XRP News Today: BlackRock ETF Could Propel XRP to ATH as BTC Eyes $100k

XRP Surges by 79% Amid Regulatory Optimism

XRP surged 79% in the week ending November 17, climbing to a three-year high of $1.2680 before closing at $1.0539.

Investor optimism about a potential shift in the US regulatory landscape drove XRP demand, which outperformed the broader crypto market. The total crypto market cap gained 9.68% in the week, taking the market cap to $2.964 trillion.

Speculation around SEC Chair Gary Gensler’s resignation played a pivotal role in the week’s breakout. A leadership change at the SEC could end plans to challenge rulings in the Ripple case. This would set the Programmatic Sales of XRP ruling as a precedent for the US digital asset space.

In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

Adding to the optimism, Fox Business journalist Eleanor Terrett reported potential candidates for the SEC Chair position. A pro-crypto SEC Chair wanting to end the SEC’s era of regulation through enforcement could pave the way for XRP-spot ETFs and avail crypto to middle America.

XRP-Spot ETFs and an XRP All-Time High

Ripple CEO Brad Garlinghouse responded to Bitwise’s announcement of a filing for a 10 Crypto Index ETF, stating,

“XRP, BTC, ETH, SOL – that’s the alphabet soup I like to see.”

The Bitwise filing follows XRP-spot ETF filings by Bitwise Invest, Canary Funds, and 21Shares before Trump’s election victory.

An XRP-spot ETF market, mirroring the successes of the BTC-spot ETF market, could drive XRP to its 2018 all-time high of $3.3509.

While an end to the legal challenges against Ripple and other crypto firms could be crucial, a BlackRock (BLK) XRP-spot ETF might be the key ingredient for a successful XRP-spot ETF market.

In the US BTC-spot ETF market, BlackRock’s iShare Bitcoin Trust has reported net inflows of $29,279 million since launching. This compares to the ETF market’s total net inflows of $27,461 million, highlighting the importance of BlackRock’s presence in the ETF space.

XRP Price Action

On Sunday, November 17, XRP declined by 5.94%, partially reversing a 25.57% breakout from Saturday, closing at 1.0539. XRP underperformed the broader market, which slipped 0.78% to a total market cap of $2.956 trillion.

SEC Chair-related news and SEC vs. Ripple case-related updates remain crucial for XRP’s move higher. Optimism toward a full revamp of the US crypto regulatory space and an end to the SEC’s appeal remain XRP tailwinds supporting a potential move toward $1.5.

BTC Eyes Treasury Secretary Appointment for Next Breakout

Turning to BTC, Trump’s appointments in his administration could reflect his commitment to crypto campaign pledges. On Sunday, Eleanor Terrett reported on the upcoming Treasury Secretary appointment, saying,

“Anthony Pompliano says he thinks we could get the announcement for Treasury Secretary in the next 48-72 hours and that both Lutnick and Bessent are great options.”

Pompliano also reportedly said,

“The Treasury secretary is the CFO of the United States, and both Scott and Howard made a lot of money for themselves throughout the years, and so having somebody like that in the seats can be pretty special.”

Terrett added,

“He said he’s spent a lot more time with Howard than Scott, but believes both would be great for the crypto economy.”

This development aligns with broader expectations for BTC to become a strategic reserve asset for the U.S. government. Congress, the Treasury Department, the Federal Reserve, and the President would need to approve BTC.

Furthermore, the SEC and the Commodity Futures Trading Commission (CFTC) must establish clear regulatory guidelines, highlighting the significance of Trump’s new appointments.

Progress toward BTC becoming a US strategic Reserve and the US government a BTC HODLER could significantly shift the supply-demand balance in BTC’s favor. The US government currently holds 208,109 BTC, equivalent to $18.48 billion, in its stockpile.

Continued demand through US BTC-spot ETFs and from the US government may propel BTC to unprecedented highs.

Bitcoin (BTC) Price Action

On Sunday, BTC dipped by 0.73%, following a 0.67% loss on Saturday, closing at $89,465. Falling bets on a December Fed rate cut dampened demand for US BTC-spot ETFs and BTC, leaving BTC with weekend losses.

Nevertheless, the outlook remains bullish after gaining 11.62% in the week ending November 17. Trump’s crypto pledges are likely to mitigate oversupply risk and further fuel BTC demand. A break above November 13’s high of $93,163 could bring the $100,000 level into play.

Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.