XRP News Today: Ripple’s Cross-Appeal and ETFs in Focus; BTC Drops Below $85k

SEC Appeal Withdrawal Puts Spotlight on Ripple’s Cross-Appeal

On Wednesday, March 19, the SEC withdrew its appeal against Judge Analisa Torres’ ruling on Programmatic Sales of XRP. XRP surged 11.48% in response, closing at $2.5482. However, despite the gains, it remained well below January’s high of $3.3999 and its all-time high of $3.5505.

On March 20, XRP pared some gains as investors considered the SEC’s withdrawal and Ripple’s cross-appeal.

The appeal withdrawal reduces uncertainty regarding XRP’s classification in blind trades on exchanges, though broader regulatory clarity remains crucial. Judge Torres’ Final Judgment remains an obstacle to Ripple’s US expansion goals. In August 2024, Judge Torres ordered Ripple to pay a $125 million penalty for violating US securities laws and granted an injunction against XRP sales to institutional investors.

At the time of filing the cross-appeal, Ripple Chief Legal Officer Stuart Alderoty stated:

“Ripple filed a cross-appeal to ensure nothing’s left on the table, including the argument that there can’t be an “investment contract” without there being essential rights and obligations found in a contract.”

A settlement where the SEC agrees with Ripple’s cross-appeal, without going through the appellate courts could remove restrictions on institutional XRP sales. This could accelerate XRP adoption through Ripple’s remittance products. Legal clarity would enable Ripple to forge partnerships with US financial institutions.

XRP-Spot ETF Filings in Focus Post-Appeal Withdrawal

The SEC’s appeal withdrawal may also boost institutional demand through another route. An official withdrawal would clear the way for the SEC to approve XRP-spot ETF applications. Similarly to BTC-spot ETFs fueling Bitcoin demand, an XRP-spot ETF market could drive institutional inflows.

However, before an XRP-spot ETF approval, the SEC must formally announce the appeal withdrawal. On March 20, former Fox Business journalist Eleanor Terret commented:

“Not yet because the Commission still has to formally approve the withdrawal. Once that happens, we’ll likely see a similar press release to the one the SEC put out about dismissing the lawsuit against Coinbase a few weeks ago. The Commission usually deals with matters of litigation and enforcement during their closed meetings and so will probably address the Ripple dismissal at its next closed door meeting which is next Thursday.”

She also pointed out that Coinbase (COIN) CEO Brian Armstrong announced the SEC lawsuit dismissal a week before the SEC publicly acknowledged it.

XRP Price Outlook: Cross-Appeal and ETFs in Focus

On Thursday, March 20, XRP slid by 4.43%, partially reversing Wednesday’s 11.48% breakout to close at $2.4352. XRP underperformed the broader market, which dropped 2.72% to a total crypto market cap of $2.72 trillion. Profit-taking ahead of the SEC’s formal withdrawal announcement and uncertainty surrounding Ripple’s cross-appeal may have weighed on sentiment.

Key factors influencing XRP’s price outlook:

• Ripple Cross-Appeal Strategy: A settlement could push XRP above $3.55, while continued legal uncertainty may see it dip below $2.
• XRP-Spot ETF Prospects: An ETF approval could drive institutional inflows, sending XRP toward $5, but legal hurdles may delay progress.
• Macro Risks: Rising trade tensions and US recession fears could drag XRP to its February low of $1.7938. Conversely, easing tensions and a resilient US economy could drive XRP toward $3.

Read expert analysis on what could drive XRP to new highs here.

Bitcoin and the Trump Effect

XRP’s decline coincided with bitcoin’s (BTC) drop below $85k on March 20. President Trump appeared at the Blockworks Digital Asset Summit in New York, fueling speculation about zero capital gains taxes on selected cryptos. There were also hopes for more detail on Trump’s Strategic Bitcoin Reserve (SBR) plan.

However, Trump’s comments fell short of expectations. He reiterated his pledge to hold the government’s BTC stockpile and future confiscations. Investors had hoped he would announce plans to expand the US BTC reserves, currently valued at $17.13 billion.

While Trump was silent on acquiring more BTC, the Bitcoin Act could still influence BTC’s supply-demand trajectory.

Senator Cynthia Lummis reintroduced the Bitcoin Act on March 11. If passed, the bill would authorize the US government to acquire one million BTC over five years, with a 20-year mandatory holding period.

Bitcoin Price Scenarios: Key Levels to Watch

On March 20, BTC dropped 3.06%, partially reversing Wednesday’s 5.01% rally to close at $84,216. Thursday’s pullback left BTC below the $100k level for the 41st consecutive session.

Potential BTC price scenarios:

• Bearish: Escalating trade tensions, recession fears, opposition to the Bitcoin Act, and ETF outflows could send BTC toward $70,000.
• Bullish: Easing trade tensions, economic resilience, growing Bitcoin Act support, and extended ETF inflows could push BTC toward $109,312.

Market Outlook: Key Drivers

Several macroeconomic and regulatory factors will influence crypto market trends in the coming weeks:

• Ripple Cross Appeal or Settlement: A settlement could fuel a broad crypto rally. Judge Torres’ injunction and penalty rulings remain key.
• US Tariff Policy: Rising tariffs may force the Federal Reserve to take a more hawkish stance, increasing recession risks.
• Strategic BTC Reserve: Government support for the Bitcoin Act could accelerate institutional BTC adoption.
• BTC-Spot ETF Flows: Institutional demand remains a primary driver of Bitcoin’s price action.

While the SEC’s retreat may ease regulatory concerns, long-term institutional confidence in crypto will depend on further regulatory clarity in the US.

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