XRP and Bitcoin Market Update

Date: June 9, 2025

Key Highlights

• XRP experiences a surge in price due to speculation surrounding potential SEC approval of a US XRP-spot ETF.
• The approval of the Nasdaq Crypto US Settlement Price Index (NCISU) has raised optimism for multiple crypto ETFs, including XRP.
• A second SEC request for an indicative ruling could lead to a settlement in the ongoing Ripple legal battle.

XRP Price Movement

XRP reached a high of $2.2682 on June 8, 2025, driven by market speculation regarding the SEC's potential approval of a spot ETF. The NCISU's approval, which includes XRP, has heightened expectations for imminent ETF approvals.

As the June 16 deadline approaches for the SEC to submit a status report on the Ripple case, there is anticipation that the SEC may file a second request for an indicative ruling. This follows Judge Analisa Torres' rejection of the first request due to procedural errors.

Legal Developments

Pro-crypto lawyers have commented on the SEC's silence since the rejection, suggesting that both parties may need to demonstrate a willingness to negotiate for a settlement. The next steps involve filing a procedurally correct joint motion, which could lead to a limited remand and ultimately close the case.

On June 9, the SEC will hold a roundtable discussing crypto regulation, which may address the Ripple case and the implications of the recent dissent from Commissioner Caroline Crenshaw regarding the settlement agreement.

XRP Price Outlook

Following the recent rally, XRP's price outlook remains contingent on developments related to the Ripple case and ETF news. A breakout above $2.30 could lead to a retest of $2.5 and potentially the May 12 high of $2.6553. Conversely, a drop below the 50-day EMA could expose XRP to further declines.

Bitcoin Market Update

Bitcoin (BTC) has consolidated above the $100,000 mark, maintaining gains from the US Jobs Report. The upcoming SEC roundtable and the markup of the CLARITY Act, which aims to clarify regulatory responsibilities between the SEC and CFTC, are significant events to watch.

Recent legislative proposals, including the Bitcoin Act, could impact BTC's supply dynamics, with potential government acquisition of BTC over the next five years.

BTC Price Outlook

BTC closed at $105,785 on June 8, with its near-term outlook influenced by legislative updates, inflation data, and ETF flows. Potential scenarios include:

• Bearish Scenario: Escalating trade tensions and rising inflation could push BTC below $100,000.
• Bullish Scenario: Easing trade tensions and positive legislative developments could drive BTC towards its all-time high of $111,917.

Conclusion

Investors are advised to monitor developments related to the Ripple case, US crypto legislation, and market sentiment as these factors will significantly influence the price movements of XRP and BTC in the near term.