XRP News Today: XRP and BTC See Flash Crashes on South Korea News

XRP Drops Below $2.3 Amid South Korea Martial Law Announcement

On Tuesday, President Yoon Suk Yeol declared martial law, creating shockwaves across the crypto market. XRP tumbled to a session low of $2.2714 before revisiting the $2.69 level as parliament voted against the measure.

South Korea, one of the largest crypto markets, experienced a surge in exchange traffic. Platforms, including Upbit, faced disruptions, impacting investor confidence and access to funds.

According to CoinMarketCap, Upbit ranked sixth globally in the XRP markets by traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes on Wednesday, December 4.

Notably, XRP ranked first on Upbit by trading volume, followed by BTC.

Despite Tuesday’s pullback, XRP’s price recovery signaled robust demand as investors assessed the implications of South Korea’s political developments.

Speculation Heats Up Around SEC Chair Nomination

On Tuesday, December 3, speculation about Trump’s nomination influenced XRP price trends. The crypto market rumor mill was in full swing, with reports circulating of Trump nominating former SEC Commissioner Paul Atkins as SEC Chair.

Fox Business journalist Eleanor Terrett commented on the unsubstantiated reports, saying,

“Lots of people asking me if the reports about Paul Atkins being picked to be the next SEC Chair are true. I’ll say this: It’s not confirmed until we see the official announcement from Donald Trump himself. But, I stand by earlier reporting.”

In late November, Terrett reported that Atkins is being considered to succeed SEC Chair Gensler.

SEC Chair Nomination Crucial for XRP and the Broader Crypto Market

The SEC Chair nomination is pivotal for the crypto market, particularly XRP, as it could dictate regulatory policies and legal outcomes.

A pro-crypto SEC Chair could withdraw the appeal against rulings in the SEC vs. Ripple case. If the SEC withdraws its challenge, it could solidify the Programmatic Sales of XRP ruling as a crucial legal precedent.

Such a precedent could significantly influence ongoing SEC lawsuits against major crypto firms like Coinbase (COIN) and Binance, potentially limiting the SEC’s ability to classify similar assets as securities.

Speculation around Paul Atkins, a likely nominee, has fueled optimism among crypto advocates. Known for his market-friendly stance, Atkins might support regulatory clarity, potentially reducing enforcement actions against the crypto market.

For investors, the nomination represents a potential shift toward a more supportive regulatory environment, with XRP and other assets poised to benefit from reduced uncertainty.

XRP-Spot ETF Market Potential

The Programmatic Sales of XRP ruling as a legal precedent could pave the way for a US XRP-spot ETF market as it affirms that XRP is not a security in secondary sales. A US XRP-spot ETF market could fuel XRP demand, potentially mirroring the success of the US BTC-spot ETF market.

Paul Atkins’s stance on crypto is crucial for US President-elect Trump and the crypto community. Former SEC Office of Internet Enforcement Chief John Reed Stark gave Atkins a glowing reference, stating,

“He would likely reverse course on the SEC’s crypto-enforcement efforts. […] Paul favors free markets and hates over-regulation – which should be a net-positive for the cryptoverse.”

XRP Price Action

On Tuesday, December 3, XRP ended a six-day losing streak, falling 7.82% to close at $2.5134. XRP soared 18.70% in the Monday session.

Key catalysts for XRP price trends include the SEC Chair nomination, Ripple’s legal case resolution, and SEC Chair announcements. A favorable regulatory environment could drive XRP toward its all-time high of $3.55.

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

Bitcoin Reacts to South Korea Martial Law News

On Wednesday, BTC dropped below $94,000 for the first time in five sessions. BTC also reacted to South Korean President Yoon Suk Yeol’s declaration of martial law and parliament’s vote.

BTC trading on Upbit saw sharper declines, reflecting the exchange’s prominence in the South Korean market.

According to CoinMarketCap, Upbit ranked sixth in the Bitcoin markets based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes on Wednesday, December 4.

US BTC-Spot ETF Market Bolsters BTC Demand

Meanwhile, the US BTC-spot ETF market registered net inflows of $353.6 million on Monday, extending its net inflow streak to three sessions. ETF investors brushed aside Monday’s news of the US government transferring $1.92 billion BTC to Coinbase (COIN).

Significantly, the US BTC-spot ETF market could potentially extend its winning streak to four sessions on Tuesday. Flow trends will hinge on iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC).

Continued US BTC-spot ETF market inflows could provide BTC price support at current levels.

Bitcoin (BTC) Price Prediction

On Tuesday, BTC slipped by 0.06%, partially reversing a 0.79% gain from Monday, closing at $95,752.

Near-term BTC price trends hinge on US BTC-spot ETF flow data, US government BTC sales-related news, and Trump’s SEC and CFTC Chair nominations.

Pro-crypto Chairs could boost expectations of BTC becoming a US strategic reserve asset, supporting a move above $100,000. However, BTC could face increased selling pressure if the US government moves more BTC and the US BTC-spot ETF market registers net outflows.

Outlook Summary for XRP and BTC

XRP’s prospects rest on ETF-related news and positive regulatory developments, which could drive prices toward January 2018 highs of $3.55. Meanwhile, Bitcoin’s trajectory hinges on ETF inflows and the US government’s crypto policy.

A pro-crypto administration could push BTC past $100,000, while US government sales could send it toward $90,000. Investors should also monitor political-related news from South Korea for broader market implications.

Stay updated with the latest crypto market insights and regulatory trends.