XRP News Today: XRP Rallies as Gensler Resignation Rumors Swirl; BTC Retakes $90K

Could a pro-crypto SEC Chair drive XRP to new highs?

On Monday, November 18, investors awaited further updates on SEC Chair Gensler’s rumored resignation. Significantly, Chair Gensler could also step down as SEC Commissioner, potentially removing a significant anti-crypto vote.

Pro-crypto lawyer James ‘MetaLawMan’ Murphy highlighted the significance of SEC Chair Gensler’s anticipated resignation, stating,

“Day 13 of the Gary Gensler Resignation Watch. And it’s… All Quiet on the Gensler Front.”

Murphy previously shared the timelines for SEC Chair resignations following the 2016 and 2020 US presidential elections.

For instance, Jay Clayton announced his resignation on November 16, 2020, shortly after Joe Biden’s victory. Clayton’s resignation was significant for XRP and the broader crypto market.

SEC Chair Gensler, Midnight Lawsuits, and the Ripple Case

The Ripple case has resurfaced amid speculation about an SEC overhaul. On March 14, 2024, Empower Oversight requested records relating to potential ethical violations, expanding its investigation to include former SEC Chair Jay Clayton. Notably, the SEC filed charges against Ripple Labs on December 20, 2020, Jay Clayton’s final day as Chair.

Clayton’s vote in favor of charging Ripple for breaching US securities laws raises concerns that Chair Gensler may follow a similar approach. Chair Gensler took over the reins at the SEC after Clayton departed the agency.

Fox Business journalist Eleanor Terrett shared a post regarding regulations enacted between now and the US inauguration, stating,

“Caveat: Nothing would stop a “midnight lawsuit” by any of these agencies on their way out the door, i.e. Ripple in 2020. Lawsuits aren’t subject to the Congressional Review Act.”

However, analysts believe such midnight lawsuits would be ineffective, as a new crypto-friendly SEC under a Trump administration might dismiss unsubstantiated claims.

The prospects of a Gensler resignation, an end to the agency’s appeal against rulings in the Ripple case, and the appointment of a crypto-friendly SEC Chair are XRP tailwinds. If the SEC withdraws its appeal, the Programmatic Sales of XRP ruling could set a precedent, influencing cases against Coinbase (COIN) and Binance, among others.

XRP Price Action

On Monday, November 18, XRP gained 5.84%, recovering from a 5.94% loss on Sunday, closing at $1.1154. XRP outperformed the broader crypto market, which increased by 1.64%, taking the total crypto market cap to $3.005 trillion.

For the Tuesday session, investors should consider Trump’s appointments for SEC Chair and US Treasury Secretary. A crypto-friendly SEC Chair favoring ending all litigation against crypto firms could drive XRP toward $1.5.

MicroStrategy’s BTC Acquisition Fuels Market Optimism

Shifting focus to BTC, MicroStrategy (MSTR) founder and Chairman Michael Saylor announced a significant BTC acquisition, saying,

“MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin.”

The news drove BTC to a Monday session high of $92,549 before easing back. Later in the session, Saylor also hinted at another BTC acquisition, announcing,

“MicroStrategy Announces Proposed Private Offering of $1.75B of Convertible Senior Notes.”

US BTC-Spot ETFs Eye Inflows as Investors React to MicroStrategy’s News

Positive sentiment toward a potential shift in the US crypto regulatory landscape and news of MicroStrategy’s BTC purchase drove demand for US BTC-spot ETFs. According to Farside Investors:

• On Monday, November 18, Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $60.0 million. (Previous day: -$175.1 million).
• Grayscale Bitcoin Mini Trust ETF (BTC) had net inflows of $54.4 million. (Previous day: -$47.0 million).
• Bitwise Bitcoin ETF (BITB) saw net inflows of $24.4 million, while ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $13.2 million.

Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market had $165.5 million of net inflows. Significantly, the US BTC-spot ETF market ended a two-day outflow streak despite falling bets on a December Fed rate cut. US BTC-spot ETF flow trends continue influencing BTC’s supply-demand balance and price trends.

Bitcoin (BTC) Price Action

On Monday, BTC gained 1.17%, reversing a 0.73% loss from Sunday, closing at $90,510.

Increased demand and Trump’s crypto pledges will likely mitigate oversupply risk, potentially supporting a BTC move to $100,000.

Trump’s proposed US Treasury Secretary and SEC Chair could be pivotal, especially with his plans to designate BTC as a strategic reserve asset. The US government currently holds 208,109 BTC in its crypto stockpile, equivalent to $18.97 billion.

Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.