Gate news, XRP investors are awaiting Judge Torres' ruling on Ripple's second motion to lift the institutional sales ban. A second dismissal could lead Ripple to appeal, thereby prolonging the legal uncertainty surrounding XRP. Despite Polymarket's market prediction being 88%, the legal uncertainty casts a shadow over the approval prospects for the XRP Spot ETF.
This could be a crucial beginning for Ripple, XRP, and the broader cryptocurrency market this week. The case of the U.S. Securities and Exchange Commission (SEC) against Ripple will be in the spotlight, as investors await Judge Analisa Torres' ruling on the proposed settlement terms. Ripple and the SEC submitted a second joint motion on June 12, requesting a declaratory judgment to lift the ban on selling XRP to institutional investors and to reduce the fine to $50 million.
Judge Torres rejected the first motion within seven days of its submission, causing XRP to plummet from $2.5712 to a low of $2.0607 on June 5.
Despite investors hoping for a favorable ruling, Judge Torres may dismiss the motion, which could disrupt the SEC's lenient stance on cryptocurrencies. If the court dismisses the motion a second time, Ripple may pursue a cross-appeal, which could force the SEC to continue appealing the ruling on XRP's programmatic sales.
In July 2023, Judge Torres ruled that the programmatic sales of XRP do not meet the third prong of the Howey test, which is the expectation of profits derived from the efforts of others. This summary judgment lays the groundwork for ETF issuers to consider submitting applications for an XRP Spot ETF. If the appeal against the ruling on programmatic sales is successful, the approval of the XRP Spot ETF could be jeopardized.
Bill Morgan, a lawyer supporting cryptocurrencies, recently commented on the appeals from all parties, stating: "In my view, if the SEC did not appeal Judge Torres's summary judgment, Ripple would not appeal the institutional sales part of the summary judgment (although we cannot be certain), and both sides would simply continue to move forward based on the summary judgment and final order issued by Judge Torres."
Morgan concluded, "The SEC's new enforcement policy encourages Ripple to seek more than what it could satisfy or endure before the SEC appealed."
In light of the U.S. Securities and Exchange Commission's new approach to cryptocurrencies, will Ripple's cross-appeal continue if Judge Torres rejects the second application?
Analysis suggests that legal rulings carry more weight than handshakes. The SEC and Ripple may reach an agreement not to pursue actions against XRP for violations of U.S. securities laws in relation to institutional investors or through programmatic sales. However, if the Democrats win the next presidential election and restart the war on cryptocurrencies, the situation may change and could trigger new lawsuits.
Despite the unresolved legal status of XRP, Polymarket still believes that the probability of the XRP Spot ETF being approved in 2025 is 88%.
Although the XRP Spot ETF market may drive its price to a historic high, ETF issuers may be crucial to the success of the Spot ETF market. Since its launch, BlackRock's iShares Bitcoin Spot ETF (IBIT) has seen a total net inflow of $50.998 billion, while the total net inflow for the US BTC Spot ETF market is $46.637 billion.
Since November 2023, BlackRock has remained silent on the XRP Spot ETF plan.
XRP Price Outlook: Court Ruling and ETF News
XRP underperformed the market, with the market down 1.42%, and the total cryptocurrency market cap falling to $3.06 trillion. Investors are worried about the impending ruling by Judge Torres, leading to a larger decline in XRP.
The recent price trend of XRP depends on the ruling of Judge Torres, the appeal plans of the parties involved, and the development of the XRP Spot ETF.
Breaking through $2.1 could pave the way for the 200-day Exponential Moving Average (EMA). A sustained break above the 200-day EMA could trigger a move towards the 50-day EMA. Conversely, a drop below the support level of $1.9299 could reach $1.8.
(Source: FXEmpire)
BTC Price Outlook: Iran-Israel Conflict, Trade News, and ETF Flows
On June 22, the recent price trend of BTC depends on several key factors, including the Iran-Israel war, trade news, and ETF capital flows.
Possible situations:
Bearish scenario: Iran closes the Strait of Hormuz, legislative setbacks, the U.S. raises tariffs, and ETF capital outflow. These factors combined could lead BTC to drop towards the 200-day Exponential Moving Average (EMA) and potentially fall to 90,000.
Bullish scenario: Easing of Middle East conflicts, bipartisan support for the "Bitcoin Bill", "relief of trade friction", and inflow of ETF funds. In these scenarios, BTC may reach a historical high of $111,917.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
The market is preparing for the settlement ruling of Ripple (XRP); BTC price falls below 100,000 USD.
Gate news, XRP investors are awaiting Judge Torres' ruling on Ripple's second motion to lift the institutional sales ban. A second dismissal could lead Ripple to appeal, thereby prolonging the legal uncertainty surrounding XRP. Despite Polymarket's market prediction being 88%, the legal uncertainty casts a shadow over the approval prospects for the XRP Spot ETF.
This could be a crucial beginning for Ripple, XRP, and the broader cryptocurrency market this week. The case of the U.S. Securities and Exchange Commission (SEC) against Ripple will be in the spotlight, as investors await Judge Analisa Torres' ruling on the proposed settlement terms. Ripple and the SEC submitted a second joint motion on June 12, requesting a declaratory judgment to lift the ban on selling XRP to institutional investors and to reduce the fine to $50 million.
Judge Torres rejected the first motion within seven days of its submission, causing XRP to plummet from $2.5712 to a low of $2.0607 on June 5.
Despite investors hoping for a favorable ruling, Judge Torres may dismiss the motion, which could disrupt the SEC's lenient stance on cryptocurrencies. If the court dismisses the motion a second time, Ripple may pursue a cross-appeal, which could force the SEC to continue appealing the ruling on XRP's programmatic sales.
In July 2023, Judge Torres ruled that the programmatic sales of XRP do not meet the third prong of the Howey test, which is the expectation of profits derived from the efforts of others. This summary judgment lays the groundwork for ETF issuers to consider submitting applications for an XRP Spot ETF. If the appeal against the ruling on programmatic sales is successful, the approval of the XRP Spot ETF could be jeopardized.
Bill Morgan, a lawyer supporting cryptocurrencies, recently commented on the appeals from all parties, stating: "In my view, if the SEC did not appeal Judge Torres's summary judgment, Ripple would not appeal the institutional sales part of the summary judgment (although we cannot be certain), and both sides would simply continue to move forward based on the summary judgment and final order issued by Judge Torres."
Morgan concluded, "The SEC's new enforcement policy encourages Ripple to seek more than what it could satisfy or endure before the SEC appealed."
In light of the U.S. Securities and Exchange Commission's new approach to cryptocurrencies, will Ripple's cross-appeal continue if Judge Torres rejects the second application?
Analysis suggests that legal rulings carry more weight than handshakes. The SEC and Ripple may reach an agreement not to pursue actions against XRP for violations of U.S. securities laws in relation to institutional investors or through programmatic sales. However, if the Democrats win the next presidential election and restart the war on cryptocurrencies, the situation may change and could trigger new lawsuits.
Despite the unresolved legal status of XRP, Polymarket still believes that the probability of the XRP Spot ETF being approved in 2025 is 88%.
Although the XRP Spot ETF market may drive its price to a historic high, ETF issuers may be crucial to the success of the Spot ETF market. Since its launch, BlackRock's iShares Bitcoin Spot ETF (IBIT) has seen a total net inflow of $50.998 billion, while the total net inflow for the US BTC Spot ETF market is $46.637 billion.
Since November 2023, BlackRock has remained silent on the XRP Spot ETF plan.
XRP Price Outlook: Court Ruling and ETF News
XRP underperformed the market, with the market down 1.42%, and the total cryptocurrency market cap falling to $3.06 trillion. Investors are worried about the impending ruling by Judge Torres, leading to a larger decline in XRP.
The recent price trend of XRP depends on the ruling of Judge Torres, the appeal plans of the parties involved, and the development of the XRP Spot ETF.
Breaking through $2.1 could pave the way for the 200-day Exponential Moving Average (EMA). A sustained break above the 200-day EMA could trigger a move towards the 50-day EMA. Conversely, a drop below the support level of $1.9299 could reach $1.8.
(Source: FXEmpire)
BTC Price Outlook: Iran-Israel Conflict, Trade News, and ETF Flows
On June 22, the recent price trend of BTC depends on several key factors, including the Iran-Israel war, trade news, and ETF capital flows.
Possible situations:
Bearish scenario: Iran closes the Strait of Hormuz, legislative setbacks, the U.S. raises tariffs, and ETF capital outflow. These factors combined could lead BTC to drop towards the 200-day Exponential Moving Average (EMA) and potentially fall to 90,000.
Bullish scenario: Easing of Middle East conflicts, bipartisan support for the "Bitcoin Bill", "relief of trade friction", and inflow of ETF funds. In these scenarios, BTC may reach a historical high of $111,917.
(Source: FXEmpire)