XRP News Today: XRP and $3 in SEC’s Hands as BTC-Spot ETF Holdings Pass Satoshi

Markets React To Trump’s Crypto Czar Pick

On Friday, December 6, investors reacted further to Trump announcing David Sacks as the US administration’s crypto Czar.

Ripple Chief Legal Officer Stuart Alderoty reacted to the crypto Czar appointment, saying,

“Another great pick by the Trump administration: David Sacks will bring the pro-business, pro-innovation, and fresh perspective we need. Excited to work with David and the industry to finally establish clear rules of the road for crypto in the US. The future starts now!”

The crypto community was also quick to react, highlighting Sacks’ support for Ripple and XRP in the ongoing legal battle with the SEC. In July 2023, Sacks responded to the Programmatic Sales of XRP ruling, calling it a ‘big ruling for crypto.’

SEC Appeal: Will Chair Gensler Withdraw the Appeal Before Leaving the Agency?

The SEC’s plans to appeal against rulings in the Ripple case remain crucial for XRP and ongoing SEC cases against crypto exchanges.

Significantly, the SEC must file its appeal-related opening brief by January 15, 2025. This is days before Trump’s inauguration, SEC Chair Gensler’s departure, and Paul Atkins’ possible return to the SEC as Chair.

This week, Chair Gensler submitted a new filing in the Binance cases and strengthened the agency’s crypto legal team. The SEC Chair’s latest maneuvers suggest the agency will file its opening brief, presenting its arguments to appeal against rulings in the Ripple case.

If the SEC pursues the appeal, the incoming SEC Chair could potentially have the unenviable task of withdrawing the appeal on Day 1 in office.

Pro-crypto lawyer Bill Morgan remarked on the possibility of the SEC filing its opening brief, saying,

“I hope no one is getting too excited about the SEC not filing its brief in the appeal on 15 January 2025.”

XRP Price Outlook Remains in the SEC’s Hands

On Friday, December 6, XRP rallied 8.05%, ending its three-day losing streak to close at $2.4286.

Price trends will hinge on speculation about the SEC’s plans to appeal. Expectations for an appeal could weigh on XRP. However, XRP could break new 2024 highs if the income SEC Chair signals a withdrawal. An opening brief filing could drag XRP toward $1, while a withdrawal could send XRP past its January 2018 all-time high of $3.5505.

Significantly, a withdrawal would set the Programmatic Sales ruling as a pivotal legal precedent. This could potentially end the agency’s cases against crypto firms, including Coinbase (COIN) and Binance.

Where do you think XRP is heading next? Click here for our latest XRP news, market insights, and exclusive expert analysis.

Bitcoin (BTC) Revisits $101k on BTC-Spot ETF Inflows

On Thursday, the US BTC-spot ETF market registered net inflows of $766.7 million, extending the inflow streak to six sessions. Demand through BTC-spot ETFs set the tone for the Friday session, driving BTC through $100k.

Friday’s US BTC-spot ETF market flow trends continue to tilt the supply-demand balance in BTC’s favor. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $47.5 million.
• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $24.9 million.
• However, Grayscale Bitcoin Trust (GBTC) had net outflows of $32.8 million.

Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market registered net inflows of $119.6 million on Friday. IBIT could extend the winning streak to seven sessions, underscoring positive sentiment toward Trump’s recent SEC, US Treasury, and crypto Czar appointments.

On Friday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas announced a landmark moment for the US BTC-spot ETF market, saying,

“KING OF THE HILL: The US spot ETFs have just passed Satoshi in total bitcoin held, now hold more than 1.1m, more than anyone in the world, and they’re not even a year old yet, literally babies still. Mind blowing.”

The US BTC-spot ETF market holds 1,104,534 BTC on Thursday, above Satoshi Nakamoto’s 1,100,000 stockpile.

BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) has been crucial to the ETF market, with net inflows of $34,112 million since its launch. The US BTC-spot ETF market has had $33,152 million in total net inflows since January 11.

Bitcoin Strategic Reserve: Can BTC Hit $1 Million on US Government Demand

Bitcoin revisited $101k as US President-elect Donald Trump fueled hopes of BTC becoming a US strategic reserve asset. Trump nominated crypto-friendly former SEC Commissioner Paul Atkins for SEC Chair and Scott Bissent for US Treasury Secretary. Trump also appointed David Sacks as the Administration’s crypto Czar.

High-ranking crypto-friendly officials could pave the way for BTC to become a strategic reserve asset. Congress, the Federal Reserve, the Treasury Department, and the President must approve BTC as a strategic reserve asset.

Additionally, the US SEC and the Commodity Futures Trading Commission (CFTC) must establish clear regulatory guidelines, underscoring the importance of Trump’s picks and upcoming nominations.

Amicus Curiae attorney John E. Deaton criticized a recent Peter Schiff interview while underlying BTC’s price potential, stating,

“The incoming president, along with almost his entire administration is talking about an SBR (strategic BTC reserve) and Peter Schiff’s still saying Bitcoin is a terrible investment. Even Charles Schwab’s CEO (who doesn’t own Bitcoin and now feels silly for not buying it) recently said if an SBR happens, Bitcoin goes to $500K to $1M.”

Rick Wurster is the coming CEO of Charles Schwab and has plans to expand its crypto offering to its clients after regulations change.

Increased demand would counter oversupply risks, driving BTC to new highs.

Bitcoin Price Outlook

On Friday, BTC gained 2.68%, reversing Thursday’s 1.51% loss, closing at $99,695. Significantly, BTC revisited the $101k mark before retreating.

Near-term BTC price trends will depend on Trump’s Commodity Futures Trading Commission (CFTC) Chair nomination. A pro-crypto CFTC Chair could fuel speculation about BTC becoming a US strategic reserve asset.

However, investors should track potential oversupply signals. Mt. Gox and the US government could influence BTC trends with transfers to new wallets.

Mt.Gox currently holds 36,085 BTC, equivalent to $3.61 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. Additionally, the US government has a 198,109 BTC stockpile, equivalent to $19,76 billion.

Market Outlook for XRP and BTC

Both XRP and BTC are at pivotal junctures. XRP’s future rests on the SEC’s appeal decision, while BTC’s breakout from $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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