XRP News Today: XRP-Spot ETF Filing Boosts XRP as BTC Drops on Trump Election Odds

Ripple Quarterly Report Draws Interest

On Friday, November 1, Ripple released its Q3 2024 Markets Report. Key highlights included:

• XRP’s status as not a security remains the law of the land, echoing previous statements from Ripple’s Chief Legal Officer Stuart Alderoty.
• Ripple filed its Form C in response to the SEC’s appeal, which does not challenge XRP’s status.
• SEC activity and the Ripple case are ongoing XRP headwinds.
• Institutional interest in XRP continues, with ETF issuers filing for XRP-spot ETFs.

Ripple CEO Brad Garlinghouse commented on the Q3 Report, stating,

“The message from the market is clear – institutional interest in XRP products is stronger than ever. Bitwise Invest, Canary Funds, and 21Shares (just this morning!) filed S-1s for XRP ETFs while Grayscale launched an XRP Trust and filed to convert its multi-asset fund, including XRP, into an ETF.”

Garlinghouse also criticized the SEC, saying,

“The SEC’s war on crypto has lost battle after battle – their continued disregard for the court’s authority will further erode the SEC’s credibility and reputation.”

21Shares Joins List of Issuers Filing for an XRP-Spot ETF

On November 1, 21Shares submitted an S-1 form to register an XRP-spot ETF, the Core XRP Trust. The Trust will aim to track XRP’s performance and not seek to generate returns beyond its price movements.

21Shares is prominent within the crypto-spot ETF market after launching BTC and ETH-spot ETFs. The ARK 21Shares Bitcoin ETF (ARKB) has reported $2,617 million in inflows since launch, ranking third among the 11 BTC-spot ETF issuers.

Alongside 21Shares, Canary Funds and Bitwise Invest have submitted filings to the SEC for XRP-spot ETFs. Additionally, Grayscale has filed for a multi-crypto-spot ETF featuring BTC, ETH, SOL, and XRP.

XRP Price Action Muted Despite XRP-Spot ETF Filing

Despite the filing, XRP’s price action remained subdued. Investors don’t expect an imminent SEC approval for XRP-spot ETFs after the agency filed a Form C, challenging the Summary Judgment and Final Judgment.

Significantly, the SEC is appealing the Programmatic Sales of XRP ruling. US crypto exchanges may delist XRP if the SEC successfully overturns the Programmatic Sales ruling. Delistings could adversely affect US market access to XRP and price trends.

The SEC may delay decisions on XRP-spot ETFs until the appeal process ends.

XRP Price Action

On Friday, November 1, XRP gained 0.61%, partially reversing a 2.39% loss from Thursday, closing at $0.5130. XRP outperformed the broader crypto market, which declined by 1.03% to a total market cap of $2.283 trillion. Despite Friday’s gain, XRP remained below the crucial $0.55 level, with the SEC appeal being an XRP headwind.

US BTC-Spot ETF Market Eyes Eight-Day Inflow Streak

Meanwhile, BTC came under selling pressure. On Thursday, October 31, the US BTC-spot ETF market reported net inflows of $32.3 million, down sharply from $893.3 million the previous day.

Nevertheless, the US BTC-spot ETF market extended its inflow streak to seven sessions, with October ending with $5,415.2 million in net inflows. Blackrock’s (BLK) iShares Bitcoin Trust (IBIT) played a key role, accounting for $4,712.9 million in net inflows.

On Friday, the US BTC-spot ETF market needs IBIT to report inflows of $54.9 million or more to extend the market inflow streak to eight sessions. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $25.6 million. (Previous day: -$75.2 million).
• ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $24.1 million. (Previous day: -$94.2 million).
• Bitwise Bitcoin ETF (BITB) had net outflows of $5.6 million. (PD: -$74.0 million).
• Grayscale Bitcoin Trust (GBTC) had net outflows of $5.5 million. (PD: -$31.1 million).
• Six issuers saw net outflows on Friday.

Trump Election Betting Odds Impact on BTC Demand

Investors reacted to the latest US polls that showed Trump’s election odds weakened. According to the betting site Polymarket, Trump’s odds of winning the US Presidential Election fell from 64.9% on October 31 to 57.9% on November 2.

BTC price trends reflected the crypto market’s preference for a Trump return to the White House. Trump has pledged to make BTC a US strategic reserve and the US government to become a BTC HODLER, reducing oversupply risk. Trump has also promised to remove SEC Chair Gary Gensler on his first day in office, potentially supporting a more crypto-friendly US regulatory backdrop.

US Jobs Report Drives BTC to the $71k Mark

Significantly, the latest odds overshadowed the US Jobs Report that boosted bets on a December Fed rate cut. BTC reacted to the Jobs Report, rallying to a session high of $71,633 before hitting the reverse. Nonfarm payrolls increased by just 12k in October, down from 254k in September.

Bitcoin (BTC) Price Action

On Friday, November 1, BTC fell by 1.06%, following a 2.84% loss from the previous session to close at $69,563.

On Saturday, November 2, US BTC-spot ETF market flow trends for Friday and US election-related news will likely influence BTC demand. If Trump’s odds continue to fall, BTC may drop below $67,500.

Conversely, an eight-day BTC-spot ETF market inflow streak and rising odds of a Trump win could drive BTC toward its all-time high of $73,808.