XRP News Today: Ripple CLO Declares Landmark Victory as BTC Sits Below $98k

Ripple CLO Claims Victory Against Chair Gensler

Ripple Chief Legal Officer Stuart Alderoty announced a landmark victory against SEC Chair Gary Gensler on November 23, saying,

“Victory has a thousand fathers, but make no mistake. The courage of Brad and Chris, and the resilience and expertise of Ripple Team Legal (most of whom are nameless and never sought the Twitter spotlight) paved the way.”

Alderoty described Ripple’s success as a blueprint for resisting Gary Gensler’s ‘inexplicable war on crypto,’ emphasizing,

“We kept the door open long enough for the industry to survive and seize this incredible moment. The faith and support of the XRP Army provided much-needed hope in the darkest days. Thank you.”

The crypto community reacted to Alderoty’s comments, with a member of the XRP Army saying that Ripple’s CLO seems confident that the Trump administration could withdraw the appeal against rulings in the Ripple case.

SEC Appeal Strategy Crucial for XRP Trends

Despite Alderoty’s optimism, the SEC’s appeal against rulings in the Ripple case remains crucial for XRP demand.

The SEC must file its appeal-related opening brief by January 15, just before Chair Gensler’s departure. XRP investors may recall former SEC Chair Jay Clayton filing the Ripple lawsuit on his final days as Chair. Does Chair Gensler have a similar strategy?

Unlike Jay Clayton’s handover to Chair Gensler, Gensler will likely hand the reins over to a pro-crypto Chair tasked with driving Trump’s crypto agenda. The SEC could file its opening brief, but the incoming Chair may withdraw it on Inauguration Day, if not before. Chair Gensler’s plans regarding the appeal could hinge on Trump’s nominee for the agency’s top spot.

The Ripple Effect: Ripple’s Victory and SEC Battles Against Crypto Exchanges

Pro-crypto lawyer Bill Morgan commented on the chances of the incoming SEC chair pursuing the appeal against Ripple, stating,

“I just don’t see how any new SEC chairperson selected by Trump can continue the enforcement cases against Ripple and the exchanges. It would immediately result in that chairperson attracting the opprobrium surrounding Gensler. The Ripple case is easy to end. Abandon the Appeal and take the $125 million fine. It should be the first one to end.”

If the SEC withdraws its appeal, it will set the Programmatic Sales of XRP ruling as a precedent for the US crypto market, boosting XRP demand. Significantly, a withdrawal could have a ripple effect. It may also force the SEC to settle or dismiss its cases against Coinbase (COIN), Binance, and other crypto exchanges.

An end to the era of regulation through enforcement and the prospects of regulations fostering innovation while protecting investors would be a boon for the crypto market.

XRP Price Action

On Sunday, November 24, XRP declined by 2.61%, following a modest 0.17% loss on Saturday, November 23, closing at $1.4322. A lack of clarity from the SEC on its appeal strategy may have contributed to XRP’s retreat from its Saturday high of $1.6299.

Investors should monitor Trump’s SEC Chair nomination. A pro-crypto nominee, keen to end the SEC’s battles with crypto firms, could fuel another XRP breakout. XRP could target the May 2021 high of $1.8171 if it can break above the November 23, 2024, high of $1.6299.

Conversely, suggestions that the SEC may continue pursuing the appeal against Ripple could drag XRP toward $1.

BTC Steadies Below the $98k Mark Amid Strategic Reserve Asset Chatter

Chatter about the Trump administration’s plans to establish BTC as a strategic reserve asset has intensified. Trump pledged to make BTC a US strategic reserve and the US government a BTC HODLER on his campaign trail.

The Kobeissi Letter, an industry-leading commentary on the global capital markets, commented on the chances of BTC becoming a strategic reserve asset, stating,

“Prediction markets are now pricing in a 62% chance of Donald Trump creating a National Bitcoin Reserve by 2026. These odds have jumped from 40% to 62% in a matter of weeks, according to Kalshi. This week, Reuters reported that Donald Trump’s crypto advisory council will set up a US Bitcoin Strategic Reserve.”

The chances of BTC becoming a strategic reserve asset likely improved since Trump nominated Scott Bessent as US Treasury Secretary. Congress, the Federal Reserve, the Treasury Department, and the President must approve BTC as a strategic reserve asset.

Senator Cynthia Lummis endorsed Scott Bessent’s nomination, saying,

“I look forward to working with Mr. Bessent to advance comprehensive digital asset legislation, establish a Strategic Bitcoin Reserve, and make our economy strong again.”

Senator Lummis recently suggested that the US government exchange some gold reserves for bitcoin. An exchange would allow the US government to grow its BTC stockpile without adding to the US government’s deficit. The US government currently holds 208,109 BTC, equivalent to $20.38 billion.

BTC supply could significantly diminish if the US becomes a BTC buyer and HODLER, supporting a BTC move above $100,000.

Bitcoin (BTC) Price Prediction

On Sunday, BTC advanced by 0.80%, partially reversing a 1.26% loss from Saturday, closing at $97,892. Significantly, BTC dropped below $95,000 before finding support.

On Monday, November 25, investors should consider SEC Chair-related news and BTC-spot ETF flow trends. Progress toward a pro-crypto Chair supporting an end to the agency’s lawsuits against crypto firms could boost BTC demand.

However, US BTC-spot ETF market flows could also influence BTC price trends. Last week, the US BTC-spot ETF market reported a record $3,353.1 million net inflows. Sustained demand for BTC-spot ETFs could further tilt the supply-demand balance in BTC’s favor.

Stay tuned for updates on how regulatory shifts and market dynamics influence crypto trends.