XRP News Today: Could XRP-Spot ETFs Spark a Demand Surge? BTC Hits $107K on ETF Flows

SEC vs. Ripple: Appeal Proceedings Unfold

The Ripple case continued to draw interest on Friday, January 24, with Ripple requesting to file its appeal-related reply brief by April 16. Friday’s request followed the SEC’s appeal-related opening brief filing on January 15.

Ripple may have sought an extension, possibly anticipating a withdrawal of the SEC’s appeal. Pro-crypto lawyer Jeremy Hogan commented on the request:

“This is very standard. The SEC also had 90 days to draft its initial brief. The only question here is – will the brief need to be filed at all??”

Markets remain optimistic regarding an SEC withdrawal, bolstering XRP demand. However, since Mark Uyeda was appointed acting Chair, the SEC has remained silent on its appeal plans in the Ripple case, leaving XRP short of its all-time high of $3.5505.

CoinShares Files for an XRP-spot ETF

Despite the SEC’s silence, ETF issuers continued filing applications for US XRP-spot ETFs on expectations the agency would end its challenge against the Programmatic Sales of XRP ruling. On January 24, CoinShares joined a growing number of issuers filing an XRP-spot ETF application.

Bitwise, Canary Funds, WisdomTree, and 21Shares are among ETF issuers having filed for XRP-spot ETFs.

Ripple President Monica Long recently expressed confidence in the prospects of an XRP-spot ETF market, stating,

“I think we will see one very soon. We will see various crypto spot ETFs this year coming out of the US, and I think XRP is likely to be next in line after BTC and ETH.”

Launching a US XRP-spot ETF market could potentially fuel XRP demand, mirroring the impact of the US BTC-spot ETF market on bitcoin BTC demand.

XRP Price Trends: SEC Appeal Strategy in Focus

On Friday, January 24, XRP fell 0.61%, following Thursday’s 1.87% decline, closing the day at $3.1000. XRP underperformed the broader crypto market, which rose 0.32%, taking the total market cap to $3.52 trillion.

Uncertainty surrounding the Ripple case left XRP in negative territory amid recent court filings, including the Better Markets filing for an Amicus Brief, supporting the SEC’s appeal.

XRP’s near-term trends hinge on the SEC’s appeal strategy. A pause or withdrawal could drive XRP above its all-time high of $3.5505. Conversely, pursuing the appeal could push prices below $2.50.

Explore our expert analysis here on the SEC’s next move and its implications for XRP’s future.

Bitcoin Hits $107K Amid Spot ETF Inflows

Meanwhile, BTC-spot ETF market flows bolstered BTC demand on January 24. The spot ETF market reported net inflows of $188.7 million on January 23, extending its inflow streak to six sessions. On January 24, the BTC-spot ETF market could extend its inflow streak to seven, tilting the supply-demand balance in BTC’s favor. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $186.1 million on January 24.
• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $168.7 million.

Excluding BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market reported net inflows of $362 million.

BTC-spot ETF flow trends reflected upbeat investor sentiment toward the flurry of crypto-related activity on Capitol Hill.

US President Trump’s Pro-Crypto Agenda Gathers Momentum

US President Donald Trump signed an executive order (EO) on January 23, creating the Presidential Working Group on Digital Asset Markets. The group is reportedly tasked with developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.

While the EO was silent on a Strategic Bitcoin Reserve (SBR), markets remain hopeful of Capitol Hill approving the Bitcoin Act. Senator Cynthia Lummis introduced the Bitcoin Act in 2024, proposing the US government purchase one million BTC over five years, with a mandatory holding period of 20 years.

Ahead of Friday’s EO, there was debate on whether President Trump would push for a stockpile or reserve. Approval of a US SBR requires consensus among Congress, the Federal Reserve, the Treasury Department, and the President.

Amicus Curiae attorney John E. Deaton commented on the nuances of stockpiles and reserves:

“I’ve been saying for some time: What’s your definition of a SBR? President Trump, via EO, can order that all seized BTC (or any other seized digital asset for that matter) be held in escrow and not sold. If you call that a SBR, then I’m confident we get one. If by SBR, you mean the USG buying BTC, it will take an act of Congress, like the Senator Cynthia Lummis Bill.”

Friday’s EO followed the SEC’s rescission of Staff Accounting Bulletin 121 (SAB 121). The recission of SAB 121 could stimulate BTC and crypto demand as it removes the requirements for companies, including banks, to record crypto assets on their balance sheets even when holding them in customer custody.

The regulation significantly increased the cost for banks to provide crypto custody services, constraining crypto offerings and Bitcoin adoption.

Bitcoin Price Outlook

On Friday, January 24, BTC rose 0.84%, adding to Wednesday’s 0.28% gain, closing at $104,875. Significantly, BTC closed above the crucial $100k level for the eighth consecutive day. Recent price trends indicate investors’ confidence in Congress approving a US SBR.

BTC’s price trends remain hinged on Trump’s executive orders, SBR developments, and US BTC-spot ETF flows.

US BTC-spot ETF inflows and progress toward a US SBR could drive BTC beyond Monday’s record high of $109,312. Conversely, fading bets on an SBR and BTC-spot ETF outflows could drag BTC toward $95k.

Market Outlook: Regulatory Clarity in Focus

XRP and BTC face pivotal moments amid regulatory and political developments. XRP’s trajectory hinges on the SEC’s appeal strategy, while BTC’s outlook depends on Trump administration policies and ETF market trends. Regulatory clarity will be crucial in influencing sentiment in the coming weeks.

Stay updated with our expert analysis of these developments and their implications for crypto markets. Read more here.