutory hold. If passed, the move could significantly tighten supply and drive prices higher.

BTC rallied to a January 20, 2025, all-time high of $109,312 in hopes of becoming a US strategic reserve asset. However, BTC slid below $80,000 in April 2025 amid fading hopes of a sizeable government BTC purchase.

BTC Price Outlook: Watch Washington, the Fed, and Flows

Bitcoin fell 0.53% on May 14, partially reversing Tuesday’s 1.35% gain to close at $103,569. Despite the dip, BTC held above $100,000 for the sixth consecutive session, underscoring strong support.

Looking ahead, BTC’s price trends will likely depend on the GENIUS Act, trade developments, the Fed, and ETF flows.

Potential scenarios:

• Bearish Scenario: Rising trade tensions, hawkish Fed signals, a failed GENIUS Act vote, and ETF outflows. Bearish sentiment could send BTC toward $90,000.
• Bullish Scenario: Easing trade tensions, dovish Fed stance, successful legislation, ETF inflows. Bullish sentiment could drive BTC above the record high of $109,312.

What to Watch

Market participants are tracking Ripple’s legal case, upcoming ETF decisions, and macro data releases. A favorable court ruling could lift XRP sentiment. Meanwhile, policy clarity and investor risk appetite will influence the broader crypto trajectory.

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