XRP News Today: RLUSD Launch Boosts XRP as Crenshaw Vote Looms: BTC HIts $108K

Ripple Stablecoin RLUSD Goes Live, Driving XRP Buying Demand

On Tuesday, December 17, Ripple launched its stablecoin, Ripple USD (RLUSD), as announced a day earlier. Ripple shared the news on X (formerly Twitter), saying,

“Ripple USD (RLUSD) is now live on global exchanges. An enterprise-grade stablecoin built for everyone, RLUSD combines fiat stability with blockchain efficiency.”

Ripple highlighted key attributes of RLUSD, including:

• Instant global payments, 24/7.
• Seamless on/off ramps.
• Access value in real-world assets.

Markets anticipate RLUSD’s adoption to boost XRP demand in 2025. Most transactions and remittances are likely to settle on the XRP-EVM sidechain and XRP Ledger (XRPL). Notably, RLUSD buyers must use XRP to pay gas fees for transactions.

Tuesday’s launch also reignited focus on the US Securities and Exchange Commission (SEC). In April 2024, the SEC claimed RLUSD was an unregistered crypto asset in its remedies-related reply brief for the Ripple case. Significantly, the agency labeled RLUSD an issuance of a new unregistered crypto asset.

While the SEC previously labeled RLUSD unregistered in April 2024, the agency has yet to comment following Tuesday’s launch.

I asked pro-crypto lawyer Bill Morgan whether the SEC could accuse Ripple of failing to register RLUSD despite the NYDFS approval. Morgan dismissed the SEC’s stance, stating,

“That is correct, but like a lot of statements made by the SEC about crypto it is incorrect. Obviously, Ripple does not care about the statement. If it was meant to be a warning or a threat it has been disregarded or worked around and quite frankly neither the market nor anybody else cares because RLUSD is now regulated.”

XRP responded positively to the RLUSD launch, surging to a Tuesday high of $2.7267 before easing back.

XRP Price Trends: Will the Crenshaw Vote Deliver Another Boost?

On Tuesday, December 17, XRP rallied 3.39%, following Monday’s 1.62% gain, closing at $2.5683. Significantly, XRP extended its winning streak to three sessions. The third largest token by market cap outperformed the broader crypto market, which declined by 0.34% to a total market cap of $3.630 trillion.

On Wednesday, December 18, the Senate Banking Committee will consider the renomination of SEC Commissioner Caroline Crenshaw. According to the Committee Meetings calendar, the meeting will happen at 0930 (EST).

If the Committee votes to renominate Crenshaw, Senate Majority Leader Chuck Schumer would have two days to calendar a full Senate vote before Congress adjourns for the holidays.

Commissioner Crenshaw sits alongside Chair Gensler and Commissioner Jaime Lizarraga as Democrats. If Crenshaw’s renomination fails, President-elect Donald Trump could nominate a new Commissioner, tilting the SEC further toward his pro-crypto agenda.

Should Crenshaw’s renomination fail, XRP could rally toward the December 3 high of $2.9070. Conversely, a favorable renomination vote might pull XRP back toward $2.5000.

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Bitcoin Inches Closer to $110k Amid Strategic Bitcoin Reserve Chatter

On Tuesday, bitcoin (BTC) hit a record high of $108,237, edging closer to the $110k milestone. Speculation about BTC becoming a strategic reserve asset (SBR) intensified, driving demand.

On Tuesday, news hit the crypto wires of Crypto.com CEO Kris Marszalek’s meeting with Trump at Mar-a-Lago. Establishing a Strategic Bitcoin Reserve (SBR) was reportedly one of the talking points. SBR has become a hot topic in the crypto world as the US government would become a BTC buyer and HODLER, tipping the supply-demand scales firmly in BTC’s favor.

Markets also expect other governments to follow suit, with the Chinese government another potential buyer.

Republican Senator Cynthia Lummis underscored the optimism toward an SBR, saying,

“2025 will be the year for bitcoin & digital assets. With David Sacks as Crypto Czar, this will be the most pro-digital asset administration ever! I look forward to working closely with David Sacks to pass comprehensive digital asset legislation & my strategic bitcoin reserve.”

Senator Lummis introduced the Bitcoin Act of 2024, which proposes the US government acquire one million BTC over five years to address the national debt crisis.

IG Market Analyst Tony Sycamore commented on BTC’s new record high, saying,

“Bitcoin trades at $106,562 (+.46%) after hitting a fresh record high of $108,364 for the third session in a row. The fresh record highs this week came after US President-elect Donald Trump said over the weekend that he intends to establish a Bitcoin strategic reserve.”

US BTC-Spot ETF Market Shows Mixed Trends Amid Caution

On Monday, the US BTC-spot ETF market extended its inflow streak to 13 sessions, the longest since February. However, investors turned cautious on Tuesday as the focus shifted to Wednesday’s Fed interest rate decision and economic projections. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $128.2 million.
• Grayscale Bitcoin Trust (GBTC) had net outflows of $84.7 million.
• Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB) also reported net outflows.

Excluding iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net outflows of $247.5 million. IBIT will need substantial net inflows to keep the inflow streak alive. Tuesday’s outflows dragged BTC to the $105k level on Wednesday.

Bitcoin Price Outlook

On Tuesday, December 17, BTC advanced by 0.37%, following Monday’s 1.51% gain, closing at $106,145, a new record close.

Near-term BTC price trends will depend on the Fed rate path, SBR-related news, US BTC-spot ETF market flow trends, and US government BTC sales.

A significant BTC sale by the US government and ETF outflows could refuel oversupply fears, potentially pulling prices below $100,000. Conversely, a dovish Fed rate path and BTC-spot ETF inflows could drive BTC toward $110,000.

Market Outlook for XRP and BTC

XRP and Bitcoin remain at pivotal points. XRP’s trajectory depends on the Crenshaw vote and SEC developments, while ETF flows, Fed decisions, and SBR discussions will influence BTC demand.

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