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Ripple v SEC Lawsuit: Here’s Why Today is Important for XRP

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TL;DR

  • Today (May 13), Ripple and the SEC will file important motions related to their ongoing lawsuit, with further legal responses due next week.
  • The resolution of this case is eagerly awaited, as it could significantly influence the cryptocurrency market, depending on the outcome.

What to Expect Today?

Ever since entering into the trial phase, the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has started offering developments quite frequently. 

The next key date in the case is today (May 13), when both entities and third parties are scheduled to file omnibus letter-motions to seal all materials relating to the remedies-related briefing, such as declarations, briefs, and supporting exhibits. Filing proposed reductions should also take place in the next several hours.

A week later, Ripple, the SEC, and all other related organizations must file letter-briefs in opposition to the omnibus letter-motions to seal. 

“Under the joint proposal, the parties would further be required to file public, redacted versions of all documents within 14 days of the Court’s rulings on the omnibus sealing motions,” the document reads.

The resolution of the lawsuit is much anticipated by the XRP army and the entire crypto community due to its possible impact on the industry. A decisive Ripple win may result in an overall market resurgence, while the opposite scenario could hamper the sector’s advancement due to the implementation of strict rules. 

If you are curious to learn more about the case’s possible influence on XRP, feel free to take a look at our dedicated video below:

The Confrontation Over a Witness Testimony 

As mentioned above, the legal battle witnessed multiple actions in the past few weeks, with one example being the confusion surrounding the key witness Andrea Fox. Initially, Ripple insisted that her testimony (known as the “Fox Declaration”) represents an unsolicited expert opinion and should be taken into account.

However, the SEC described the process as “standard summary evidence in support of calculations for disgorgement.” 

“It’s not an expert report, does not rely on specialized experience, and does not render any opinions at all, let alone an “expert” one. Nor does it present the testimony of a percipient witness. Rather, it applies basic arithmetic to Ripple’s financial records to streamline the presentation of the evidence to Judge Torres… The court should deny Ripple’s motion,” the agency insisted. 

Additionally, the watchdog claimed that the “Fox Declaration” consists of data derived from documents generated by Ripple itself, including tax returns and financial statements, which can be helpful for determining the case’s outcome.

Not long ago, Ripple filed a letter in further support of its initial request. It maintained that the SEC failed to show that the declaration is summary evidence rather than expert testimony:

“Fox is an expert because she purports to use technical or other specialized knowledge to help the trier of fact to understand the evidence or to determine a fact in issue. She does not merely apply basic arithmetic to Ripple’s financial records, as the SEC contends.”

The company went further, arguing that even if Andrea Fox could be classified as a summary witness, the Commission failed to disclose her before the end of the discovery process.

 

 

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Bitcoin Price Tests $110K as Total Liquidations Near $300 Million

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Bitcoin’s price has managed to completely erase the losses from yesterday and it appears that bulls are on the run again.

At the time of this writing, BTC is trading at around $109,500, preparing to test the pivotal technical and psychological level of $110K, sitting right below the cryptocurrency’s all-time high.

BTCUSD_2025-07-02_19-15-08

Data from Coinglass shows that the total number of liquidations across the derivatives market currently sits at almost $300 million – a 32% increase compared to the previous 24 hours.

BTC leads the way with around $50 million in liquidations, where the majority of positions were short. In total, $190M out of the $300 million in forced-closed traders were betting on the price to go down.

Naturally, the altcoins are following suite and are also recovering and most of them are now trading in the green. It’s interesting to see if this will transition into a more sustained upward movement in the next few days.

Screenshot 2025-07-02 at 19.18.06
Source: Qunatify Crypto
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Ripple (XRP) Price Outlook: 2 Bearish and 2 Bullish Factors to Watch

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TL;DR

  • XRP’s recent dip comes alongside a drop in key on-chain metrics – like active accounts and executed transactions – hinting at declining user engagement and a potential short-term correction.

  • Despite the concerns, optimism remains high as Polymarket gives a 92% chance for a spot XRP ETF approval by end-2025, while negative exchange netflows suggest reduced immediate selling pressure.

Pullback on the Horizon?

Ripple’s XRP started July on the right foot, with its price rising to as high as $2.30. The uptrend, however, was short-lived, and it currently trades at around $2.17 (according to CoinGecko’s data).

Meanwhile, the decline of certain XRP metrics suggests the asset’s investors may have to endure a more substantial correction in the near future. Data shows that the number of active accounts, the number of executed transactions, and the number of newly activated accounts have headed south in the past few days.

This development points to reduced user engagement and utility in XRP’s ecosystem, which may lead to price stagnation or even a pullback. 

Interest in Ripple’s cross-border token has also waned over the past several months. Google searches involving the asset are currently far below the peak levels registered in December last year. This could mean that fewer new buyers are entering the market.

XRP Google Searches
XRP Google Searches, Source: Google Trends

The Bullish Signals

Every coin has two sides, so let’s also observe the factors that suggest Ripple’s native token might be on the verge of a renewed rally.

To begin with, XRP investors could gain significantly if a spot ETF receives regulatory approval in the United States. A growing list of major firms – such as Grayscale, Bitwise, Franklin Templeton, 21Shares, and others – have already expressed interest in launching such a product.”

According to Polymarket, there’s a 92% chance that a spot XRP ETF will be greenlighted in America before the end of 2025.

XRP ETF Chances
XRP ETF Chances, Source: Polymarket

The surge in odds follows the SEC’s recent approval of Grayscale’s request to convert its Digital Large Cap Fund (GDLC) into a spot ETFa fund that holds multiple cryptocurrencies, including XRP.

Next on the list is XRP’s exchange netflow, which has been predominantly negative in the last several weeks. This indicates that investors have switched from centralized platforms toward self-custody methods, reflecting a reduced immediate selling pressure.

XRP Exchange Netflow
XRP Exchange Netflow, Source: CoinGlass
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Who is Selling Their BTC at These Prices? Glassnode Reveals Bitcoin Profit Takers

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About a month ago, market analysts noted that profit-taking on the Bitcoin network was modest. However, that has changed.

The on-chain insights provider Glassnode has revealed that profit-taking on the leading digital network is ramping up again. This comes as Bitcoin (BTC) remains in a consolidation phase following weeks of upward movement.

BTC Holders Take Profits

According to Glassnode’s tweet, bitcoin’s realized profits hit $2.46 billion on June 30, while the network’s seven-day Simple Moving Average (SMA) spiked to $1.52 billion.

The SMA, which identifies trends by averaging prices over a specific period, is currently above its year-to-date (YTD) average of $1.14 billion. However, the metric is still below its November-December 2024 peak of approximately $4.5 billion.

The spike in Bitcoin’s seven-day SMA indicates that coin distribution on the network is on the rise. Mid-to-long-term BTC holders have been leading this profit-taking spree; Glassnode said investors aged three to five years have realized at least $849 million in profits. This cohort of market participants is followed by those aged seven to ten years, with $485 million in profits, and investors aged one to two years with $445 million.

Short-term BTC holders, those holding for under one year, have been cashing out the least gains, at less than $6 million.

Interestingly, older BTC holders have been leading the profit-taking for this cycle. CryptoPotato reported a rise in spending by this cohort in late May, which drove the aggregate volume for the one- to five-year cohorts to $4 billion, its highest level since February. While older investors take the lead, the bulk of the volume is coming from this particular group of Bitcoin holders.

Whales Are Redistributing Too

Glassnode’s latest report is further substantiated by an analysis from the institutional decentralized finance (DeFi) analytics platform, Sentora (previously known as IntoTheBlock).

The firm disclosed that wallets holding more than 1,000 BTC have been steadily reducing their balances. This indicates that although institutional money is flowing into Bitcoin, whales are still offloading their holdings.

It is worth mentioning that Sentora sees the redistribution by whales as a sign of a maturing market rather than weakness. Older whale coins being dispersed could become a dynamic that would strengthen Bitcoin’s long-term potential.

Meanwhile, BTC was still consolidating at the time of writing, hovering under $110,000 – a level, which it has remained confined to in the last few weeks.

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