XRP News Today: XRP Flips BNB on RLUSD News as BTC Revisits $98k

XRP Hits $1.81 on RLUSD Approval Buzz

XRP’s rally to $1.81 marks its highest level since May 2021, driven by Ripple’s stablecoin breakthrough and market optimism over regulatory clarity.

On Friday, November 29, Ripple stablecoin-related news ignited buyer demand for XRP. Fox Business journalist Eleanor Terrett reported the latest on Ripple’s break into the US remittance space, stating,

“Ripple poised for New York approval of stablecoin, set to enter US stablecoin market. People close to the matter say the NYDFS has indicated to Ripple it will approve RLUSD and the company is eyeing a possible launch date of Dec. 4th.”

Keith A. Grossman, President of Enterprise at MoonPay, reportedly commented on the news, saying,

“MoonPay is proud to provide access to RLUSD for our partners and customers on day one of Ripple’s launch.”

SEC Objections: RLUSD and US Securities Laws

Would the New York State Department of Financial Services approve RLUSD if the SEC planned to pursue its appeal against rulings in the Ripple case?

Ripple USD’s (RLUSD) approval could mark a milestone, laying the foundation for challenging SWIFT in cross-border payments.

The New York State Department of Financial Services’s (NYDFS) approval of RLUSD raises questions about potential SEC actions. Ripple’s efforts to disrupt traditional banking may provoke SEC scrutiny.

In April 2024, the SEC challenged Ripple’s plans to launch the RLUSD in its remedies-related reply brief, arguing it would be an issuance of a new unregistered crypto asset, breaching US securities laws.

However, the NYDFS’s approval would ease concerns about regulatory compliance, supporting Ripple’s US expansion plans. RLUSD could also alleviate concerns about Ripple breaching US securities laws by using XRP on its On-Demand Liquidity (ODL) platform.

In August 2024, Judge Analisa Torres delivered the Final Judgment in the Ripple case. In addition to a $125 million civil penalty, Judge Torres ordered Ripple to avoid violating Section 5 of the US Securities Act going forward.

Recent speculation about the SEC potentially withdrawing its appeal has bolstered XRP demand, reinforcing optimism for Ripple’s global expansion.

XRP Price Action

On Friday, November 29, XRP surged 16.91%, following a 4.78% gain on Thursday, closing at $1.8021. Significantly, XRP climbed to the $1.81 level for the first time since May 2021. Additionally, XRP flipped binance coin (BNB), rising to fifth in the crypto rankings by market cap.

The broader crypto market gained a more modest 2.23%, bringing the crypto market cap to $3.330 trillion.

Looking ahead, the SEC’s decision on its appeal will likely be the next price catalyst. A withdrawal could hinge on Trump’s nominee for SEC Chair. A pro-crypto Chair favoring an end to legal cases against crypto firms could drive XRP through $2. Moreover, a withdrawal would set the Programmatic Sales of XRP ruling as a precedent, paving the way to a US XRP-spot ETF market.

US BTC-Spot ETF Market Inflows Drive BTC Toward $100,000

Bitcoin inches closer to $100,000 as ETF inflows hit $182.5 million, bolstered by speculation of a pro-crypto US regulatory shift under Trump.

On Friday, the US BTC-spot ETF market reported a second session of net inflows, driving BTC demand. While there were no catalysts to influence buyer appetite, the prospects of a crypto-friendly US regulatory environment remained a BTC tailwind.

According to Farside Investors,

• On Friday, Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $106.5 million.
• VanEck Bitcoin Trust (HODL) reported net inflows of $33.1 million.
• Bitwise Bitcoin ETF (BITB) saw net inflows of $26.5 million, while Grayscale Bitcoin mini Trust (BTC) had net inflows of $8.6 million.
• ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $7.8 million.

Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market reported net inflows of $182.5 million. Continued US BTC-spot ETF demand could support a BTC break above $100,000.

Trump Agency Nominations and BTC’s Strategic Future

Trump’s election victory has been pivotal to the surge in BTC-spot ETF demand and BTC’s move toward $100,000.

Investors now await Trump’s SEC and Commodity Futures Exchange Commission Chair nominations. Pro-crypto Chairs would likely raise BTC’s chances of becoming a US strategic reserve asset.

Trump pledged to make BTC a US strategic reserve on his campaign trail. Making the US government a BTC buyer and HODLER would mitigate oversupply risk, tilting the supply-demand balance in BTC’s favor.

The SEC and CFTC Chairs would be involved in BTC becoming a strategic reserve asset since both agencies must implement appropriate regulatory guidelines.

While BTC continues to hover below the coveted $100k mark, betting platform Kalshi is sending bullish BTC price signals. On Friday, the odds of BTC hitting $100k by December 31 stood at 74%, up from 59% before Thanksgiving.

Bitcoin (BTC) Price Prediction

On Friday, BTC advanced by 1.76%, reversing a 0.20% loss from Thursday, closing at $97,374. Significantly, BTC climbed to a session high of $98,689 before easing back.

Near-term BTC price trends will likely hinge on Trump’s SEC and CFTC nominations. Pro-crypto Chairs boosting hopes of BTC becoming a US strategic reserve asset could push BTC through $100,000.

Follow the latest on regulatory changes and their game-changing impact on crypto markets.