XRP News Today: SEC Appeal Weighs on XRP, Mt. Gox Move Hits BTC at $100k

Trump Names David Sacks as Crypto Czar to Drive Policy

On Thursday, December 5, Trump appointed David Sacks as the Administration’s crypto Czar. Fox Business journalist Eleanor Terrett shared the news on X, formerly Twitter. The President-elect outlined Sacks’ role, saying:

“In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas.”

The crypto Czar will also work on delivering a clear legal framework for the US crypto market.

The appointment followed Trump nominating Paul Atkins as SEC Chair, underscoring the President-elect’s pledge to position the US as the market leader in crypto.

Ripple Case Looms Over XRP as SEC Appeal Speculation Grows

While Trump’s appointments signal a pro-crypto stance, speculation about the SEC’s plans to appeal rulings in the Ripple case weighed on XRP demand.

On Thursday, Ripple Chief Legal Officer Stuart Alderoty criticized current SEC Chair Gary Genslerr for his continued moves against crypto firms, stating,

“Instead of standing down and pausing crypto litigation with new leadership just weeks away, Gensler’s SEC filed an 81-page brief in the Binance case yesterday, recycling the same failed arguments—including the absurd (and unsupported) claim that crypto has no inherent value.”

Amicus Curiae attorney John E. Deaton commented on Chair Gensler’s filing, citing Howey and the stance on intrinsic value, saying that he would refuse to sign his name to such ‘nonsense.’

Pro-crypto lawyer Bill Morgan referenced the SEC’s appeal in the Ripple case, saying,

“If he (Jorge Tenreiro) remains in that position (SEC Chief Litigation Counsel) after the new commissioner, Paul Atkins, is confirmed, I will remain sceptical of the SEC’s approach to crypto and crypto markets. I hope no one is getting too excited about the SEC not filing its brief in the Appeal on 15 January 2025. And Jorge Tenreiro will be signing it.”

The SEC must file its appeal-related opening brief by January 15, 2025, just before Chair Gensler departs the SEC on January 20, 2025. Chair Gensler’s final push against crypto firms and recent promotions of SEC crypto enforcement lawyers suggest the agency will file its opening brief.

The prospects of the SEC pursuing the appeal will likely impact XRP demand. However, Paul Atkins could withdraw the appeal on Day 1, setting the Programmatic Sales of XRP ruling as a pivotal legal precedent for the US crypto space.

Historically, Ripple has faced last-minute regulatory actions. In December 2020, the SEC filed its lawsuit against Ripple just before Chair Jay Clayton’s departure, a pattern Chair Gensler may replicate before his exit.

XRP Price Outlook Hinges on SEC Moves

On Thursday, December 5, XRP extended its losing streak to three sessions, declining by 4.83% to close at $2.2478. Uncertainty about the SEC’s plans regarding the Ripple case fueled profit-taking, pulling XRP further back from Tuesday’s high of $2.9070.

Price trends will depend on the SEC’s decision to pursue the appeal or withdraw. A plausible scenario is for the SEC to file its opening brief only for the incoming SEC Chair to withdraw the appeal. A brief filing could drive XRP toward $1, while a withdrawal might send XRP past its January 2018 all-time high of $3.5505.

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Bitcoin Hits $100,000 Amid US BTC-Spot ETF Inflows

On Wednesday, December 4, the US BTC-spot ETF market extended its net inflow streak to five sessions, with $556.8 million in net inflows. BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) led the way, with net inflows of $571.7 million. Wednesday’s inflows drove BTC through $100,000 in the morning session (UTC).

On Thursday, December 5, the US BTC-spot ETF market could extend its net inflow streak to six sessions. However, IBIT must report net inflows to keep the streak alive. According to Farside Investors:

• Grayscale Bitcoin Mini Trust (BTC) saw net inflows of $95.4 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $47.5 million.
• However, Grayscale Bitcoin Trust (GBTC) had net outflows of $148.8 million.

Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market registered net outflows of $3.8 million on Thursday.

US BTC-spot ETF flow trends will continue to influence BTC demand. Net inflows on Thursday and Friday would support a BTC return to $100,000.

On Friday, claimed credit for BTC hitting the $100,000 mark, saying,

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will make America great again.”

Bitcoin (BTC) Hits $100,000 Before Mt. Gox Move

On Thursday, BTC declined by 1.51%, partially reversing a 2.96% gain from Wednesday. BTC hit a record high of $103,630 before reversing below $100,000, closing at $97,093.

Near-term BTC price trends will depend on US BTC-spot ETF flow data and Trump’s Commodity Futures Trading Commission (CFTC) Chair nomination. A pro-crypto nomination could pave the way for BTC to become a US strategic reserve asset.

However, investors should monitor Mt. Gox and US government activity. BTC could face further selling pressure if there are sizeable movements.

On Thursday, Mt. Gox moved $2.43 billion in BTC to a new wallet, raising fears of oversupply. The sizeable transfer likely contributed to the BTC pullback from $100,000.

Mt.Gox currently holds 39,878 BTC, equivalent to $3.92 billion, to return to investors. Mt. Gox collapsed in February 2014, when BTC was less than $600. The crypto community expects creditors to cash out sizeable windfalls after being paid out in BTC.

Market Outlook for XRP and BTC

Both XRP and BTC are at critical junctures. XRP’s fate rests on the SEC’s appeal decision, while BTC’s return to $100,000 hinges on ETF inflows and pro-crypto policies under the new Administration. Investors should remain vigilant as regulatory and market dynamics evolve.

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