XRP News Today: SEC Withdrawal Rumours Fuel XRP Surge Towards Key Levels; BTC at $83,000
SEC vs. Ripple: Appeal Speculation Increases
On Wednesday, March 12, anticipation about a quick resolution to the SEC vs. Ripple lawsuit increased. Eleanor Terrett, a Fox Business News correspondent, reported news from SEC sources as follows:
“Two well-placed sources tell me that the SEC vs. Ripple case is in the process of wrapping up and could be over soon.”
Judge Torres’ Injunction Relief Ruling
Terrett explained the likely reason for the agency’s delay in discontinuing its appeal, stating:
“My understanding is that the delay in reaching an agreement is due to Ripple’s legal team negotiating more favourable terms regarding the August district court ruling, which imposed a $125M fine on the company and included a permanent injunction preventing the company from selling XRP to institutional investors.”
On March 2, we reported that pro-crypto lawyer James ‘MetaLawMan’ Murphy claimed that Ripple was talking with the SEC, possibly to overturn many findings from the Final Judgement.He cited Judge Torres’ ruling directing Ripple to follow Section 5 of the Securities Act, saying:
“The Torres decision was unquestionably GREAT for XRP holders, BUT. The (a) finding of securities law violations and the (b) injunction (with attendant” bad boy “provisions) are not so great for Ripple.”
On March 12, Eleanor Terrett addressed the difficulties regarding Judge Torres’ Final Judgement in light of the agency’s shift in stance towards cryptocurrency, stating:
“The argument, I’m told, is that if the new SEC leadership is wiping the enforcement slate clean for all previously-targeted crypto firms because it believes regulatory clarity will cure the underlying issue, why should Ripple still face penalties? Accepting the Torres finding as it stands would imply that Ripple is effectively admitting to misconduct — yet the SEC now appears to be dubious if any violation occurred.”
Would Judge Torres overturn the injunction relief ruling?
Legal experts are sceptical of Judge Torres’ decision to vacate crucial verdicts. Bill Morgan, a pro-crypto lawyer, pointed out that while Ripple might file a motion, the SEC would have to cooperate, which may not be enough to convince Judge Torres to overturn the injunction.
In the SEC vs. Binance and Lejilex lawsuits, the parties requested stays until April, citing leadership changes and the Crypto Task Force as potential resolutions. Ripple might use a similar method. A Ripple file, approved by the SEC, would put an end to the case.
XRP Price Trends: Recovery Continued Amid Appeal Withdrawal Chatter
On Wednesday, March 12, XRP closed at $2.2398, up 3.13% after Tuesday’s 7.44% increase. XRP outpaced the broader crypto market, which increased by 1.11% and brought the overall market capitalisation to $2.67 trillion. Investors’ optimism for an imminent closure to the Ripple litigation fuelled XRP demand.
Key factors influencing XRP’s price outlook include:
US Strategic Reserve Asset: A proposal for a multi-crypto reserve may enhance market mood.
SEC Appeal Strategy: If the SEC withdraws their appeal, XRP may surpass its all-time high of $3.55. However, protracted legal uncertainty may drive prices below $1.50.
XRP-Spot ETF Developments: ETF clearance might result in institutional inflows, perhaps pushing prices beyond $5.
However, an ongoing appeal may cause a delay in the procedure.
Macro Risks: Trade tensions and growing US inflation (producer prices) might bring XRP down to the February low of $1.7938. Conversely, lessening trade tensions and lower inflation could support a return to $2.50.
Bitcoin Holds as US Inflation Slows Due to Tariff Uncertainty.
The US CPI Report, released on March 12, influenced bitcoin (BTC) demand as global trade war fears rose.
The annual US inflation rate fell from 3% in January to 2.8% in February, while core inflation fell from 3.3% to 3.1%. Softer-than-expected inflation figures bolstered expectations for a Fed rate cut in June. However, BTC’s early reaction was negative, with fears that Trump’s trade policies will undermine the Fed’s efforts to push inflation closer to its 2% target.
Following the CPI report, BTC plummeted to a session low of $80,616 before rebounding, matching the Nasdaq’s reaction.
Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, cautioned about inflation and tariff risks:
“A rapidly intensifying global trade war, where more countries retaliate against Trump tariffs when inflation is still around 3% (headline 2.8%, core 3.1%), is not really that comforting.”
Rare Inflows Into the US Bitcoin-Spot ETF Market
Institutional investors reacted to the lower inflation figure, presumably out of relief rather than in anticipation of a sustained reduction towards the Fed’s objective. According to Farside Investors, notable ETF flow highlights for March 12 were:
The ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $82.6 million, the first since March 3.
Greyscale Bitcoin Mini Trust (BTC) recorded a net inflow of $5.5 million.
Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market saw $72.8 million in net inflows, breaking a four-day outflow skid.
BTC-spot ETF flows are essential to Bitcoin’s supply-demand equilibrium and price direction. Extended net outflows have put pressure on Bitcoin, which is still significantly below its all-time high of $109,312.
Bitcoin Price Scenarios: Key Levels to Monitor
On March 12, BTC rose by 0.92%, adding to Tuesday’s 5.50% increase, to settle at $83,710. However, upward momentum was restricted, with tariff concerns and uncertainties regarding US government bitcoin demand curbing the gains.
Potential pricing scenarios:
Bearish: Rising trade tensions, hostility to the Bitcoin Act, and sustained BTC-spot ETF outflows may push BTC to $70,000.
Bullish: Lowering trade tensions, increased support for the Bitcoin Act, and fresh ETF inflows should propel BTC to $109,312.
Senator Cynthia Lummis introduced the Bitcoin Act in December 2024, proposing that the US government acquire one million BTC over five years, with a mandated 20-year holding period.
Market Outlook: Catalysts Fuelling Crypto Trends
Several macro- and regulatory variables will influence cryptocurrency demand in the coming weeks:
SEC Appeal Decision: The SEC’s withdrawal from the Ripple appeal might spark a broad cryptocurrency rise.
US Tariff Policy and Inflation: Higher tariffs may lead to a more hawkish Fed stance, heightening recession fears.
US Economic Data: US producer prices will have an impact on the Fed’s policy path and cryptocurrency volatility.
Strategic BTC Reserve: Legislative support for the Bitcoin Act may speed institutional adoption.
BTC-Spot ETF Flows: Institutional demand is a major driver of Bitcoin price patterns.
An SEC appeal withdrawal might spark a bullish breakout for XRP and the overall market. However, increased regulatory certainty in the United States will be necessary for long-term institutional confidence.