Key Points:
XRP surged above $3 after the House advanced the GENIUS Act, boosting optimism for crypto legislation and adoption.
The SEC may vote to drop its Ripple appeal, a move that could clear the path for XRP-spot ETF approvals.
Canary Capital expects XRP ETFs to outperform ETH and SOL ETFs due to legal clarity and Ripple’s global footprint.
GENIUS Act Revote Drives XRP Above $3 to Target All-Time High
House vote frenzy triggered an XRP and broader crypto market rally as the GENIUS Act inched closer to President Trump’s desk.
On Wednesday, July 15, the House progressed the GENIUS Act, aiming to deliver a regulatory framework for stablecoins. The bill could reach President Trump’s desk before the weekend. XRP would likely benefit from the legislation, since regulatory clarity over stablecoins could boost adoption of Ripple’s RLUSD, a stablecoin product.
There were also procedural votes in favor of progressing the CLARITY Act and the Anti-CBDC Surveillance State Act.
SEC vs. Ripple Case: Will the SEC Vote to Drop Its Appeal?
While crypto bills take center stage on the Hill, the SEC vs. Ripple case could also draw investor interest on Thursday, July 17. The SEC will hold its third closed meeting since Judge Analisa Torres rejected the joint motion requesting an indicative ruling on settlement terms.
The SEC and Ripple had agreed to drop their appeals if Judge Torres granted a favorable indicative ruling on the settlement terms. These included lifting the injunction prohibiting XRP sales to institutional investors and lowering the penalty to $50 million. However, Judge Torres’ ruling meant the SEC must vote on dropping its appeal without the settlement terms that were solely in Ripple’s best interest.
The SEC appealed against Judge Torres’ 2023 ruling on Programmatic Sales of XRP. A vote in favor of withdrawing the appeal would end the case. Ripple announced plans to drop its cross-appeal the day after Judge Torres rejected the settlement terms. Notably, the SEC must submit a status report to the US Court of Appeals by August 15. Ripple and the SEC could file motions with the US Court of Appeals to dismiss the appeals before the filing deadline.
An end to the case would reinforce Judge Torres’ rulings that Programmatic Sales are not investment contracts and XRP itself is not a security. The SEC’s appeal withdrawal could potentially expedite the approval of pending XRP-spot ETF applications.
Former SEC lawyer Marc Fagel downplayed the chances of an SEC vote later today, stating;
XRP-Spot ETF Market to Outmuscle ETH and SOL-Spot ETFs
Anticipation for the end to the Ripple case and the launch of SOL-spot ETFs has fueled speculation about an XRP-spot ETF market. Canary Capital CEO Steven McLurg commented on the potential success of an XRP-spot ETF market, reportedly stating:
Ripple’s real-world presence and increasing demand for its cross-border settlement products could give XRP the edge over ETH and SOL. A more dominant XRP-spot ETF market may also enable the token to reclaim the #2 ranking by market cap.
XRP Price Outlook: Crypto Bulls, the SEC Closed Meeting, and ETF Headlines
XRP soared 4.11% on Tuesday, July 16, reversing Monday’s 1.33% loss to close at $3.0399. The token outperformed the broader crypto market, which gained 1.87%, taking the total market cap to $3.74 trillion.
XRP’s near-term price trajectory hinges on the crypto bill votes, the SEC’s appeal vote, and US XRP-spot ETF developments.
A breakout above the July 16 high of $3.1017 could pave the way to the 2025 high at $3.3999. A sustained move through $3.3999 may enable the bulls to target the 2018 all-time high of $3.5505.
Conversely, a drop below $3 could bring this week’s low of $2.8056 into play.
