Bitcoin (BTC) Soars to $108K as Senate Vote Is Almost Here

Bitcoin (BTC) Soars to $108K as Senate Vote Is Almost Here

The SEC and Ripple lawsuit will be in the spotlight this week, with expectations that the SEC will withdraw its appeal against Judge Torres’ decision regarding the Programmatic Sale of XRP. Ripple said on June 27 that it will discontinue its cross-appeal, notwithstanding Judge Torres’ rejection of a second joint petition for an indicative finding on settlement terms.

Ripple disclosed its preparations one day after Judge Torres’ decision, implying that it has discussed contingency measures with the SEC in the event of a second denial. Ripple is unlikely to dismiss its appeal without indications that the SEC would do the same. Nonetheless, uncertainty exists ahead of any SEC announcement.

Legal Experts Weigh In

According to James ‘MetaLawMan’ Murphy, the SEC and Ripple do not require judicial approval to discontinue their appeals. I guess that both appeals will be dismissed soon since the lawyers for both parties must have anticipated this outcome, that Judge Torres would not overturn her previous verdict.

“They voted to approve a settlement deal; dismissing the case is a distinct decision. That being said, we have no idea what they voted on; it would be odd for them to vote to approve both possibilities at the same time, but nothing about this is typical.”

Upcoming SEC Meeting Could Seal the Deal

On July 3, the SEC will hold a Closed Meeting, the first opportunity for SEC Chair Paul Atkins and the Commissioners to deliberate and possibly vote on the appeal withdrawal with a quorum. A vote in favor of abandoning the appeal would allow the parties to submit motions to dismiss, thereby bringing the case to an end.

XRP Price Reaction and Technical Outlook

On Sunday, June 29, XRP closed at $2.2068, up 0.93% after Saturday’s 2.02% gain. Uncertainty over the SEC’s appeal withdrawal intentions limited XRP’s rise.

The near-term XRP price trend is determined by the SEC’s appeal actions and XRP-spot ETF stories.

• A breakthrough from the June 29 high of $2.2195 and the 50-day Exponential Moving Average (EMA) might put the June 16 high of $2.3389 in play.
• Sustained buying pressure may lead to a May high of $2.6553.
• A break over $2.6553 might allow bulls to aim for the January 16 high of $3.3999.
• In contrast, a decline below the 200-day EMA might lead to a retest of support at $2.

Bitcoin Climbs on Tax Speculation and ETF Inflows

While XRP surged due to legal developments, Bitcoin (BTC) continued its winning run on expectations that the US might lower the capital gains tax on Bitcoin (BTC).

A cryptocurrency enthusiast stated that Trump Advisor Bailey confirmed that the United States will vote tonight on legislation to remove Bitcoin capital gains. Law would be an addendum to Trump’s Big Beautiful Bill, which passed the US House and is currently being considered in the Senate.

However, according to sources, David Bailey was referring to a Bitcoin and cryptocurrency tax change rather than a vote on capital gains reduction. Nonetheless, favorable tax revisions would benefit Bitcoin and the larger US digital asset industry.

BTC Hits Record High on Global and Legislative Momentum

On June 30, BTC continued to benefit from lower Middle East tensions and prospects of a Q3 Fed rate decrease. US BTC-spot ETF market flow patterns revealed strong demand, propelling BTC to a record high of $111,917.

According to Farside Investors, Bitcoin (BTC)-spot ETF providers had a cumulative net inflow of $501.2 million on June 27.

What to Watch This Week

Investors should keep an eye out for:

• SEC statement about its appeal plans
• Legislative Headlines
• Middle East news
• Trade Developments
• Fed Guidance
• ETF Flows

These aspects remain critical for short-term pricing changes. They might decide if XRP or BTC retests record highs.

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