XRP News Today: XRP Surges on Pre-SEC Meeting Hopes and ETF Speculation; BTC at $114k

XRP Gets Pre-Closed SEC Meeting Boost

XRP made the news headlines on Sunday, August 3, as investors reacted to a USA Today news piece titled ‘XRP is the smartest cryptocurrency to buy with $500 right now. The article potentially originated from a previous piece, ‘Could a $500 Investment in XRP Turn Into $50,000 by 2020?’

Notably, the original article considers one key price catalyst, Ripple capturing 14% of SWIFT’s global cross-border volume. 14% reportedly equates to over $20 trillion in annual transactions. While 14% would be significant for XRP utilization, eating into SWIFT’s volume may also expedite the adoption of Ripple’s products globally, further boosting XRP adoption and prices.

Amicus Curiae attorney and Crypto Law founder John E. Deaton commented on the recent price action, stating:

“We may be in a bull market.”

XRP rebounded on Sunday and has extended its gains in early trading on Monday, August 4.

SEC vs. Ripple: Another Week, Another Closed Meeting

While the article gave XRP the headlines, the SEC vs. Ripple case and XRP-spot ETFs remain the focal points. Optimism over the SEC dropping its appeal against the Programmatic Sales of XRP ruling continues to bolster the token’s demand.

The SEC could expedite its review of pending XRP-spot ETFs if it withdraws its appeal. The next closed SEC meeting is slated for August 7, providing SEC Chair Atkins and the Commissioners an opportunity to vote on dropping the appeal. Given that the SEC must submit a status report on the recently rejected settlement terms by August 15, a vote could be imminent.

Five closed SEC meetings have taken place since Judge Analisa Torres rejected the SEC and Ripple’s joint motion for an indicative ruling on settlement terms.

XRP Price Outlook: SEC Appeal and Spot ETFs

XRP snapped a four-day losing streak on Sunday, August 3, rallying 6.61%. Reversing Saturday’s 6.54% loss, the token closed at $2.9503. XRP outperformed the broader market, which rose 2.06%, taking the total crypto market cap to $3.66 trillion.

XRP’s near-term price outlook hinges on several key catalysts, including:

• The SEC’s appeal vote.
• XRP-spot ETF-related news
• Ripple’s push for a US banking license.
• SWIFT-related news
• Legislation: The CLARITY Act and 21ST Century Mortgage Act’s progress on Capitol Hill.

A breakout above $3.2 could enable the bulls to target the July 28 high of $3.3302. A sustained move above $3.3302 may pave the way to the record high of $3.6606. Conversely, a drop below the $3 level could bring the $2.8 level and the 50-day EMA into sight.

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

Dip Buyers Trigger Bitcoin Rebound

Bitcoin (BTC) joined XRP in a broad-based crypto market recovery on August 3. Concerns about the US labor market and rising stagflation risks eased, shifting investor focus to the Fed’s policy outlook. Rising bets on a September Fed rate cut could boost demand for risk assets such as BTC.

According to the CME FedWatch Tool, the chances of a September Fed rate cut surged from 37.2% on July 31 to 82.7% on August 4.

Notably, expectations of a September Fed rate cut lifted US futures in early trading on August 4. The Nasdaq Composite and S&P 500 had fallen 2.24% and 1.6%, respectively, as investors reacted to the US Jobs Report.

US BTC-Spot ETF Market Sees Outflow Surge

Despite Sunday’s rebound and further gains in early trading on August 4, BTC remains well below its record high of $122,055. The US BTC-spot ETF market snapped a seven-week winning streak last week, with total net outflows of $642.9 million.

However, general flows remain bullish signals for BTC’s price trajectory. The US BTC-spot ETF reported total net inflows of $6 billion in July, up from $4.6 billion in June. Similar flows in August may lift BTC to new highs.

BTC Price Outlook: US Inflation and Spot ETF Flows in Focus

BTC rallied 1.52% on Sunday, August 3, reversing Saturday’s 0.67% loss to close at $114,312.

Several key drivers will continue to influence the near-term price trajectory. These include:

• US Services PMI and labor market data.
• Fed commentary.
• Legislative Developments: The CLARITY Act’s progress on Capitol Hill.
• BTC-spot ETF flows.

Potential scenarios:

• Bearish Scenario: Legislation roadblocks, weaker services PMI data, hawkish Fed rhetoric, and ETF outflows. A combination of these may push BTC below the 50-day Exponential Moving Average (EMA), exposing the $110,000 support level.
• Bullish Scenario: Bipartisan support for the CLARITY Act, stronger Services PMI data, dovish Fed chatter, and ETF inflows. In this case, BTC could target the all-time high of $122,055.

Key Market Drivers to Fuel or Derail a Breakout

Traders should closely track these key catalysts to gauge whether XRP and BTC mount extended recoveries:

• Ripple case updates: Pending SEC appeal vote.
• Legislative developments: The CLARITY Act.
• US economic data: ISM Services PMI and Jobless Claims.
• Fed commentary: 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.