XRP News Today: Ripple Meets Trump as BTC Hits New ATH – US CPI Report Up Next

Rumors Drive XRP to a 2024 High

XRP played catch-up on Tuesday, November 12, as investors speculated about Ripple’s standing in the crypto field.

Market analyst Zach Rector reported a meeting between Ripple and US President-elect Donald Trump, suggesting discussions about crypto. Later in the Tuesday session, Rector reported that Ripple CEO Brad Garlinghouse confirmed the meeting with Trump by liking his earlier post on X (formerly Twitter), fueling an XRP breakout.

Ripple’s meeting with the Trump team fueled speculation about a possible end to the SEC’s appeal in the Ripple case. Dropping the appeal would be significant for XRP and the broader crypto market as it would set the Programmatic Sales of XRP ruling as precedent.

In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. XRP reacted to the ruling, rallying to a high of $0.9327 before tumbling below $0.40 on fears of an SEC appeal.

Pro-Crypto Lawyer James ‘MetaLawMan’ Murphy Fuels SEC Chair Gensler Resignation Rumors

The SEC’s appeal strategy could hinge on whether SEC Chair Gary Gensler resigns before the January 15, 2025, deadline for the agency to file its appeal-related opening brief.

On Tuesday, pro-crypto lawyer James ‘MetaLawMan’ Murphy speculated about SEC Chair Gensler’s possible resignation, stating,

“Time to say Goodbye Gary!”

Murphy referenced SEC Chair Mary Jo White’s resignation on November 14, 2016, just days after Trump’s first presidential election victory. Notably, former Chair Jay Clayton announced his resignation on November 16, 2020, shortly after President Joe Biden’s victory.

SEC Chair Gensler’s resignation before the January 15 filing could allow an incoming SEC Chair to withdraw its appeal without adversely affecting the agency’s image.

Fox Business journalist Eleanor Terrett commented on the possibility of Chair Gensler leaving unwillingly, saying,

“Trump would likely take it to the courts if Gary Gensler doesn’t go willingly and he would then be paying legal fees out of his own pocket. Same with Jerome Powell, who has already said he won’t leave if Trump asks him to. It’ll be an expensive battle to stay.”

XRP Price Action

On Tuesday, November 12, XRP surged 13.45%, following Monday’s 5.50% rally from the previous session, to close at $0.7045. Significantly, XRP climbed to a session high of $0.7408, its highest level since the fake news of BlackRock (BLK) filing for an XRP-spot ETF.

BTC Touches $89k Before Pulling Back Despite Trump’s BTC Pledges

BTC also saw increased demand as investors considered Trump’s campaign pledge for BTC to become a US strategic reserve. Trump also vowed to make the US government a BTC HODLER, mitigating oversupply risk as the government currently holds 208,109 BTC, equivalent to $18.41 billion.

US BTC-Spot ETF Market Eyes Five-Day Inflow Streak

The US BTC-spot ETF market extended its net inflow streak to four sessions on Monday, November 11, with inflows of $1,114.1 million. Significantly, the inflow streak could extend to five sessions on Tuesday, November 12. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $37.2 million on Wednesday. (Previous day: +$135.1 million).
• Grayscale Bitcoin Mini Trust (BTC) had net inflows of $15.1 million. (Previous day: +$28.2 million).
• VanEck Bitcoin Trust (HODL) reported net inflows of $10.1 million. (Previous day: zero net inflows).
• However, ARK 21Shares Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) saw net outflows of $5.4 million and $17.8 million, respectively.

Excluding flow data for Shares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market saw $39.2 million of net inflows. IBIT had net inflows of $756.5 million on Monday.

Bloomberg Intelligence Senior Analyst Eric Balchunas remarked on IBIT’s trading volumes for November 12, stating,

“IBIT hit $1b in volume today after about 25min, faster than yest when it ended up breaking all time record. Feeding frenzy (still) in effect..”

Bitcoin (BTC) Price Action

On Tuesday, November 12, BTC slipped by 0.56%, partially reversing the previous session’s 9.40% surge, to close at $87,213. Significantly, BTC climbed to an all-time high of $89,388 before ending a seven-session winning streak.

Lower US BTC-spot ETF market inflows and caution ahead of Wednesday’s US CPI Report potentially left BTC in negative territory. Hotter-than-expected US inflation data might diminish investor expectations for a December Fed rate cut, potentially impacting demand for BTC and other riskier assets.

Nevertheless, a pullback could be minor when considering sentiment toward the Trump administration and potential changes within the SEC.

Stay tuned as we track real-time updates and insights on market shifts that could define the future for XRP and BTC.