XRP News Today: Ripple’s US Push on Hold as SEC Delays Appeal Vote; BTC Dips to $84k

SEC Closed Meeting Passes Without Appeal Withdrawal

The SEC’s silence on withdrawing its appeal against the Programmatic Sales of XRP ruling has weighed heavily on XRP this week. Markets had expected an official announcement after Thursday’s closed SEC meeting, but none occurred.

This contrasts with the SEC’s swift action in dismissing the Coinbase (COIN) case, just one week after CEO Brian Armstrong declared enforcement proceedings were over. Ripple CEO Brad Garlinghouse marked the end of Ripple’s case on March 19.

It remains unclear why the SEC has not yet voted on the appeal withdrawal, particularly if both parties have agreed on filing amendments to Judge Analisa’s Final Judgment. Eleanor Terrett, journalist and host of CryptoAmerica, downplayed the SEC’s silence, stating:

“The SEC now has to go to the Southern District and ask Judge Torres to lift the standard injunction. Once that is done, they can vote on everything at once, including the withdrawing of the appeal.”

Will Ripple Drop Its Cross Appeal With an SEC Withdrawal?

However, Ripple is unlikely to drop its cross-appeal if the SEC does not withdraw. The cross-appeal serves as a direct response to the SEC’s legal strategy. A withdrawal could trigger a favorable chain of events, potentially boosting XRP demand, including:

• Penalty reduction for violating US securities laws from $150 million to $50 million.
• Vacating the injunction, ending the prohibition of XRP sales to US institutional investors.
• XRP-spot ETF approvals.
• US bank adoption of Ripple’s ODL and remittance platforms.

On Friday, March 28, news of Indian banks testing XRP-based private ledgers to support efficient bank-to-bank money transfers provided little comfort. The US market would be Ripple’s “Holy Grail.”

For perspective, the US plays a major role in global remittance flows. Analysts forecast the remittance outflow market to increase from $83.39 billion in 2023 to $103.89 billion by 2028. Strategic partnerships aimed at simplifying remittances may place Ripple in a transformative position. However, a formal resolution to the legal battle remains essential to open the US remittance corridor.

XRP Price Outlook Hinges on SEC Activity

On Friday, March 28, XRP tumbled 5.69%, following Thursday’s 0.46% loss, closing at $2.2075. The token underperformed the broader market, which dropped 3.61% to a total crypto market cap of $2.7 trillion.

While the SEC vs. Ripple case remains the focal point, progress toward an XRP-spot ETF market and Ripple’s progress in the US are also crucial.

Key factors influencing XRP’s price outlook:

• SEC vs. Ripple Court Filings: The SEC’s appeal withdrawal and motions to vacate the injunction.
• XRP-Spot ETF Prospects: Progress on XRP-spot ETF approvals, with 18 XRP ETF applications currently under SEC review. Approval could lift XRP toward $3.5505, while delays may limit the upside.
• Broader macro risks: Trade tensions or US recession fears could push XRP to $1.7938, while easing concerns may allow recovery toward $3.

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

Bitcoin Tumbles as US Tariffs and Inflation Trigger Flight to Safety

XRP’s sell-off coincided with bitcoin (BTC) dropping below the crucial $85k level for the first time in five sessions. Risk sentiment deteriorated on March 28 after US economic indicators triggered a flight to safety.

Two economic indicators had a significant impact on risk sentiment:

• The US Core PCE Price Index increased 2.8% year-on-year (YoY) in February after rising 2.7% in January.
• The Michigan Consumer Inflation Expectations Index jumped to 5% in March, up from 4.3% in February.

The hotter-than-expected inflation data followed Trump’s 25% tariff on all US car imports, another potential inflation amplifier. Fears of rising inflation forcing the Fed into a more hawkish policy stance impacted risk assets, including BTC. On March 28, the Nasdaq Composite Index slid 2.59% on the same day.

BTC-Spot ETF Inflows Signal Resilient Institutional Demand

Despite macro headwinds, institutional interest in BTC remained resilient. On Friday, March 28, the US BTC-spot ETF market potentially snapped a 10-day inflow streak. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net outflows of $93.2 million on March 28.
• Excluding BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market had net inflows of $93.2 million, leaving the continuation of the streak dependent solely on IBIT.

Several factors could be bolstering institutional demand:

• Senator Cynthia Lummis reintroduced the Bitcoin Act, proposing the US government acquire one million BTC over five years, with a 20-year holding mandate.
• The FDIC removed approval requirements for institutions engaging in crypto activities.
• The US Bitcoin Strategic Reserve mitigates oversupply risks.

Bitcoin Price Outlook: Key Scenarios

On March 28, BTC slid by 3.23%, reversing a 0.34% gain from Thursday, closing at $84,423.

Potential scenarios:

• Bearish Scenario: Rising geopolitical tensions, political pushback on the Bitcoin Act, or extended ETF outflows could pressure BTC toward $70,000.
• Bullish Scenario: Strong macro data, easing trade concerns, bipartisan backing for the Bitcoin Act, and steady ETF inflows may lift BTC toward $109,312.

Market Outlook: Themes to Watch

Several macro and regulatory factors will influence market direction

• Final resolution of the SEC vs. Ripple case.
• Evolving US trade policy.
• Progress in the Bitcoin Act.
• BTC-spot ETF market flows.

While recent SEC decisions may ease near-term uncertainty, a clear regulatory roadmap remains vital to investor confidence. Stay updated with our latest insights here.