XRP News Today: Trump, SEC, and Ripple Case – The XRP ETF Path as BTC Hits $81k

Are XRP-Spot ETFs on the Horizon? Grayscale Talks Crypto-Spot ETFs

On Friday, Grayscale Head of Research Zach Pandl discussed XRP-spot ETFs with Thinking Crypto founder Tony Edward. When asked if Grayscale plans to file for an XRP-spot ETF or even an SOL-spot ETF, Pandl had this to say:

“The current filing that people should be aware of is for a diversified product. So our product, the Grayscale Digital Large Cap Fund (GDLC), owns bitcoin (BTC), Ethereum (ETH), and other large-cap tokens in smaller size, avalanche (AVAX), XRP, and solana (SOL). So that could be the first. That’s an active filing, and investors can take a look at that. That would be the first example of XRP making its way into the ETF structure here in the United States. I can’t comment on anything else.”

Pandl added:

“I would say, though, that I think we are able to offer investors, you know, good access to these assets through our private fund structures, even if they’re not quite yet available in ETF structures. And we’ll get it there over time.”

Grayscale submitted a Form 8-K to the Securities and Exchange Commission on October 15, seeking to convert GDLC into a crypto-spot ETF.

Grayscale has a significant standing in the crypto-spot ETF space. In August 2023, Grayscale won its case against the SEC on appeal. Grayscale appealed the SEC’s rejection of the application to convert the Grayscale Bitcoin Trust into a BTC-spot ETF. The landmark ruling paved the way for the US BTC-spot ETF and ETH-spot ETF markets.

Trump, the SEC vs. Ripple Case, and XRP-spot ETF Approvals

An XRP-spot ETF or multi-crypto-spot ETF approvals, including XRP, could hinge on the outcome of the SEC’s appeal in the Ripple case.

Trump’s stated plans to fire SEC Chair Gary Gensler on day one in office (January 20), signal a potential shift in the agency’s approach toward crypto assets. If the SEC withdraws its appeal, the agency may approve pending applications from issuers like Bitwise, Canary Funds, and Grayscale.

Bitwise and Canary Funds filed applications for XRP-spot ETFs in September and October 2024. If the SEC withdraws its appeal and approves the current applications, XRP could break through $1, replicating the favorable July 2023 Programmatic Sales ruling-fueled breakout.

XRP Price Action

On Sunday, November 10, XRP rallied 5.24%, following a 0.92% gain from the previous session, closing at $0.5886. Significantly, XRP reached a session high of $0.6187, its first return to the $0.61 mark since the day before the SEC filed its Notice of Appeal.

BTC Strikes $80,000 as Trump Fuels ETF Demand

Turning our attention to BTC, US BTC-spot ETF market inflows surged following Trump’s presidential election win. Over the five weeks ending November 8, net inflows totaled $7.56 billion. BTC has since rallied to an all-time high of $82,252, with FOMO potentially driving it toward the $100,000 milestone.

Trump’s stance on BTC may create supply-demand imbalances, potentially fueling BTC demand.

ETF Store President Nate Geraci summarized the significance of the US elections for the US digital asset space, stating,

“Looks like 54 of 58 candidates supported by crypto super PACs will win their races… Congress will soon be full of lawmakers – young & old – who believe crypto is a unique asset class that shouldn’t be regulated like stocks & bonds.”

Bitcoin (BTC) Price Action

On Sunday, November 10, BTC rallied 4.61%, following a 0.19% gain from the previous session, closing at $80,153. Significantly, BTC extended its winning streak to six sessions.

US BTC-spot ETF flow trends could be crucial on Monday, November 11. Another surge in net inflows could drive BTC toward $90,000 and potentially to $100,000.

Stay tuned as we monitor the evolving landscape of crypto-spot ETFs and regulatory shifts that could shape the future of XRP and BTC. Follow us for real-time updates and expert insights on the latest market trends and potential breakout opportunities!