XRP News Today: XRP Rallies on ETF Buzz and Ripple Case Developments

XRP Returns to $1.9591 Amid Ripple Case Optimism and ETF Speculation: What’s Next?

On Saturday, November 23, XRP rallied 8.29%, following Friday’s impressive 16.91% surge, ending the session at $1.9515. XRP closed at the $1.95 level for the first time since April 2021, outperforming the broader crypto market. The total crypto market cap increased by 0.23% to $3.330 trillion.

Stay tuned as we explore the implications of Ripple’s legal battles and ETF speculation on XRP’s future price action.

Trump’s SEC Chair Nomination Crucial for XRP and the Ripple Case

Market bets on a pro-crypto SEC Chair fueled XRP demand. Speculation about Trump’s SEC Chair nomination intensified after the Thanksgiving holiday. Former SEC Commissioner Paul Atkins remains the frontrunner for the next SEC Chair.

According to Kalshi, a betting platform, Atkins has a 68% chance of becoming SEC Chair. Brad Bondi is a distant second, with a 20% probability of replacing Chair Gary Gensler.

Both Atkins and Bondi are considered pro-crypto and may end the SEC’s appeal against rulings in the Ripple case.

Former SEC Office of Internet Enforcement Chief John Reed Stark recently shared his views on the contenders. On Paul Atkins, Stark stated,

“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.”

Stark expects Atkins to rein in SEC enforcement as a top priority.

Stark’s views on Brad Bondi were even more crypto-friendly, suggesting either pick would benefit XRP and the broader crypto market. Notably, Stark believes Bondi would end all crypto investigations and stay, settle, or dismiss crypto-related cases.

Ripple Case and US XRP-Spot ETFs

If the SEC withdraws its appeal in the Ripple case, the July 2023 ruling on Programmatic XRP sales could set a critical legal precedent.

In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

If the Programmatic Sales of XRP ruling stands, it could fast-track the approval of XRP-spot ETF applications, potentially boosting XRP demand.

Major players, including Bitwise Invest, Canary Funds, Grayscale, and WisdomTree, have filed for spot ETFs including or exclusively investing in XRP.

A thriving XRP-spot ETF market could mirror bitcoin’s (BTC) success. BTC’s price has soared 127% since January 2024 to $96,324 after BTC-spot ETFs launched in January 2024.

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

Daily Chart

XRP sits comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

A break above Saturday’s high of $1.9591 could support a move to $2. Further, a breakout from $2 may enable the bulls to target January 2018’s all-time high of $3.5505.

SEC Chair-related updates and Ripple case-related news require consideration.

Conversely, a break below $1.85 may signal a fall toward the $1.75. A drop below $1.75 may bring the 1.50 level into play. News of the SEC pursuing its appeal against Ripple case rulings could trigger a sell-off.

With a 14-day RSI reading of 85.41, XRP sits deep within overbought territory. Selling pressure could intensify at Saturday’s high of $1.9591.

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