XRP News Today: XRP Flips USDT to Target ETH and the #2 Spot; BTC Hits $118k

SEC vs. Ripple Case: Investors Brush Off SEC Silence

A second closed SEC meeting failed to deliver a vote on whether to pursue or drop its appeal in the SEC vs. Ripple case. Unlike previous weeks, where XRP has dropped on post-closed SEC meeting sessions, investor optimism rides high over the agency withdrawing its appeal.

A shift in attitudes on Capitol Hill suggests SEC Chair Paul Atkins and the Commissioners have little choice but to drop the appeal.

The dynamic has changed for the US digital asset space, with crypto representatives now giving testimony rather than being grilled on Capitol Hill. This week, Ripple CEO Brad Garlinghouse delivered testimony at the Senate Banking Committee’s hearing titled ‘From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets’.

The Ripple CEO highlighted key court rulings from the Ripple case, stating:

“The court ruled in our favor on everything that mattered – including finding that the token XRP is not, in and of itself, a security. Our victory cleared the path for other market participants to fight back.”

He also referred to the US courts’ views on the SEC’s dirty legal tactics, commenting:

“You had Federal Judges saying things like the SEC was being arbitrary and capricious in their application of the law. You had Federal Judges saying that they were not following—quote—a faithful allegiance to the law. And so, my concern in depending upon an unelected appointee to make those decisions is that it assumes a good faith actor. And I think, what we saw in the most recent SEC was just a war against the industry at large without a consistent application of that law.”

XRP-Spot ETFs Volumes Underscore Potential for US Issuers

Market sentiment toward the ongoing shift in the US regulatory landscape and the potential end to the Ripple case drove demand for XRP ETFs.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas remarked:

“The XRP ETFs seeing surge in volume today, like 4-5x the norm, especially the 2x one XXRP, which is up 27% today, 55% this week with $120 million in volume… Teucrium rewarded for getting out early.”

The Teucrium 2x Long Daily XRP ETF launched in April 2025, seeking two times the daily price performance of XRP for a single day. XXRP’s performance suggests US XRP-spot ETFs could experience significant demand, potentially outmuscling the US ETH-spot ETF market.

An end to the Ripple case could expedite the approval of pending XRP-spot ETF applications. Notably, BlackRock may also file for an XRP-spot ETF on the resolution of the case, potentially crucial for the success of an XRP-spot ETF market.

Grayscale Turns Up the Heat on the SEC

Speculation about the SEC approving XRP-spot ETFs intensified after the SEC approved Grayscale’s filing for a rule change to convert its Digital Large Cap Fund (GDLC) into the Grayscale Digital Large Cap ETF (GDLC) on July 1. The ETF gives investors exposure to BTC, ETH, ADA, SOL, and XRP, but the SEC simultaneously issued a stay order delaying its launch.

On Friday, July 11, Bloomberg Intelligence Analyst James Seyffart reported a key development, stating:

“Grayscale and their lawyers filed a letter in response to the SEC’s ‘Stay’ order on GDLC’s ETF conversion arguing that the SEC didn’t have the power to do this.”

The SEC’s response will draw significant interest. In 2023, Grayscale successfully appealed against the SEC’s decision to decline the request to convert the Grayscale Bitcoin Trust into a spot ETF. The victory paved the way for a US BTC-spot ETF market. US BTC-spot ETF inflows contributed to BTC’s break above $100,000 and a July 11 record high of $118,288. In contrast, XRP remains well below its all-time high of $3.5505 despite striking a five-month high of $2.9763 on July 11.

An XRP-spot ETF launch could potentially see the token flip ETH for the #2 ranking by market cap.

XRP Price Outlook: Legislation, SEC Appeal Vote, and ETF Headlines

XRP soared 7.31% on Friday, July 11, following Thursday’s 5.84% rally, closing at $2.7324. The token outperformed the broader crypto market, which advanced 1.40%, lifting the total crypto market cap to $3.62 trillion.

XRP’s near-term trajectory hinges on the SEC’s appeal vote, US crypto legislation, and US XRP-spot ETF developments.

A breakout above the July 11 high of $2.9727 could pave the way to the 2025 high of $3.3999. A sustained move above $3.3999 may enable the bulls to target the 2018 all-time high of $3.5505.

Conversely, a drop below $2.50 could expose $2.40, potentially opening the door to retesting the $2.30 support level.

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

Bitcoin Hits $118,000 as FOMO Intensifies

While XRP hit a five-month high, bitcoin (BTC) struck a new all-time high of $118,288 (Binance Exchange) on July 11. Institutional demand, rising bets on a September Fed rate cut, easing US recession fears, and progress on the CLARITY Act boosted BTC demand.

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

The key drivers behind BTC’s breakout also drove buyer appetite for US BTC-spot ETFs. Inflows reached $1,175.6 million on July 10, extending the inflow streak to six sessions. On July 11, the ETF market could potentially extend the inflow streak to seven sessions. According to Farside Investors, key inflows for July 11 included:

• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $23.5 million.
• Grayscale Bitcoin Mini Trust (BTC) had net inflows of $20.9 million.
• VanEck Bitcoin ETF (HODL) reported net inflows of $20 million.

With BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $76.1 million. Significantly, the US BTC-spot ETF market has reported net inflows in 22 of the last 23 trading sessions, totaling $7,136.9 billion.

ETF Store President Nate Geraci remarked on the surge in demand for BTC-spot ETFs, stating:

“Another $1+bil into spot bitcoin ETFs *$2.7bill* for the week. Since Jan 2024 launch, there have been 7 days of inflows > $1bil. 2 of those are in the past 2 days.”

BTC Price Outlook: Legislation and Spot ETF Flows in Focus

BTC gained 1.5% on July 11, adding to Thursday’s 3.51% and closing at $116,886.

The near-term price trajectory hinges on several key factors, including legislative developments, the Fed’s policy stance, and spot ETF flow trends.

Potential scenarios:

• Bearish Scenario: Legislation setbacks, hawkish Fed cues, and ETF outflows. A combination of these may drag BTC toward $110,000, exposing the 50-day Exponential Moving Average (EMA).
• Bullish Scenario: Bipartisan support for crypto bills, dovish Fed signals, and ETF inflows. Under these scenarios, BTC could target $120,000.

What to Watch

Investors should track the key drivers, which could dictate if XRP and BTC can retest record highs. These include:

• Ripple case updates: SEC appeal plans.
• Legislative developments: Hearings and lawmaker votes.
• Fed guidance: 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.