XRP News Today: XRP Flips Solana on RLUSD News as BTC Hovers Below $100k

XRP Flips Solana on Ripple Stablecoin Approval

On Sunday, December 1, XRP flipped solana (SOL) to rank fourth by market cap, setting its sights on Tether’s (USDT) number 3 spot.

Stay tuned as we explore the key drivers sending XRP to number 4 in the crypto rankings.

News of the New York Department of Financial Services (NYDFS) planning to approve the Ripple USD (RLUSD) stablecoin fueled XRP demand.

Fox Business journalist Eleanor Terrett reported the news, stating,

“Ripple poised for New York approval of stablecoin, set to enter regulated US crypto 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.”

The approval would mark a significant shift in the US crypto environment. In April 2024, the SEC targeted Ripple’s RLUSD in its remedies-related reply brief, stating the stablecoin would be an issuance of a new unregistered crypto asset, violating US securities laws. The SEC’s view on RLUSD as an unregistered security could resurface, potentially influencing broader regulatory discourse.

XRP’s Legal Landscape and SEC Developments

RLUSD’s approval would likely return investor focus to the Ripple case and Trump’s SEC Chair nomination. Since SEC Chair Gary Gensler’s resignation announcement, the SEC has remained silent on whether it will pursue its appeal against rulings in the Ripple case.

SEC Chair Gensler will leave the agency on January 20, 2025, just days after the SEC’s deadline for filing its appeal-related opening brief.

If the SEC withdraws its appeal, the Programmatic Sales of XRP ruling could set a crucial legal precedent for the crypto market. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

Significantly, an end to the Ripple case could expedite the approval of pending XRP-spot ETF applications.

However, the decisions regarding the Ripple case and XRP-spot ETFs could fall on SEC Chair Gary Gensler’s replacement. According to Kalshi, a betting platform, former SEC Commissioner Paul Atkins comfortably leads the race to become the next SEC Chair.

Former SEC Office of Internet Enforcement Chief John Reed Stark recently remarked on Paul Atkins as a potential SEC Chair, saying,

“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.”

Want to learn more about how XRP-spot ETFs could influence the crypto market? Click here for an in-depth look at ETF trends and forecasts.

XRP Price Action

On Sunday, December 1, XRP soared 17.7%, following Saturday’s 8.29% gain, closing at $2.2970. XRP climbed to a session high of $2.4477, its highest since January 2018.

The broader crypto market advanced by 1.59%, taking the crypto market cap to $3.390 trillion.

Upcoming catalysts, including RLUSD’s approval, the SEC Chair nomination, and the resolution of Ripple’s legal battles, could propel XRP toward its all-time high of $3.5505.

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

Bitcoin Hovers Below $100,000 on Supply-Demand Trends

BTC supply-demand trends remained a tailwind on Sunday, with investors likely considering November’s US BTC-spot ETF flow trends. The US BTC-spot ETF market registered net inflows of $6.68 billion in November, the largest since launching in January 2024.

Sentiment toward US President-elect Trump’s campaign pledges has fueled BTC-spot ETF demand, supporting BTC’s move to an all-time high of $99,318.

On the campaign trail, Trump pledged to make BTC a US strategic reserve asset, making the US government a BTC HODLER. The US government becoming a BTC HODLER would mitigate oversupply risk. The US government currently has a 208,109 BTC stockpile, equivalent to $20.26 billion.

However, Trump’s nominations for the SEC and Commodities Futures Trading Commission Chairs will be crucial. The agencies must implement appropriate regulatory guidelines.

Trump’s US Treasury Secretary nomination, Scott Bessent, was a major step toward making BTC a strategic reserve asset. In July 2024, Bessent highlighted the importance of the crypto market to US investors while criticizing the Democratic Party’s anti-crypto stance.

Congress, the Federal Reserve, the Treasury Department, and the President must approve BTC as a strategic reserve asset.

While BTC continues to hover below the coveted $100k mark, betting platform Kalshi continues sending bullish BTC price signals. On Monday, December 2, the chances of BTC hitting $100k by December 31 stood at 77%. This was up from 59% before Thanksgiving.

Bitcoin (BTC) Price Prediction

On Sunday, BTC gained 0.79%, partially reversing a 1.14% loss from Saturday, closing at $97,026. Significantly, BTC avoided a drop below the $95,000 mark for the third consecutive session.

Near-term BTC price trends will likely depend on Trump’s SEC and CFTC nominations. Pro-crypto Chairs could raise hopes that BTC will become a US strategic reserve asset and drive BTC above $100,000.

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