XRP News Today: Trump’s BTC Policies and Deaton’s Senate Run Fuel Market Speculation

Amicus Curiae Attorney vs. Senator Elizabeth Warren

On Tuesday, November 5, Amicus Curiae attorney John E. Deaton will challenge Senator Warren for the United States Senate seat in Massachusetts.

Deaton addressed BTC projections under a potential Trump presidency, criticizing Senator Warren. He claimed,

“But Senator Warren wants to ONLY allow banks, hedge funds, and the Nancy Pelosi’s of the world to own Bitcoin. Her crypto bill bans regular people from the self-custody of Bitcoin in America. Imagine that. It’s difficult (impossible) to put a dent in the wealth gap if you exclude regular people from owning these assets. She claims she’s protecting us from making bad decisions with our investments. Only thing she’s protecting is protecting us from building wealth because she knows what’s best for us.”

The result of the Massachusetts election could prove significant for the US digital asset space. If Senator Warren wins, she could push the Digital Asset Anti-Money Laundering Act through Congress. In December, Senator Roger Marshall admitted to drafting the bill with Senator Warren and help from the American Bankers Association.

Crypto markets see the bill as a ban on crypto since it proposes banking-style regulations on the US digital asset space. Deaton referred to the bill in his latest remarks about Senator Warren’s stance on crypto.

For XRP and the broader market, a Deaton win in Massachusetts and a Trump return to the White House would be the perfect outcome.

Deaton is a crypto advocate, and Trump has pledged to fire SEC Chair Gary Gensler on day 1 in office. Firing Chair Gensler may also affect SEC plans to appeal rulings in the Ripple case.

SEC vs. Ripple: US Election Pivotal to SEC Appeal Strategy

XRP remains pegged below the crucial $0.55 level as investors await court filings in Ripple and the SEC’s appeals. Significantly, the SEC is challenging the Programmatic Sales of XRP ruling. US crypto exchanges relisted XRP following the ruling. However, exchanges could delist XRP if the SEC successfully overturns the Programmatic Sales ruling to avoid claims of selling unregistered tokens.

A Trump victory could significantly impact XRP by ending the threat of an SEC appeal, stabilizing XRP’s market position. Other crypto firms entangled in legal battles with the SEC, including Binance and Coinbase (COIN), could also benefit from a Trump win.

XRP could target the July 2023 high of $0.9327 if Trump wins the US presidential election. Conversely, XRP may drop below $0.45 if Kamala Harris and Senator Elizabeth Warren win.

XRP Price Action

On Monday, November 4, XRP slipped by 0.02%, following a 1.35% loss from the previous session, closing at $0.5032. Significantly, XRP dipped below $0.50 for the second time in nine sessions. The broader crypto market saw heavier losses amidst the uncertainty about the US elections, declining by 1.48% to a total market cap of $2.215 trillion.

US BTC-Spot ETF Market Outflows Accelerate Amid US Presidential Election Jitters

Shifting focus to BTC, uncertainty surrounding the US presidential election has intensified outflows from US BTC-spot ETFs, influencing BTC demand and price trends.

On Friday, November 1, the US BTC-spot ETF market saw net outflows of $54.9 million, ending a seven-day inflow streak. On Monday, November 4, the US BTC-spot ETF market faces a second consecutive day of outflows, dampening BTC demand.

According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $169.6 million on Monday. (Previous day: -$25.6 million).
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $138.3 million. (PD: -$24.1 million).
• Grayscale Bitcoin Mini Trust (BTC) had net outflows of $89.5 million. (PD: +$13.5 million).
• Bitwise Bitcoin ETF (BITB) saw net outflows of $79.8 million. (PD: -$5.6 million).
• Grayscale Bitcoin Trust (GBTC) registered outflows of $63.7 million. (PD: -$5.5 million.)

Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market had net outflows of $579.5 million. Significantly, 9 of the 12 issuers saw net outflows.

US Presidential Election Outcome Pivotal to US Government BTC Holdings

On the campaign trail, Trump discussed plans to make BTC a strategic reserve and the US government a BTC HODLER. The campaign pledges are significant to BTC price trends as the US government currently holds 208,109 BTC, equivalent to $14.13 billion.

Reduced risk of a sizeable US government BTC sale and US BTC-spot ETF inflows could tilt the supply-demand balance firmly in BTC’s favor.

On Monday, Alliance Bernstein analysts adjusted their BTC predictions, predicting BTC to fall to around $50,000 if Kamala Harris wins. Conversely, they expect BTC to rally to $80-$90k if Trump wins.

Bitcoin (BTC) Price Action

On Monday, November 4, BTC declined by 0.97%, following a 0.97% loss from the previous session to close at $67,882. Significantly, BTC dipped below $67,000 amid uncertainty about the US election result.