XRP News Today: XRP Lags ETH—But Could an SEC Reversal Ignite a Rally? BTC at $117k

Ripple Case: Did the SEC Vote to Drop the Appeal

As the SEC holds its fourth closed-door meeting, speculation over Ripple’s legal fate heats up. On Thursday, July 24, the SEC held its fourth closed meeting since Judge Analisa Torres rejected a joint motion for an indicative ruling on settlement terms in the SEC vs. Ripple case.

Speculation over a vote to drop the appeal against the Programmatic Sales of XRP ruling intensified in the lead-up to the meeting. A vote to withdraw the appeal would bring an end to the four-and-a-half-year legal saga that started back in 2020 and potentially trigger another XRP breakout.

Earlier in the Thursday session, XRP rallied from a session low of $2.9575 to a high of $3.2683 in anticipation before pulling back.

SEC Stay Orders and ETF Delays

A further delay to the appeal-withdrawal vote may push back the launch of XRP-linked and XRP-spot ETFs. In recent weeks, the SEC approved rule changes for the conversion of the Grayscale Digital Large Cap Fund and Bitwise 10 Crypto Index into ETFs. Despite this, the agency issued stay orders, preventing the issuers from launching the ETFs.

The SEC issued the stay order to roll out a framework/listing standards for crypto-spot ETFs. However, REX-Osprey SOL ETF launched on July 2, one day after the planned launch date of Grayscale’s Digital Large Cap ETF, suggesting other reasons for the delay.

Bloomberg Intelligence ETF Analyst James Seyffart gave two potential reasons for the stay orders. While suggesting the framework for crypto ETF listings, he also said that one SEC Commissioner could be slowing things down. The same SEC Commissioner, potentially Caroline Crenshaw, may also be affecting the timeline for an appeal vote.

Commissioner Crenshaw’s Opposition

In May, Commissioner Crenshaw dissented from the first motion for an indicative ruling on settlement terms, arguing:

“This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws. This is not a settlement I can support.”

Commissioner Crenshaw, a Democrat, is expected to also vote against an appeal withdrawal, though it is unlikely to influence the outcome.

Legal Timeline and Analyst Insights

Former SEC lawyer Marc Fagel remarked on the prospect of an SEC vote to drop the appeal, stating:

“There’s no doubt the SEC will be voting to dismiss the Ripple appeal in the coming weeks, but nobody outside the SEC knows exactly when.”

However, the SEC may be running out of time, given that the agency must submit a status report on progress toward a settlement to the Court of Appeals by August 15. The closed meeting slated for August 14 could be the date for the vote.

Notably, a continued delay may impact XRP demand given recent inflows into BTC, ETH, and SOL spot ETFs. Since Judge Torres rejected the joint motion, ETH has seen inflows soar, driving the token to a seven-month high of $3,860. SOL has also benefited from inflows of $105.4 million since launch.

XRP has gained 39% in July to date. While underperforming ETH’s 47% gain, the token is outperforming SOL (+18%), underscoring optimism about an appeal withdrawal and approval of pending XRP-spot ETF applications.

XRP Price Outlook: SEC Appeal and ETFs in the Spotlight

XRP fell 1.26% on Thursday, July 24, following Wednesday’s 10.41% plunge, closing at $3.1453. The token underperformed the broader crypto market, which declined 0.28% to a total crypto market cap of $3.81 trillion.

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

A breakout above $3.3 could pave the way to the July 18 all-time high of $3.6606. A sustained move through $3.6606 may bring the $4 level into sight. Conversely, a drop below the $3 level may enable the bears to target $2.8.

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

Bitcoin Pulls Back Ahead of Key White House Crypto Report

While XRP extended its losses on the SEC’s silence, bitcoin (BTC) retreated as investors awaited a potential price catalyst. Markets expected the White House Crypto report on July 22. Ahead of the planned release, hopes of the Presidential Working Group on Digital Asset Markets recommending the US government build its BTC stockpile lifted sentiment.

However, the public may have to wait until the end of the month to gain access to the report. Crypto America host and journalist Eleanor Terrett recently commented:

“The report is officially due tomorrow, but a White House official tells me it will be released to the public before the end of the month.”

Some profit-taking and BTC-spot ETF outflows led to the drop below $118,000. Despite the drop, the outlook remains bullish. Market intelligence platform Santiment commented:

“Bitcoin retail has been quiet, with few calls for higher price levels. The dust has settled from the July 14th $123,077 all-time high, and traders have shown signs of doubt. If this trend continues, it could lead to another quick ath.”

BTC-Spot ETF Market Snaps Outflow Streak

On July 23, the US BTC-spot ETF market extended its outflow streak to three sessions, contributing to BTC’s losses. However, ETF issuers could potentially snap the three-day losing streak on July 24, potentially lifting market sentiment. According to Farside Investors, key outflows for July 24 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $106.8 million.
• VanEck Bitcoin ETF (HODL) reported net inflows of $46.4 million.
• Bitwise Bitcoin ETF (BITB) had net inflows of $29.8 million.

With BlackRock (BLK) iShares Bitcoin Trust (IBIT) flow data pending, total US BTC-spot ETF inflows reached $194.2 million. A return to net inflows could tilt BTC’s supply-demand balance back in bitcoin’s favor.

BTC Price Outlook: Capitol Hill and Spot ETF Flows in Focus

BTC slipped 0.35% on July 24, following Wednesday’s 0.99% loss, closing at $118,382.

The near-term price trajectory hinges on several key drivers. These include the progress of crypto legislation on Capitol Hill, Strategic Reserve Asset-related developments, and spot ETF flow trends.

Potential scenarios:

• Bearish Scenario: Legislation roadblocks, US government silence on building its BTC stockpile, hawkish Fed rhetoric, and ETF outflows. A combination of these may pull BTC toward $115,000, potentially exposing the 50-day Exponential Moving Average (EMA).
• Bullish Scenario: Bipartisan support for crypto bills, US government greenlight to increase its BTC stockpile, dovish Fed cues, and ETF inflows. Under these scenarios, BTC could target the all-time high of $122,057.

What to Watch

Investors should continue to track the key drivers, which will likely determine whether XRP and BTC can hit new record highs. These include:

• Ripple case updates: Pending SEC appeal vote.
• US Presidential Working Group Report: Recommendations for crypto stockpiling.
• Legislative developments: Progress on Capitol Hill.
• 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.