XRP News Today: XRP Surges as SEC Overhaul Gains Momentum While BTC Hits $99k

SEC Overhaul Gathers Momentum

On Friday, November 22, SEC Commissioner Jaime Lizarraga announced plans to resign on January 17, citing personal reasons. His planned departure could leave Caroline Crenshaw as the sole Democratic Commissioner of the SEC.

According to the SEC press release, Commissioner Lizzaraga is stepping down to support his wife, who faced a serious illness in 2024, stating,

“In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey.”

SEC Chair Gary Gensler reacted to Lizarraga’s resignation, stating,

“At the SEC, he has been an excellent partner in our work to protect investors, facilitate capital formation, and ensure markets work for investors and issuers alike.”

Lizarraga’s resignation sets the stage for a Republican Commissioner appointment, which could align with Trump’s pro-crypto agenda after Gary Gensler’s departure.

Trump Appoints Scott Bessent as US Treasury Secretary

President-elect Donald Trump announced Scott Bessent as his pick for US Treasury Secretary on Friday. Fox Business journalist Eleanor Terrett shared a Bissent interview with Fox Business, highlighting his stance on crypto.

In a Fox Business interview, Bessent underscored his support for cryptocurrencies, framing them as a symbol of freedom and a vital part of market participation. He criticized Democratic opposition to crypto, linking it to the fallout from Sam Bankman-Fried’s scandal, and described Bitcoin as a unique opportunity for a new generation of investors.

Ripple CEO Brad Garlinghouse lauded the appointment, stating,

“I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.”

All Roads Lead to SEC Appeal Withdrawal

SEC Chair Gary Gensler’s resignation and Lizarraga’s announcement fueled speculation about the SEC withdrawing its appeal against rulings in the Ripple case. If the SEC withdraws its appeal, it could set the Programmatic Sales of XRP ruling as a precedent, boosting XRP demand.

The SEC must file its appeal-related opening brief by January 15, 2025, days before SEC Chair Gensler departs the agency.

An incoming Trump-appointed SEC Chair, a Republican Party heavy agency, and a pro-crypto US Treasury Secretary could reframe the US regulatory landscape.

Candidates in the hat for the SEC Chair include Brad Bondi and Paul Atkins.

Former SEC Office of Internet Enforcement Chief John Reed Stark recently shared his views on Brad Bondi and Paul Atkins as SEC Chair, noting that Atkins would likely reign in the SEC. Stark expects Bondi to order an immediate stop on all SEC crypto-related investigations, to order the litigation unit to stay, settle or dismiss all SEC crypto-related cases forthwith.’

XRP Price Action

On Friday, November 22, XRP surged 18.04%, following Thursday’s 12.98% breakout, closing at $1.4731. XRP outperformed the broader crypto market, which advanced by 1.59% to a total crypto market cap of $3.26 trillion.

Updates on Trump’s pick for SEC Chair and the agency’s plans regarding the appeal against rulings in the Ripple case could be crucial.

An SEC Chair favoring an end to litigation against crypto firms could drive XRP toward the May 2021 high of $1.8171. XRP broke above the September 2021 high of $1.4357 on Friday, climbing to a Saturday, November 23 high of $1.6299. Conversely, plans to pursue the appeal against Ripple could drag XRP toward $1.

BTC Gains Amid Strategic Reserve Speculation

While regulatory developments dominated the news, market focus remained firmly on BTC price trends. Investors reacted to the appointment of Scott Bessent as US Treasury Secretary. Bessent’s stance on crypto raised the prospect of BTC becoming a US strategic reserve asset.

Senator Cynthia Lummis remarked on Scott Bessent’s appointment, stating,

“Scott Bessent is an experienced champion on fiscal responsibility and is well-equipped to help President Trump address the economic challenges our nation currently faces. I look forward to working with Mr. Bessent to advance comprehensive digital asset legislation, establish a Strategic Bitcoin Reserve, and make our economy strong again.”

Establishing BTC as a US strategic reserve would make the US government a BTC buyer and, significantly, HODLER. The US government currently holds 208,109 BTC in its stockpile, equivalent to $20.51 billion.

Earlier this week, Senator Lummis proposed the US government offload some gold reserves to acquire bitcoin. Selling gold to acquire bitcoin may allow the US government to avoid adding to the ballooning government deficit. Senator Lummis touted the Bitcoin Act, stating,

“If only there was a way to dig out nation out of debt while ensuring the strength of the US dollar. Oh wait. Bitcoin Act.”

The Bitcoin Act proposes the US government acquire one million BTC, adding to its BTC stockpile, and potentially supporting extended BTC gains.

US BTC-Spot ETF Market Inflows Drive BTC to All-Time High

On Friday, November 22, BTC climbed to an all-time high of $99,319, short of the coveted $100k mark. US BTC-spot ETF inflows and speculation about BTC becoming a US strategic reserve asset fueled demand for BTC products.

The US BTC-spot ETF market reported net inflows of $1,005.1 billion on Thursday, November 21, the highest since November 11. Significantly, the US BTC-spot ETF market extended its net inflow streak to four sessions.

On Friday, November 22, a five-day inflow streak will hinge on iShares Bitcoin Trust (IBIT) flow trends. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $21.7 million. (Previous day: +$301.0 million).
• However, Grayscale Bitcoin Trusts (GBTC) reported net outflows of $67.1 million.
• ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) saw zero net flows, leaving the spot ETF market at risk of net outflows.

Excluding flow data for iShares Bitcoin Trust (IBIT), net outflows totaled $22.9 million. Despite Friday’s flows, the US BTC-spot ETF market had an impressive week. Total net inflows currently stand at $2,839.9 million, the best week since launching in January 2024.

On Thursday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on the US BTC-spot ETF market, saying,

“Speaking of “100” milestones, the US bitcoin ETFs hit $100b in assets (altho more like $104b given the price surge overnight) w/ YTD flows flirting with $30b (double our estimate). They’re now 97% of way to passing Satoshi as biggest holder and 82% of way to passing gold ETFs.”

Bitcoin (BTC) Price Action

On Friday, BTC advanced by 0.58%, following a 3.8% gain on Thursday, closing at $98,355.

Market focus may shift to the Bitcoin Act, SEC Chair developments, and demand trends. A break above $100,000 could fuel further gains, with $120,000 as a potential price target.

Stay tuned for updates on how regulatory shifts and market dynamics influence crypto trends.