XRP News Today: XRP Rallies 7% on ETF Optimism and SEC Appeal Speculation

XRP-Spot ETF Activity Heats Up

Activity in the US ETF space drew investor interest on Tuesday, March 11. Franklin Templeton filed for an XRP-spot ETF, joining a growing list of ETF issuers targeting institutional demand for XRP. 21Shares, Bitwise Invest, Canary Funds, Grayscale, and WisdomTree have also filed for XRP-spot ETFs.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas referred to the Franklin Templeton filing and the influx of alt/meme-coin ETF filings, stating:

“This is the 64th alt/meme coin ETF filing that is now awaiting approval btw.”

Franklin Templeton’s filing signals optimism that the SEC may approve alt-coin ETFs, particularly in light of Trump’s election win and the anticipated regulatory overhaul.

Bloomberg Intelligence analyst James Seyffart provided an update on recent crypto-spot ETF filings, saying:

“Yes, the SEC just punted on a bunch of altcoin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected as this is standard procedure & Atkins hasn’t even been confirmed yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October for these.”

SEC Appeal and the Atkins Confirmation

James Seyffart highlighted that Paul Atkins awaits confirmation as SEC Chair. The timing of his appointment could be significant, especially as the SEC navigates its appeal in the Ripple case. The agency filed its appeal-related opening brief on January 15, challenging the Programmatic Sales of XRP ruling. Ripple must file its appeal-related reply brief by April 16.

The April 16 deadline suggests the SEC may delay its decision on whether to pursue or withdraw the appeal. Significantly, lawmakers could confirm Paul Atkins’ nomination before the April deadline. If lawmakers confirm Atkins before the deadline, Acting Chair Mark Uyeda, Commissioner Hester Peirce, and potential SEC Chair Atkins could collectively push for an appeal withdrawal.

Under internal rules, an agency vote, not the Chair alone, determines whether to proceed with or drop an appeal. A quorum of at least three Commissioners must be present for a decision.

Pro-crypto lawyer Fred Rispoli suggested an agency vote on the Ripple appeal is a formality, stating:

“Although there is no formal reason requiring it, it is reasonable to speculate that the SEC v. Ripple case is resolved–or at least something significant happens–before Ripple’s filing deadline of April 16, 2025. Let’s keep an eye on it… and hope.”

Responding to the XRP community, Rispoli added:

“Some type of deal has been reached behind closed doors. Illogical not to think this based on all the other cases getting resolved.”

Pro-crypto lawyer James ‘MetaLawMan’ Murphy recently speculated that ongoing SEC-Ripple negotiations may have delayed an appeal withdrawal.

An appeal withdrawal could eliminate legal hurdles that may hinder XRP-spot ETF approvals.

XRP Price Trends: Optimism Over SEC Appeal Withdrawal

On Tuesday, March 11, XRP rallied 7.44%, reversing Monday’s 5.33% drop to close at $2.1718. XRP outperformed the broader crypto market, which gained 4.75%, taking the total market cap to $2.64 trillion.

Investor optimism over a potential SEC appeal withdrawal and XRP-spot ETF approval drove demand.

Key factors influencing XRP’s price outlook include:

• US Strategic Reserve Asset: A push for a multi-crypto reserve could improve market sentiment.
• SEC Appeal Strategy: If the SEC drops its appeal, XRP could surge past its all-time high of $3.55. However, prolonged legal uncertainty might drag prices below $1.50.
• XRP-Spot ETF Developments: Approval of an XRP-spot ETF could trigger institutional inflows, potentially lifting prices toward $5. However, an ongoing appeal may delay the process.
• Macro Risks: Trade tensions and rising US inflation could push XRP toward the February low of $1.7938. On the other hand, easing trade tensions and softer inflation could support a recovery toward $2.50.

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

Bitcoin Rebounds Amid Speculation of a US Government Purchase

On March 11, bitcoin (BTC) ended a five-day losing streak, triggered by President Trump’s tariffs and Strategic Bitcoin Reserve (SBR) Executive Order. Fears of a US recession and disappointment over Trump’s reluctance to make a sizeable BTC purchase dragged BTC to a March 11 low of $76,635.

However, Senator Cynthia Lumms reignited hopes for legislation that could enable the Trump administration to accumulate BTC as a national strategic reserve asset. Senator Lummis introduced the Bitcoin Act after Trump’s election win. The bill proposes the US government acquire one million BTC over five years, with a 20-year mandatory holding period.

On March 11, Senator Lummis shared a statement on X (formerly Twitter):

“Today, I am proud to reintroduce landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundations for generations to come. […]. By transforming the presidency’s visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt, while maintaining our competitive edge in the global economy.”

US BTC-Spot ETF Market Outflows Leave Bitcoin Below $85K

Despite optimism surrounding the Bitcoin Act, BTC-spot ETFs continued to face outflows. On March 10, the US BTC-spot ETF market reported net outflows of $393.3 million, extending its outflow streak to three sessions. US recession fears impacted institutional demand, leading BTC to the session low of $76,635.

According to Farside Investors, key flow data for March 11 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $107.1 million.
• Grayscale Bitcoin Trust (GBTC) reported net outflows of $35.5 million.
• Franklin Bitcoin ETF (EZBC) saw net outflows of $33.7 million.

Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market reported $219.7 million in net outflows.

BTC-spot ETF flows are crucial for Bitcoin’s supply-demand balance and price trajectory. A third consecutive day of net outflows pressured BTC early in the March 12 session.

Bitcoin Price Scenarios: Key Levels to Watch

On March 11, BTC rallied 5.50%, reversing Monday’s 2.62% loss to close at $82,946. Hopes for the Bitcoin Act’s progress through Congress boosted BTC demand.

Potential price scenarios:

• Bearish: Rising trade tensions, opposition to the Bitcoin Act, and continued BTC-spot ETF outflows could pull BTC toward $70,000.
• Bullish: Easing trade tensions, growing lawmaker support for the Bitcoin Act, and renewed ETF inflows could push BTC toward $109,312.

Market Outlook: Catalysts Driving Crypto Trends

Several macro and regulatory factors will influence crypto demand in the coming weeks:

• SEC Appeal Decision: An SEC withdrawal from the Ripple appeal could trigger a broad crypto rally.
• US Tariff Policy & Inflation: Higher tariffs may signal a more hawkish Fed stance, increasing recession fears.
• US Economic Data: US CPI Report and producer prices will influence the Fed path and crypto volatility.
• Strategic BTC Reserve: Lawmaker support for the Bitcoin Act could drive institutional adoption.
• BTC-Spot ETF Flows: Institutional demand continues to influence BTC price trends.

An SEC appeal withdrawal could fuel a bullish breakout for XRP and the broader market. However, long-term institutional confidence will depend on broader US regulatory clarity.

Stay updated with our latest insights here.