XRP News Summary: Ripple's Legal Battle with the SEC

Date: June 28, 2025

Author: Bob Mason

Key Developments

• Ripple has dropped its cross-appeal in the ongoing legal battle with the SEC regarding the status of XRP.
• The SEC is expected to withdraw its appeal, which would affirm Judge Torres’ favorable ruling on XRP programmatic sales.
• Improved prospects for ETF approvals could drive XRP prices to new record levels.

Ripple's Legal Strategy

Ripple CEO Brad Garlinghouse announced the decision to drop the cross-appeal, indicating a shift in focus towards building the "Internet of Value." This decision comes after Judge Torres rejected a joint motion for an indicative ruling on settlement terms. The legal community had anticipated a more prolonged response from Ripple, but the swift action suggests confidence in the SEC's potential withdrawal of its appeal.

Market Reactions

Pro-crypto lawyer Bill Morgan expressed relief at the announcement, stating that common sense prevailed in the case, while attorney John E. Deaton, representing XRP holders, simply noted the conclusion of the case. However, the market's reaction was cautious, with XRP rising to $2.1561 but not significantly breaking past historical highs.

Future Implications

While Ripple's announcement is a positive sign, it does not formally conclude the case. Both Ripple and the SEC must file motions with the US Court of Appeals to dismiss the appeals. A formal withdrawal by the SEC would solidify Judge Torres’ ruling that programmatic sales of XRP do not constitute investment contracts under the Howey Test.

XRP Price Outlook

The near-term price outlook for XRP is contingent on the SEC's appeal plans and developments regarding XRP-spot ETF approvals. A breakout above $2.2 could lead to a retest of the June 16 high of $2.3389, while a drop below the 200-day EMA could expose XRP to sub-$2 levels.

Broader Market Context

In the broader cryptocurrency market, Bitcoin (BTC) faced pressure from US inflation data and trade developments. The Core PCE Price Index rose, affecting expectations for a Federal Reserve rate cut. Additionally, trade tensions escalated as President Trump announced the termination of trade talks with Canada, which could impact market sentiment.

Conclusion

Investors should monitor the SEC's response to Ripple's announcement, legislative updates, and broader economic indicators as these factors will significantly influence XRP and BTC price trends in the near future.