XRP News Today: XRP Rallies 6.9% on ETF Momentum, Court Ruling in Focus; BTC at $105k

North American XRP-Spot ETF Sees Inflow Surge

3iQ launched the first North American XRP-spot ETF, the 3iQ XRP ETF (XRPQ), last week, trading on the Toronto Stock Exchange. 3iQ quashed any doubts about the demand for XRP-spot ETFs on Monday, June 23, stating:

“We are pleased to announce that after just three days of trading on the Toronto Stock Exchange, 3iQ XRP ETF has accumulated C$32 million in assets under management, making it the largest exchange-traded fund focused on XRP in Canada.”

3iQ President and CEO Pascal St-Jean added:

“Our XRP ETF’s impressive success after only a few days of trading, similar to what our Solana Staking ETF experienced very shortly after its launch, underscores the benefits we offer to both retail and institutional investors looking to increase exposure to digital assets.”

The XRP-spot ETF’s performance in the first few days underscored the potential impact of a US XRP-spot ETF market on XRP’s price trajectory.

SEC vs. Ripple Settlement Crucial for a US XRP-Spot ETF Launch

While the 3iQ XRP ETF enjoyed a positive start, US XRP-spot ETF issuers await a court ruling in the SEC vs. Ripple case, which could expedite the approval of pending applications. Ripple and the SEC filed a second joint motion on June 12, requesting an indicative ruling on settlement terms. The settlement terms include lifting the injunction prohibiting XRP sales to institutional investors and reducing the penalty to $50 million.

Ripple would drop its cross-appeal, while the SEC would withdraw its own appeal if Judge Torres agreed to the settlement terms. The SEC’s withdrawal of its appeal against the Programmatic Sales of XRP ruling would affirm XRP’s status as a non-security in secondary sales on exchanges, enabling the agency to approve pending spot ETF applications.

However, uncertainty about Judge Analisa Torres’ ruling has weighed on hopes for an XRP-spot ETF approval. Polymarket puts the odds of approval at 74%, down from 98.2% on June 3.

In May, Judge Torres rejected the first motion, citing procedural errors and inadequate arguments that a settlement serves the public and institutional investors.

If Judge Torres rejects the settlement terms a second time, Ripple and the SEC may progress with their appeals. In a worst-case scenario, a successful appeal against the Programmatic Sales ruling could lead to exchanges de-listing XRP. The SEC may also disapprove the spot ETF applications, adversely affecting XRP demand.

XRP Price Outlook: Court Rulings and ETF News

XRP soared 6.9% on Monday, June 23, reversing Sunday’s 2.06% loss to close at $2.1607. The token outperformed the broader crypto market, which rallied 4.93%, taking the total crypto market cap to $3.21 trillion.

The near-term XRP price outlook hinges on Judge Torres’ ruling, the SEC’s appeal moves, and XRP-spot ETF headlines.

A breakout above the 50-day Exponential Moving Average (EMA) could support a move toward the June 16 high of $2.3389. A sustained move above $2.3389 may enable the bulls to target the May high of $2.6553. Conversely, a drop below 200-day EMA could expose the $1.9299 support level.

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

Bitcoin Rebounds on Iran-Israel Ceasfire Headlines

While XRP continues to face legal uncertainties, bitcoin (BTC) benefited from a de-escalation in the Middle East conflict. On June 23, President Trump declared an Iran-Israel ceasefire, stating:

“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED!”

WTI crude oil prices plunged 9.22% to close Monday’s session at $66.775 as a ceasefire would end the threat of Iran closing the Strait of Hormuz. Falling oil prices would ease concerns about inflation and enable central banks to resume rate cut plans, boosting demand for risk assets.

US BTC-spot ETFs Extend Inflow Streak

The ceasefire boosted demand for BTC-spot ETFs, crucial for bitcoin’s price trajectory. According to Farside Investors, key inflows for June 23 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $105.7 million.
• Bitwise Bitcoin ETF (BITB) had net inflows of $14.6 million.
• Grayscale Bitcoin Mini Trust (BTC) reported net inflows of $10.1 million.

Excluding pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market registered total inflows of $133 million. Notably, the US BTC-spot ETF market may potentially extend its net inflow streak to ten sessions.

BTC Price Outlook: The Iran-Israel Conflict, Trade Headlines, and ETF Flows

BTC rallied 4.42% on June 23, reversing Sunday’s 1.17% drop to close at $105,442. The near-term price outlook depends on several key factors, including developments in the Middle East, tariff-related news, and ETF flows.

Potential scenarios:

• Bearish Scenario: Escalation in Middle East tensions, legislation roadblocks, US tariff threats, and ETF outflows. A combination of these may send BTC toward the 50-day Exponential Moving Average (EMA), bringing sub-$100,000 levels into play.
• Bullish Scenario: Progress toward a US-Iran nuclear deal, bipartisan support for the Bitcoin Act, easing trade tensions, and ETF inflows. Under these scenarios, BTC could target its all-time high of $111,917.

What to Watch

Investors should monitor developments in the Ripple case, legislative news, Iran-Israel war-related headlines, trade-related news, and ETF flows. These factors are crucial for near-term price trends. They may dictate whether XRP or BTC revisits record highs.

Explore analyst forecasts on where XRP and BTC may head next as legal and political factors unfold.