XRP News Today: ETF Deadline, Court Ruling Set Stage for Major XRP Price Move

XRP Set For Volatility Spike as Court Ruling Looms

Amicus Curiae attorney and Crypto Law founder John E. Deaton discussed the second joint filing by Ripple and the SEC requesting an indicative ruling on settlement terms in the high-profile SEC vs. Ripple case. The parties filed the joint motion on Thursday, June 12, asking Judge Analisa Torres to give an indicative ruling on vacating the injunction prohibiting XRP sales to institutional investors and lowering the $125 million penalty.

The second filing faced scrutiny, coming after Judge Torres rejected the first due to procedural errors and weak arguments that a settlement would be in the best interest of the public and institutional investors.

After reviewing the motion, Deaton put the chances of Judge Torres granting a favorable ruling at 70%. Remarking on the joint filing, Deaton added:

“I was expecting some falling on the sword by the SEC that prior leadership was overly aggressive related to crypto, citing how an appellate court found it “arbitrary and capricious” or how SEC lawyers were sanctioned in Debt Box because of this over aggressive conduct against crypto.”

From Ripple’s perspective, Deaton also expected more, stating:

“I also thought Ripple would highlight how unfair it would be for all this regulatory clarity that’s coming, yet an injunction hanging over its head would place Ripple at a disadvantage against competitors (ie Circle). Banks and other companies prefer to do business with a company that doesn’t have an injunction against it.”

Judge Torres will need to determine whether the second filing adequately argues a settlement serves the public and institutional investors.

Judge Torres’ Ruling and the Appeals

The June 12 filing came ahead of a June 16 US Court of Appeals deadline for the SEC to submit a status report on the settlement. In April, the Court of Appeals granted a 60-day abeyance to allow the parties to settle. With Judge Torres’s ruling pending, the Court of Appeals may grant an extension, keeping the SEC and Ripple’s appeals on ice. Judge Torres’ ruling may dictate whether the parties proceed with their appeals.

Significantly, the SEC has appealed against the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

Despite legal uncertainties, XRP remains above $2, reflecting cautious investor optimism. However, there is a chance that Judge Torres will reject the second request. Since the request is an indicative ruling, the parties can’t appeal it, leaving the SEC and Ripple to decide whether to proceed or end their appeals without the assurance of obtaining the settlement terms.

For Ripple, the absence of a legal settlement and SEC assurances that it would not charge Ripple for selling XRP to institutional investors may not be enough. It could potentially provide Ripple with a temporary three-year reprieve from enforcement. If the Democrats win the next election and reintroduce an anti-crypto agenda, the SEC could file new charges against Ripple for breaching securities laws.

XRP Price Outlook: Court Action and XRP-Spot ETF Deadline in Focus

XRP’s near-term price outlook hinges on Ripple case-related updates and XRP-spot ETF-related news.

Crucially, if Judge Torres grants the June 12 motion, Ripple and the SEC would withdraw their appeals, potentially driving XRP toward its all-time high of $3.5505. A case resolution may also pave the way for an XRP-spot ETF market, another potential XRP price catalyst. Franklin Templeton’s Franklin XRP Fund has an intermediate deadline of June 17. However, with the legal battle ongoing, the SEC will likely delay its decision.

XRP Price Action

Daily Chart

After a five-day losing streak, XRP trades below the 50-day Exponential Moving Average (EMA) while remaining above the 200-day EMA, indicating a bearish near-term bias.

A breakout above $2.2 could signal a move toward the 50-day EMA. A sustained move through the 50-day EMA may enable the bulls to retest the May 12 high of $2.6553. If the SEC withdraws its appeal and approves XRP-spot ETF applications, the token could target the 2025 high of $3.3999.

On the downside, a drop below the 200-day EMA could expose sub-$2 levels and the $1.9299 support level.

The 14-day Relative Strength Index (RSI) sits at 42.29, indicating XRP may drop below $2 before entering oversold territory (RSI< 30).

Broader Market Outlook

XRP trends remain contingent on legal developments and broader external events. The token had previously climbed to a 2025 high of $3.3999 in the hope of the SEC withdrawing its appeal.

However, broader themes, including trade tensions, Fed policy, and the latest Israel-Iran conflict, continue influencing overall market sentiment. In the near term, Ripple case-related news, geopolitical risks, and ETF-related updates will remain key XRP price drivers.

Unlock expert XRP insights here before the next move.