XRP News Today: Ripple Case in SEC Spotlight as Settlement Clock Ticks; BTC at $104k

SEC Round Table to Spotlight the Ripple Case

On Monday, June 9, the SEC will hold its next round table on crypto regulation, potentially discussing the ongoing Ripple case. According to the agenda, SEC Chair Paul Atkins and SEC Commissioners Caroline Crenshaw, Mark Uyeda, and Hester Peirce are on the docket to deliver opening remarks.

In May, Commissioner Crenshaw dissented against the SEC and Ripple settlement agreement and joint filing, stating:

“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.”

With the SEC having dropped other high-profile cases, including lawsuits against Coinbase (COIN) and Binance, this may be the Commissioner’s opportunity to voice discord against the SEC’s changing attitudes toward crypto regulation.

References to the Ripple case may also offer insights into the SEC’s plans.

Since the US Court of Appeals granted a joint motion to put the SEC’s appeal on ice to allow both parties to settle, Judge Analisa Torres rejected a motion for an indicative ruling on settlement terms. Judge Torres denied the motion, citing procedural errors and inadequate arguments that a settlement serves the public and institutional investors.

However, the SEC is on the clock to file a second request for an indicative ruling. The Court of Appeals ordered the SEC to file a status report on settlement proceedings by June 16.

An indicative ruling is crucial as it could determine whether Ripple pursues its cross-appeal and whether the SEC progresses its appeal against the Programmatic Sales of XRP ruling.

Why Does the Appeal Withdrawal Matter?

In June 2023, Judge Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. If the ruling stands, it would end the debate on XRP’s classification as a commodity. The SEC could then potentially approve XRP-spot ETF applications. The launch of XRP-spot ETFs could significantly boost demand for the token, potentially leading to gains similar to bitcoin (BTC).

On the other hand, if the SEC successfully appeals the ruling, XRP and Ripple may remain in a legal battle for several more years as Ripple would likely challenge a reversal of Judge Torres’ ruling.

However, a settlement, including lifting the ban on XRP sales to institutional investors and reducing the $125 million penalty, would end the uncertainty impacting price trends. Notably, XRP has fallen 15% since Judge Torres denied the joint motion for an indicative ruling vs a broader crypto market loss of 2.4%.

XRP Price Outlook: Court Filings and ETF News

XRP rallied 3.16% on Friday, June 6, partially reversing Thursday’s 4.81% loss to close at $2.1622. Notably, the token outperformed the broader market, which rose 2.5%, taking the total crypto market cap to $3.2 trillion.

XRP’s near-term trajectory depends on Ripple case-related news and spot ETF-related updates.

A breakout above $2.20 could support a move toward $2.5 and the May 12 high of $2.6553. A sustained move through $2.6553 may enable the bulls to retest $3 and the record high of $3.5505. Conversely, a drop below $2 and the 200-day EMA could expose XRP to the $1.9299 support level.

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

US Jobs Report Eases Recession Risks, Driving BTC Demand

While XRP recovered from Thursday’s pullback, bitcoin (BTC) benefitted from an upbeat US Jobs Report easing recession jitters. Average hourly earnings increased 3.9% year-on-year in May, mirroring April’s rise. Nonfarm payrolls rose 139k after a 147k jump in April.

Resilient wage growth could boost consumer spending, bolstering the US economy as private consumption contributes over 60% to GDP.

BTC rallied from $104,026 to an intraday high of $105,423 after the release of the data.

BTC-Spot ETF Market Eyes Inflow on Labor Market Optimism

The President Trump-Elon Musk feud triggered US BTC-spot ETF market outflows of $278.4 million on June 5. However, easing Trump-Musk tensions and a solid US Jobs Report drove demand for BTC-spot ETFs on June 6. According to Farside Investors, key inflows included:

• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $11.5 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $22.8 million.
• Bitwise Bitcoin ETF (BITB) had net inflows of $31.8 million.

Excluding pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market registered total inflows of $82.7 million.

Market intelligence platform Santiment commented on the impact of the Trump-Musk feud, stating:

“The public downfall of Donald Trump’s and Elon Musk’s relationship has generated many polarizing reactions from the crypto community. While others may see it as nothing more than petty drama, others are showing legitimate fear that the two powerful pro-crypto individuals being at odds will create a long-term bearish outcome.”

Regarding BTC price action, Santiment added:

“At least initially, the crypto selloff was nearly instantaneous, as Bitcoin quickly dropped down to $101.5. But after a quick recovery as high as $105.4K today, the drama may be shaping up to be a “sell the rumor, but the news” event. Generally, when major crypto personalities see spikes in discussion rate, the chances of market reversals increase.”

BTC Price Outlook: Trade Developments, US Data, and ETF Flows

BTC advanced 2.72% on June 6, partially reversing the previous session’s 3% drop to close at $104,378.

The near-term trajectory hinges on legislative updates, the US economic data, Fed policy signals, trade headlines, and ETF flows.

Potential scenarios:

• Bearish Scenario: Rising trade tensions, legislation roadblocks, hotter US inflation, hawkish Fed cues, and ETF outflows could drag BTC below the 50-day Exponential Moving Average (EMA) and $100,000.
• Bullish Scenario: Easing in trade tensions, bipartisan support for crypto bills, softer US inflation, dovish Fed signals, and ETF inflows could drive BTC toward the record high of $111,917.

What to Watch

Investors should monitor Ripple case-related developments, US crypto legislative news, US inflation data, and Fed commentary. These factors will continue driving sentiment across XRP and BTC, potentially determining whether the tokens revisit recent highs.

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