XRP News Today: XRP Gains on Spot ETF Prospects as BTC Holds Above $95k

XRP Gains Momentum Amid Crypto-Friendly Regulatory Prospects

On Wednesday, November 27, Fox Business journalist Eleanor Terrett reported news of Charles Schwab (SCHW) planning to enter the crypto market, stating,

“Charles Schwab wants to ‘directly offer crypto and Schwabize the crypto market,’ pending regulatory shifts.”

In an interview with Yahoo, Charles Schwab president and incoming CEO Rick Wurster discussed plans to directly offer crypto investments, saying that Schwab is eager to provide direct crypto offerings, but is waiting for regulatory changes, which they expect to happen soon. Wurster also said that they’re enthusiastic about the potential of the crypto market.

In October 2024, Schwab announced plans to expand its 24/5 trading hours. Notably, Schwab is a leader in investing and trading, with $9.92 trillion in total client assets.

Schwab could enter the crypto-spot ETF market, potentially launching BTC, ETH, and XRP-spot ETFs, among others.

US Crypto Market Expansion Hinges on New SEC and CFTC Leaderships

Activity in the US crypto-spot ETF space has intensified since Trump’s election victory and SEC Chair Gary Gensler’s resignation announcement.

However, progress in the US XRP-spot ETF market likely hinges on the SEC’s decision regarding the Ripple case appeal. An SEC Chair intent on withdrawing crypto-related appeals and lawsuits would be a boon for XRP and the broader crypto market.

Significantly, the Programmatic Sales of XRP ruling, if left unchallenged, could set a pivotal precedent for the crypto market. A withdrawal could also encourage firms, including Charles Schwab, to ramp up crypto offerings, potentially attracting more investors.

ETF issuers such as Bitwise Invest, Canary Funds, Grayscale, and WisdomTree have already applied for ETFs that include XRP.

XRP Price Action

On Thursday, November 28, XRP advanced by 4.78%, following Wednesday’s 5.17% rally, closing at $1.5414. Significantly, XRP outperformed the broader crypto market, which slipped by 0.11%, taking the total crypto market cap to $3.480 trillion.

Looking forward, XRP-spot ETF-related news and Trump’s nomination for the SEC Chair will likely remain the focal points. The prospects of a pro-crypto SEC Chair and a potential end to the Ripple case could push XRP above the November 23 high of $1.63 to target $2. Conversely, XRP could drop below $1 if the SEC’s plans to appeal remain in place.

BTC Indicators Support Bullish Sentiment

Profit takers influenced BTC price trends on Thursday as investors awaited fresh crypto market catalysts. Nevertheless, BTC avoided a drop below $94,000, suggesting robust demand after the retreat from its all-time high of $99,318.

On Thursday, the crypto market intelligence platform Santiment assessed the outlook for BTC. Referring to a chart showing trends in the average of BTC sitting in wallets, Santiment stated,

“Bitcoin’s crucial Mean Dollar Invested Age metric is revealing a rapid drop in the average age of each BTC that has been sitting in each wallet on the network. In short, bull markets are validated (in large part) by this pink line moving down because it indicates that previously stagnant wallets are moving their old coins back into circulation to create higher utility.”

Santiment added,

“As long as this Mean Dollar Invested Age line for BTC continues dropping, it should be considered as validation that crypto markets are still in a relative bull market, and the odds of market caps continuing to grow are at a much higher probability than usual.”

Santiment also noted that Bitcoin’s Mean Dollar Invested Age has fallen significantly since Trump’s election victory, supporting its analysis.

Despite the bullish sentiment, BTC has yet to breach $100,000. The Kobeissei Letter, an industry-leading commentary on the global capital markets, commented on BTC’s odds of hitting $100,000, saying,

“Odds of Bitcoin hitting $100,000 this year are now declining: After rising as high as 92%, odds of Bitcoin hitting $100,000 in 2024 are down to 64%, according to Kalshi, a betting platform. In just 4 days, odds of Bitcoin hitting $100,000 this month have declined from 88% to 18%. However, the median expectation still shows Bitcoin rising to $115,000 by year-end.”

Who Will Be the Next SEC Chair?

Speculation about SEC Chair Gary Gensler’s replacement has intensified. A pro-crypto Chair could accelerate BTC adoption.

Kalshi currently has former SEC Commissioner Paul Atkins as the likely nominee. On Wednesday, Kalshi shared the latest odds, stating,

“Paul Atkins is now the frontrunner to become the next SEC chair, with his chances rising to 66%, up from 30% this morning.”

Other contenders include Brad Bondi and Teresa Goody Guillen, with odds of 20% and 3%, respectively, on becoming SEC Chair.

Fox Business journalist Eleanor Terrett recently assessed Paul Atkins’s potential effectiveness as the next SEC Chair, saying,

“ He’s pro-crypto but perhaps more importantly, he’s got policy chops in other areas of the $100 trillion securities markets the SEC has oversight of. He is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under Gensler.”

Bitcoin (BTC) Price Prediction

On Thursday, BTC slipped by 0.20%, partially reversing a 4.32% rally from Wednesday, closing at $95,691.

BTC price trends will continue to hinge on Trump’s nominations for the SEC and Commodities Futures Trading Commission Chairs. Pro-crypto Chairs supporting BTC as a US strategic reserve asset may drive BTC toward $100,000.

Both Chairs must implement appropriate regulatory guidelines for BTC to become a strategic reserve. US government demand for BTC could materially reduce supply, a bullish BTC price scenario.

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