XRP News Today: SEC Appeal Deadline and Leadership Shake-Up; BTC Hits $105k

SEC v Ripple Case Under Scrutiny as Chair Gensler’s Departure Nears

Optimism regarding the SEC’s withdrawal of its appeal in the Ripple case continued to drive XRP demand. The agency must file its appeal-related opening brief by January 15, just days before Chair Gensler leaves the SEC. Over the weekend, the agency faced more criticism as the crypto market counted down Chair Gensler’s remaining days.

Republican Vivek Ramaswamy responded to criticism about the SEC’s wasteful use of resources in its legal strategies, stating,

“Here’s the worst part: the SEC regularly loses case after case in federal court because they contort their rules in illegal & unconstitutional ways. They’re worse at following the law than the defendants they go after, which undermines public confidence in the rule of law itself.”

Ripple Chief Legal Officer Stuart Alderoty echoed these sentiments, referencing the Ripple case and citing the presiding judge’s remarks:

“The SEC is adopting its litigation positions to further its desired goal, not out of a faithful allegiance to the law.”

SEC Appeal Hinges on Internal Vote Dynamics

Recent SEC activities suggest that the agency may proceed with its opening brief. Chair Gensler reinforced the SEC’s crypto legal team and filed a brief in the Binance case.

However, the dynamics could shift with incoming SEC Chair Paul Atkins. If Commissioner Caroline Crenshaw’s reappointment vote fails on Wednesday, the Republicans may gain a majority within the SEC.

A Republican-led vote under Atkins’ leadership could raise the chance of the SEC withdrawing its appeal. The January 15 filing deadline remains pivotal, with Crenshaw’s renomination outcome potentially shifting the SEC’s stance on the appeal.

For context, Crenshaw, a Democrat and staunch Gensler ally, previously voted against BTC-spot ETFs.

XRP Price Volatility and Regulatory Impact

On Sunday, December 15, XRP gained 1.93%, reversing Saturday’s 0.97% loss to close at $2.4447. While XRP showed gains, it trailed the broader market, which rose by 2.54%, bringing the total market cap to $3.640 trillion. Lingering uncertainty over the SEC’s plans to appeal likely capped the gains.

Near-term price trends will hinge on Crenshaw’s renomination vote and the SEC’s appeal decision. XRP could target the January 2018 all-time high of $3.5505 if the agency withdraws its appeal. Conversely, if the SEC files its appeal-related opening brief, XRP could fall toward $1.

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Bitcoin Hits Record High on Strategic Reserve Speculation

On Monday, December 16, bitcoin (BTC) climbed to a record high of $105,815. Market optimism stemmed from speculation that US President-elect Donald Trump could deliver his pledge to make BTC a US strategic reserve asset.

Strike CEO Jack Mallers intensified speculation while appearing on Timcast, stating,

“I also know Trump is looking at a day-one executive order. […] So, I know there’s people looking at the Dollar Stabilization Act, as it gives the President wide discrepancy to protect the dollar, and there’s potential to use a day-one Executive order to purchase BTC. It wouldn’t be at the size and scale of a million coins, but it would be a significant position.”

US government plans to acquire BTC and become a BTC HODLER would mitigate oversupply risk and materially tilt the supply-demand balance in BTC’s favor. The US government currently has a 198,109 BTC stockpile, equivalent to $20.83 billion.

Sunday’s comments followed news of Republican Senator Lummis meeting with incoming Treasury Secretary Scott Bessent. Senator Lummis, a digital asset advocate, commented,

“Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve. I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility!”

Senator Lummis introduced the Bitcoin Act of 2024, proposing the US government accumulate one million BTC – 5% of the total supply – over five years as a possible solution to the national debt crisis.

Bitcoin Price Outlook

On Sunday, December 15, BTC advanced by 2.89%, reversing Saturday’s 0.13% drop to close at $104,183, a new record close.

Near-term BTC price trends will depend on progress toward an SBR, US BTC-spot ETF market flow trends, and US government BTC activities. A substantial BTC sale by the US government could fuel oversupply jitters, potentially pulling prices below $100,000.

Market Outlook for XRP and BTC

Both XRP and Bitcoin face critical turning points. XRP’s regulatory outlook and price direction depend on the SEC’s appeal decision and internal voting shifts. For Bitcoin, the Strategic Bitcoin Reserve proposal, ETF inflows, and macroeconomic conditions will remain key price drivers.

As these events unfold, market participants should closely monitor expert analysis and updates to navigate the evolving crypto landscape.

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