XRP News Today: Ripple Case—Why Today’s Meeting Could Change Everything; BTC at $97K

SEC Closed Meeting Under the Spotlight

The SEC is set to hold a closed meeting on Thursday, February 13, amid heightened market scrutiny. Several topics may be on the agenda after a flurry of activity in the courts, including:

• The SEC’s appeal against the Programmatic Sales of XRP ruling in the Ripple case.
• Acknowledgment of the Grayscale XRP-spot ETF filing.
• US whistleblower Empower Oversight’s lawsuit demanded the release of the Office of Inspector General’s (OIG) findings on potential crypto-related conflicts of interest within the SEC.

Even after Gary Gensler’s departure and Mark Uyeda’s appointment as acting Chair, the SEC has not clarified its approach to the Ripple appeal. As one of the highest-profile enforcement cases against a crypto firm, the Ripple case may be on hold as acting Chair Uyeda and Commissioner Hester Peirce potentially await Paul Atkins’ confirmation before taking further action.

However, the pressure is mounting. The closed meeting could provide the forum for the SEC to vote on whether to proceed with or withdraw its appeal in the Ripple case.

Former SEC lawyer John Reed Stark commented on Monday’s Binance court filing, stating:

“With respect to ongoing crypto-related SEC litigation, expect the SEC to direct the SEC trial unit to suspend all crypto-related litigation or, alternatively, to settle or dismiss all SEC crypto-related cases expeditiously in highly favorable terms to the crypto-defendants.”

Regarding SEC appeals, Stark added:

“With respect to ongoing crypto-related SEC appeals, expect all crypto-related appeals, including the appeal of the Ripple matter, to pause or even more likely, to be fully withdrawn.”

The outcome of the closed meeting could dictate XRP’s regulatory future and even accelerate the approval of XRP-spot ETFs.

Why Is Empower Oversight Suing the SEC?

Empower Oversight’s lawsuit could have direct implications for the Ripple case. Acting Chair Uyeda could justify an appeal withdrawal if the OIG investigation uncovers crypto conflicts of interest, where the agency acted biasedly against Ripple and XRP.

The controversy dates back to 2018, when former SEC Division of Corporation Finance Director William Hinman declared that bitcoin (BTC) and ethereum (ETH) were not securities. However, Empower Oversight alleges that Hinman received millions from his former employer, legal firm Simpson Thacher while advising the agency on crypto regulations.

After leaving the SEC, Hinman returned to Simpson Thacher, a firm that actively promotes Enterprise Ethereum. During the Ripple case, Judge Analisa Torres rejected at least six attempts by the SEC to shield the Hinman speech-related documents under the attorney-client privilege. The Hinman speech-related documents revealed that Hinman continued meeting with Simpson Thacher employees despite warnings from the SEC’s Ethics Division.

ETH and XRP competed in 2018 for the second-largest crypto by market cap. Hinman’s speech likely contributed to ETH cementing its status as the dominant alternative to BTC.

XRP Price Trends: Will the SEC Trigger a Move Toward $5

On Wednesday, February 12, XRP gained 2.52%, reversing Tuesday’s 0.46% loss, closing at $2.4741. The move aligned with the broader market, which rose 2.62%, taking the total crypto market cap to $3.18 trillion.

However, XRP remains well below the January 16 high of $3.3999 and its 2018 record high of $3.5505 as uncertainty about the SEC’s appeal lingers.

Key Price Scenarios:

• Bullish Case: If the SEC withdraws its appeal, XRP could rally past its all-time high of $3.5505.
• ETF Catalyst: Approval of an XRP-spot ETF may drive XRP toward $5, fueled by institutional demand.
• Bearish Case: If the SEC proceeds with the appeal and disapproves XRP-spot ETF applications, the token could slide below $1.50.

Click here to find out why analysts believe XRP could skyrocket—or crash—based on the SEC’s decision.

BTC Brushes Off US Inflation, Fed’s Hawkish Stances

Beyond SEC activity, the US CPI Report and Fed Chair Powell’s testimony failed to spook crypto investors on February 12.

The core inflation rate rose to 3.2% in January, up from 3.1% in December, sinking expectations of multiple 2025 Fed rate cuts. While testifying on Capitol Hill, Powell said the Fed is not quite there but acknowledged progress toward the 2% inflation target.

BTC dropped to a low of $94,106 before rebounding.

US Strategic Bitcoin Reserve in Focus

Wednesday’s brief pullback was followed by a rebound, with BTC gaining support from progress toward a national US Strategic Bitcoin Reserve (SBR). In late 2024, Senator Cynthia Lummis introduced the Bitcoin Act, proposing the US government acquire one million BTC over five years, with a mandatory holding period of 20 years. A US SBR would tilt the supply-demand balance firmly in BTC’s favor.

While Senator Lummis pushes for Congress to support the bill, state-level momentum is rising.

• The House for the US State of Utah recently passed legislation for an SBR.
• New Hampshire lawmakers introduced HB92, proposing that 10% of state funds be allocated to BTC ETFs.

The number of states eying an SBR is growing beyond Trump’s footprint. Massachusetts and New Hampshire, traditionally blue states, are also advancing BTC-related legislation.

If Congress passes the Bitcoin Act, it could fuel global FOMO, similar to past trends in gold accumulation.

Amicus Curiae attorney John E Deaton recently stated:

“If the US Government (USG) passes Senator Lummis’ Bill and begins buying BTC, it will no doubt cause other nations to follow suit, just like with gold. It could literally create Nation State FOMO, and if that occurs, $1M per BTC happens a lot faster than people think.”

Bitcoin Price Outlook

On Wednesday, February 12, BTC gained 2.17%, reversing Tuesday’s 1.71% loss, closing at $97,881.

While progress toward a national SBR remains crucial, other key factors to watch include:

• US Tariff policies and trade tensions.
• Upcoming US producer prices and jobless claims data.
• US BTC-Spot ETF Market Flow Trends.

Possible Scenarios:

• Bearish: Rising tariffs, strong US economic data, and a hawkish Fed could push BTC toward $90,000.
• Bullish: Easing US-China tensions, weaker US economic indicators, and increased BTC-spot ETF demand could send BTC toward its all-time high of $109,312.

Market Outlook: Regulatory Developments Remain Crucial

Traders should monitor these key developments:

1. The SEC’s stance on its Ripple case appeal.
2. US tariff policies and trade tensions.
3. The Fed’s monetary policy outlook.
4. Progress toward a US Strategic Bitcoin Reserve.

These developments may impact institutional adoption and market momentum.

Stay updated with our expert analysis of these developments and their implications for crypto markets. Explore the full analysis here.