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XRP News Today: Robinhood Lifts XRP to 2024 High as BTC Breaks $93k
By:
Key Points:
- Robinhood’s XRP Listing Drives Surge, Hits 2024 High at $0.7491—Is $1 Next?
- Trump’s Election Win Fuels Speculation on SEC Dropping XRP Appeal by January 15.
- BTC Rises to All-Time High of $93k on Fed Rate Cut Hopes—$100k in Sight?
In this article:
The platform’s support for XRP suggests a marked shift in sentiment toward the SEC’s plans to appeal against Ripple case rulings. Trump’s recent election victory has fueled speculation about a potential end to the SEC’s plans to challenge the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.
Prior to the ruling, exchanges had delisted XRP to avoid the SEC’s wrath for listing unregistered securities. However, the ruling led exchanges to relist XRP. Robinhood’s support comes after Trump pledged to fire SEC Chair Gary Gensler on day one in office.
Significantly, XRP surged to a 2024 high of $0.7491 as investors reacted to the announcement.
Could XRP reach $1 if the SEC withdraws its appeal?
Despite increasing speculation about the SEC withdrawing its appeal, XRP remains below the July 2023 high of $0.9327. XRP rallied to $0.9327 in response to the Programmatic Sales ruling. Investors may remain optimistically cautious until the SEC ends its challenge against the pivotal ruling.
The SEC must file its appeal-related opening brief by January 15, just days before Inauguration Day (January 20).
Expert Views on the Ripple Appeal Timeline
Pro-crypto lawyer Fred Rispoli recently discussed Trump’s victory and potential Ripple appeal timelines, stating,
“While I think it’s unrealistic to expect the case to be flat out dismissed (this goes for any already-filed cases), we can finally talk about SETTLEMENT being a very realistic possibility.”
Rispoli offered two possible outcomes: accepting the final judgment with a $125 million fine or settling at a later date, potentially with a reduced fine, and terms affirming that current sales of XRP by Ripple do not constitute investment contracts.
Notably, both scenarios could favor XRP and the broader market as they exclude further challenges to the Programmatic Sales ruling.
XRP Price Action
On Wednesday, November 13, XRP dropped by 2%, partially reversing a 13.45% breakout from the previous session, closing at $0.6904.
SEC vs. Ripple case-related news and SEC activity will likely continue influencing XRP demand as President-elect Trump paves the way for a crypto-friendly regulatory landscape.
BTC Strikes All-Time High $93k on Fed Rate Cut Bets
On Wednesday, November 13, the US CPI Report fueled investor bets on a December Fed rate cut, driving BTC demand. Consumer prices increased by 0.2% in October after a 0.2% rise in September.
According to the CME FedWatch Tool, the probability of a December 25-basis point Fed rate cut jumped from 58.7% on November 12 to 82.8% on November 13.
US BTC-Spot ETF Eyes Six-Day Inflow Streak
The US BTC-spot ETF market reported net inflows of $817.5 million on Tuesday, November 12. Significantly, BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) continued leading the way, with net inflows of $778.3 million.
On Wednesday, November 13, the US BTC-spot ETF could extend its winning streak to six sessions. According to Farside Investors:
- Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $186.1 million on Wednesday. (Previous day: +$37.2 million).
- Grayscale Bitcoin Mini Trust (BTC) saw net inflows of $61.3 million. (Previous day: +$15.1 million).
- ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $14.5 million. (Previous day: -$5.4 million).
- Bitwise Bitcoin ETF (BITB) reported net inflows of $12.3 million. (Previous day: zero net flows).
Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market saw $279.3 million of net inflows.
US BTC-spot ETF demand and Trump’s pledge to make BTC a US strategic reserve continue to tilt the supply-demand balance in BTC’s favor. Increased demand could drive BTC to $100,000 before Inauguration Day (January 20).
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on ETF trends, stating,
“JUGGERNAUT: IBIT has hit the $40b asset mark (a mere two wks after hitting $30b) in a record 211 days, annihilating prev record of 1,253 days held by IEMG. It’s now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years.”
Bitcoin (BTC) Price Action
On Wednesday, November 13, BTC gained 3.37%, reversing a 0.56% loss from the previous session to close at $90,151.
US producer prices and jobless claims data could influence BTC and US-BTC-spot ETF demand in Thursday’s US session. Softer-than-expected producer prices could boost investor bets on a December Fed rate cut, potentially driving BTC toward $100,000. Conversely, higher-than-expected numbers may trigger some profit-taking.
Stay tuned for real-time updates on market developments that may influence the outlook for XRP and BTC.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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