XRP News Today: Ripple and SEC File Motion Before Key Court Deadline; BTC Slides

SEC vs. Ripple Case: Parties File Crucial Joint Motion

The SEC vs. Ripple case took center stage on Thursday, June 12, with the June 16 Court of Appeals deadline fast approaching. US attorney James Filan shared a joint court filing, where both parties sought to settle Judge Analisa Torres’ Final Judgment ahead of the deadline.

Ripple and the SEC jointly renewed their request for an indicative ruling to lift the injunction prohibiting XRP sales to institutional investors and to reduce the $125 million penalty. The parties filed the request ahead of the US Court of Appeals’ June 16 deadline for a progress report on the settlement.

Pro-crypto lawyer Bill Morgan broke down the key differences between the rejected first request and the second request, stating:

“In the joint motion filed today by the SEC and Ripple to show exceptional circumstances, the parties rely on authorities that have held that exceptional circumstances exist where modification of a judgment is necessary to facilitate a settlement that would obviate pending appeals and where relief from the judgment is a ‘necessary condition of settlement’.”

Morgan underscored the stakes, stating that unless a settlement is reached, the SEC and Ripple will proceed with their respective appeals and cross-appeals. He cautioned:

“Yet for months, influencers have been saying that it is over and the case is closed. This is not so. The fate of the current joint motion is very important.”

The Settlement, Appeals, and XRP-Spot ETFs

In recent weeks, we have discussed the significance of the settlement ruling on the Ripple case and the prospects of a US XRP-spot ETF approval.

A rejection from Judge Torres—whether of the joint motion or the proposed settlement—would pressure the SEC to pursue its appeal against the 2023 Programmatic Sales ruling.

In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The ruling has enabled ETF issuers to file XRP-spot ETF applications with the SEC.

A successful appeal of the ruling may complicate approval prospects for spot ETFs. In a worst-case scenario, a successful appeal would place XRP under the SEC’s oversight, leading to US exchanges de-listing the token. In this scenario, ETF issuers could lose access to active markets for XRP, potentially derailing approval prospects.

Despite the ongoing twists and turns in the legal saga, Polymarket puts the odds on a 2025 XRP-spot ETF approval at 89%

XRP Price Outlook: Court Rulings and ETF News

XRP slid 3.53% on Thursday, June 12, following Wednesday’s 1.53% loss to close at $2.1910. The sell-off tracked a broader crypto market decline, with total capitalization dropping 3.02% to $2.27 trillion.

Near-term XRP trends hinge on legal rulings and ETF-related headlines. A break above the 50-day EMA could open the door to retesting resistance at $2.50 and the May 12 high of $2.6553. Sustained momentum beyond this could lead the bulls to target $3 and the record high of $3.5505. Conversely, a break below the 200-day EMA risks exposing sub-$2 levels, with $1.9299 the next key support level.

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

Bitcoin Tumbles as Geopolitical Tensions Test Digital Gold Theory

While XRP dropped for a third consecutive session, bitcoin (BTC) extended its losses from the previous session.

Softer US core producer price and weaker-than-expected US jobless claims raised Fed rate cut bets, initially boosting BTC demand on June 12. BTC recovered from $106,607 to strike $108,508 before reversing as reports of Israel’s strike emerged.

News of Israel carrying out military strikes on Iran triggered a flight to safety, sending BTC and the broader crypto market deep into negative territory.

Gold prices climbed 0.93% to close at $3,386 on June 12 and extended its gains into June 13. In contrast, BTC dropped 2.17% in early trading, renewing questions over its status as digital gold. Bitcoin critic Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Asset Management, remarked:

“In response to Israel launching an airstrike against Iran, gold is up another $24 in early Asian trading, back above $3,410. Bitcoin, on the other hand, just tanked below $104.5K. Priced in gold, Bitcoin is now more than 15% below its Nov. 2021 peak.”

US BTC-Spot ETF Faces Outflow Risk Impacting Price Trends

The Israel-Iran headlines coincided with potential shifts in U.S. BTC-spot ETF flows. According to Farside Investors, key flow trends for June 12 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $197.2 million.
• ARK 21Shares Bitcoin ETF (ARKB) had net outflows of $10.7 million.

Excluding pending flow data for BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total outflows of $202 million after Wednesday’s inflows of $164.6 million. While rising Middle East tensions impacted demand for BTC-spot ETFs, the news of the Israel attack broke after the market close, potentially triggering heavier outflows on June 13.

These ETF flows remain central to BTC’s price discovery, reflecting investor confidence and liquidity shifts.

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

BTC slid 2.63% on June 12, following Wednesday’s 1.42% drop to close at $105,828. The short-term price outlook hinges on geopolitical risks, legislative news, incoming US economic data, and ETF flows.

Potential scenarios:

• Bearish Scenario: An escalating Israel-Iran conflict, legislation setbacks, weaker US consumer sentiment, and ETF outflows. These factors could send BTC below the 50-day Exponential Moving Average (EMA) and $100,000.
• Bullish Scenario: Easing geopolitical tensions, bipartisan support for crypto bills, improving US consumer sentiment, and ETF inflows. These events could send BTC toward the all-time high of $111,917.

What to Watch

Investors should monitor Judge Torres’ ruling in the Ripple case, legislative developments, Middle East-related headlines, and ETF flow trends. These factors remain crucial for XRP and BTC price trends and could dictate whether either token revisits record highs.

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