10th February 2025 – (New York) XRP remains under pressure as it trades significantly below its January peak of $3.3999, with investors closely monitoring the SEC’s strategy regarding its ongoing appeal in the Ripple case. The SEC filed its opening brief for the appeal on January 15, just before Gary Gensler stepped down as Chair. Following his departure, U.S. President Trump appointed Commissioner Mark Ueyda as acting Chair, pending the confirmation of former Commissioner Paul Atkins.
The upcoming SEC closed meeting on February 13 is crucial, as it may determine the future of XRP. The agenda includes discussions on injunctive actions, administrative proceedings, and litigation claims. Notably absent will be Jorge Tenreiro, a key crypto litigator in the Ripple case, whose recent transfer to an IT division could influence the SEC’s next steps. The meeting could provide an opportunity for SEC Commissioners to vote on whether to continue or withdraw the appeal.
XRP’s price trends are closely tied to the SEC’s decisions. On February 9, XRP experienced a decline of 1.04%, reversing a previous day’s gain, and closing at $2.3945. This decline occurred amid broader market pressures, with total crypto market capitalisation dropping to $3.1 trillion. The uncertainty surrounding the SEC’s appeal is a significant headwind for XRP, especially as progress towards a US XRP-spot ETF could hinge on whether the SEC decides to proceed with the appeal.
Potential scenarios for XRP’s price movement include a bullish case, where a withdrawal of the SEC’s appeal could see XRP rally beyond its all-time high of $3.5505. Conversely, if the appeal continues, XRP could fall below $1.50. The approval of an XRP-spot ETF could serve as a catalyst, potentially driving the price towards $5 due to increased institutional demand.
Beyond XRP, broader cryptocurrency markets are facing challenges from US tariff policies that could impact Bitcoin (BTC). Reports indicate that President Trump plans to impose a 25% tariff on aluminum and steel imports, with reciprocal tariffs on certain countries potentially coming into effect shortly. Such tariffs could elevate import prices and exacerbate inflationary pressures, delaying Federal Reserve rate cuts and putting further strain on risk assets, including BTC.
BTC has already shown volatility in response to economic indicators. On February 7, BTC dropped from a session high of $100,216 to a low of $95,688 following hotter-than-expected inflation data. The upcoming US CPI report and Fed Chair Powell’s testimony on 11th February are set to further influence market sentiment.
