XRP News Today: Pro-Crypto SEC Chair Could Boost XRP to $1 as BTC Eyes $80k

SEC Chair Speculation Casts Doubt on Appeal Plans

On Thursday, November 7, Fox Business journalist Eleanor Terrett published an article titled, SEC Commissioner Backs Trump’s Plan to End Crypto Crackdown.”

Terrett reported that SEC Commissioner Mark Uyeda, Trump’s potential choice for SEC Chair, expressed a clear stance on crypto enforcement. Commissioner Uyeda reportedly stated,

“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”

While Trump plans to fire SEC Chair Gensler on day one in office, Gary Gensler can continue as an SEC Commissioner until his term ends. This could allow Gensler to continue supporting litigation against crypto firms, potentially affecting Trump’s crypto agenda.

Nevertheless, a pro-crypto US administration and the prospect of a new SEC Chair committed to ending the war on crypto could act as tailwinds for XRP. An end to the crypto crackdown could also allow the SEC to withdraw its appeal in the Ripple case.

If the SEC withdraws its appeal, XRP could target the $1.00 mark, mirroring the July 2023 rally following the favorable Programmatic Sales ruling.

XRP Price Action

On Thursday, November 7, XRP advanced by 2.62%, following Wednesday’s 5.45% rally, closing at $0.5564. Significantly, XRP climbed to a session high of $0.5790 before pulling back, its highest level since the SEC filed its Notice of Appeal.

BTC Strikes New All-Time High as Fed Cuts Interest Rates

Shifting to BTC, the US Federal Reserve cut the Fed Funds Rate by 25 basis points to 4.75% on Thursday, November 7. Despite a more modest rate cut than September, BTC surged to a post-Fed rate cut all-time high of $76,826.

Markets will now focus on the December interest rate decision, with investors divided on the chances of a further 25-basis point Fed rate cut. According to the CME FedWatch Tool, the probability of a 25-basis point December Fed rate cut was 67.8% on November 7, down from 69.9% on November 6.

US BTC-Spot ETF Inflows Boost BTC Demand

On Wednesday, November 6, the US BTC-spot ETF market reported net inflows of $621.9 million. Investors reacted to Trump’s presidential election victory and the prospects of BTC becoming a US strategic reserve. BTC demand from the US government and the US BTC-spot ETF market could significantly tilt the supply-demand balance in BTC’s favor.

On Thursday, November 7, investors continued reacting to the US presidential election result and the Fed interest rate decision. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $190.9 million on Wednesday. (Previous day: +$308.8 million).
• Grayscale Bitcoin Mini Trust (BTC) reported net inflows of $108.8 million. (PD: +$108.8 million).
• Bitwise Bitcoin ETF (BITB) had net inflows of $13.4 million. (PD: +$100.9 million).
• ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $17.6 million. (PD: +$127.0 million).

Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market had net inflows of $253,9 million.

Bitcoin (BTC) Price Action

On Thursday, November 7, BTC advanced by 0.80%, following Wednesday’s 8.23% breakout, closing at $75,777. Significantly, BTC extended its winning streak to three sessions.

Michigan Consumer Sentiment data and Fed speeches on Friday, November 8, could influence BTC demand.

Softer consumer sentiment and Fed support for additional rate cuts could drive BTC toward $80,000. Conversely, calls for caution in the wake of Trump’s election win could dampen BTC demand, potentially bringing $70,000 into play.