XRP News Today: Will Gensler’s Resignation Push XRP Toward $1.50 as BTC Eyes 95k?

XRP in Wait-And-See Mode as Markets Await Chair Gensler’s Resignation

XRP remained in a holding pattern in recent sessions, hovering below the November 16 high of $1.2680.

Speculation about Chair Gensler’s resignation has dominated the headlines, leaving markets uncertain about the regulatory landscape. Fox Business journalist Eleanor Terrett recently reported that Gensler may step down as SEC Chair and Commissioner. His departure could tilt SEC votes in favor of cryptos, including XRP.

SEC Chair Appointment Pivotal for XRP and the Broader Crypto Market

While Gensler’s departure from the SEC would be a boon for XRP, Trump’s choice for the agency’s top spot is also crucial.

Amicus Curiae attorney John E. Deaton recently discussed his views on two names in the hat for SEC Chair, Bob Stebbins and Brad Bondi. Deaton highlighted that Stebbins was in the Office of General Counsel for the SEC and signed off on over 80 crypto enforcement actions, including the Ripple case. The Amicus Curiae attorney picked Brad Bondi for his views on DeFi and self-custody, stating,

“He (Brad Bondi) also went further and said that absolutely 100%, when you take a DeFi protocol and you couple it self-custody, the SEC’s got no business being involved. There is no implications of securities laws. That is what we need.”

Former SEC official John Reed Stark remarked on Bondi’s likely stance on crypto litigation, stating,

“I would expect Brad, on his first day at SEC headquarters, to order an immediate stop on all SEC crypto-related investigations, to order the litigation unit to stay, settle or dismiss all SEC crypto-related cases forthwith.”

Significantly, Bondi’s stance on crypto litigation may set the Programmatic Sales of XRP ruling as a precedent, potentially boosting XRP demand.

XRP Price Action

On Wednesday, November 20, XRP gained 0.35%, partially reversing a 1.29% loss from Tuesday, closing at $1.1047. Despite a modest recovery, XRP lagged behind the broader crypto market, which advanced by 0.93%.

Gensler’s resignation and Trump’s SEC Chair appointment will likely dictate XRP’s near-term trends. A pro-crypto SEC Chair could push XRP toward $1.5, while a less favorable choice might drag XRP below $1.

US BTC-Spot ETF Market Inflows Drive BTC to All-Time High

Shifting focus from XRP, the BTC market also saw noteworthy developments. US BTC-spot ETF market inflows continued driving BTC demand. On November 19, the US BTC-spot ETF market reported net inflows of $829.5 million. The US BTC-spot ETF market will likely extend its inflow streak to three sessions on Wednesday, November 20. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $133.9 million. (Previous day: +$256.1 million).
• ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) also reported net inflows.

Excluding flow data for iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Mini Trust ETF (BTC), net inflows totaled $146.9 million, reflecting robust market sentiment.

MicroStrategy Upsizes Convertible Bond Offering as Demand Surges

On Wednesday, MicroStrategy (MSTR) founder and chairman Michael Saylor announced an upsize to its recently announced convertible bond offering, stating,

“Given high demand, we upsized our MSTR offering of 0% convertible bonds due 2029 from $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium.”

The upsize follows MicroStrategy’s acquisition of 51,780 BTC for approximately $4.6 billion, taking its BTC haul to 331,200 at an average price of around $49,874 per bitcoin. MicroStrategy’s BTC acquisitions continue to reduce supply, driving prices higher.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas remarked on MicroStrategy, stating,

“Wow MSTR is the most traded stock in America today.. to beat TSLA and NVDA is crazy. It’s been years since a stock has traded more than one of those two (it may have actually been GME to last do it). It’s also about double SPY! Wild times…”

On Wednesday, MSTR rallied 10.05% to $473.83, extending its gains to 93.8% for November, outmuscling BTC’s 34% rise.

Bitcoin (BTC) Price Action

On Wednesday, BTC rose by 1.89%, following a 2.15% gain on Tuesday, closing at $94,205. Significantly, BTC climbed to an all-time high of $94,784 before easing back.

Looking ahead, US economic indicators and sentiment toward the Fed rate path may influence BTC demand on Thursday, November 21. Positive US labor market and manufacturing data could lower bets on a December Fed rate cut, potentially dampening BTC demand.

Nevertheless, the prospects of BTC becoming a US strategic reserve asset could limit the effects of upbeat US data on BTC price trends. BTC’s status as a US strategic reserve asset would see the US government become a BTC buyer and HODLER, further impacting the supply-demand balance.

Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.