XRP News Today: XRP Gains as Ripple Ends Appeal—ETF Hopes Ride on SEC’s Next Move

Ripple Drops Cross-Appeal—Will the SEC Follow?

XRP rose 2.02% on Saturday, June 28, following Friday’s 1.8% gain, closing at $2.1865. The token outperformed the broader market, which gained 0.59%, lifting the total crypto market cap to $3.26 trillion. Investors continued to react to Ripple withdrawing its cross-appeal in the SEC vs. Ripple case, fueling hopes that the SEC would drop its appeal.

Withdrawing the SEC appeal would end the legal battle with Ripple that started in December 2020. Significantly, a withdrawal would also mean the Programmatic Sales of XRP ruling stands, paving the way for an XRP-spot ETF market.

Ripple dropped its cross-appeal despite Judge Analisa Torres rejecting the parties’ second request for an indicative ruling on settlement terms. The settlement included vacating the injunction prohibiting XRP sales to institutional investors and lowering the penalty to $50 million.

Can the Injunction on Institutional Sales Affect Ripple’s US Expansion Plans?

Pro-crypto lawyers remarked on Ripple’s swift move to withdraw the cross-appeal. Fred Rispoli remarked:

“So, the fact that Ripple was ready with this decision less than a day from the Torres ruling means it at least heavily planned for this scenario, discussed it with the SEC, and made whatever agreements/discussions necessary for moving forward.”

Bill Morgan remarked on Ripple’s XRP sales to institutional investors, stating:

“There is some uncertainty whether ODL (On-Demand Liquidity) sales to institutions are caught by the injunction. They are obviously not investment contracts.”

Fred Rispoli commented:

“With the new, ‘pro-crypto’ SEC, presumably Ripple has been more transparent with institutional (lowercase “i”) sales and SEC is comfortable/provided guidance on those to state what is acceptable to the SEC either with or without registration statements.”

The bigger question would be whether a change in US administration and SEC Chair could affect the agency’s stance on Ripple’s activities at a later date. The SEC did not accuse Ripple of breaching Section 5 of the US Securities Act in post-2018 activities. This suggests Ripple’s current approach to institutional sales meets regulatory requirements. In other words, a non-issue despite Ripple wanting the injunction lifted.

Ripple’s cross-appeal has challenged Judge Torres’ ruling on historic institutional sales. The cross-appeal perhaps aimed to remove legal ambiguity and facilitate institutional partnerships.

Does the SEC Need to Vote on an Appeal Withdrawal?

While Ripple must file its motion with the US Court of Appeals to dismiss its cross-appeal, the SEC may have more steps to follow.

Pro-crypto lawyer James ‘MetaLawMan’ Murphy remarked:

“The SEC and Ripple do not need permission from any court to dismiss their appeals. My GUESS is we will see dismissals of both appeals soon because the lawyers for both sides had to have anticipated this outcome—that Judge Torres would not vacate her prior ruling.”

However, former SEC crypto enforcer Marc Fagel suggested a lengthier timeframe:

“It would typically take 1-2 months for the matter to be calendared & voted on by the SEC. However, as they’ve already voted to dismiss the appeal (in connection with the settlement) and this is essentially a done deal, it could be expedited.”

A two-month time frame would mean a potential August resolution, giving the SEC time to review and approve pending XRP-spot ETF applications. The XRP-spot ETF applications have final approval deadlines in October.

XRP Price Outlook: SEC Appeal and XRP-Spot ETF News in Focus

XRP’s near-term price trajectory depends on the SEC’s appeal withdrawal and XRP-spot ETF developments.

If the SEC files to withdraw its appeal, XRP may target its all-time high of $3.5505. XRP-spot ETF approvals would be another crucial XRP price catalyst.

However, in the unlikely event the SEC pursues its appeal, XRP could tumble towards $1.5.

XRP Price Action

Daily Chart

Despite this week’s gains, XRP trades below the 50-day Exponential Moving Average (EMA), while holding above the 200-day EMA. The EMAs signal a bearish near-term but bullish longer-term bias.

A breakout above the 50-day EMA may open the door to retesting the May 12 high of $2.6553. A sustained move through $2.6553 could bring $3 and the 2025 high of $3.3999 into play.

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

The 14-day Relative Strength Index (RSI) sits at 50.26, suggesting XRP could climb to $2.6553 before entering overbought territory (RSI > 70).

Broader Market Outlook

XRP’s trajectory hinges on the SEC’s next moves and external events. The token had previously reached a 2025 high of $3.3999 in the hope of the SEC dropping its appeal and President Trump’s pro-crypto agenda. However, broader global events, including the Iran-Israel war, trade developments, and Fed policy signals, continue influencing overall market sentiment.

In the near term, Ripple case-related news, legislative-related updates, geopolitical risks, and ETF-related headlines will remain key drivers of XRP’s performance.

Unlock expert XRP insights here before the next move.