XRP News Today: XRP Eyes $3.55 High Amid SEC Shake-Up and Spot ETF Hopes
XRP's price surged over 15% in two days, reaching $2.61 as President-elect Trump's new appointments signal a major shift in crypto regulation. The rally outpaced the broader crypto market's modest 0.54% gain.
Trump's latest appointments include Scott Bissent as Treasury Secretary, David Sacks as crypto Czar, and Paul Atkins as SEC Chair nominee - all known for their pro-cryptocurrency stances. This new leadership could reshape crypto regulations to balance innovation and investor protection.
The SEC faces a pivotal transition as current Chair Gary Gensler prepares to exit in January 2025. However, the upcoming Senate Banking Committee vote on Commissioner Caroline Crenshaw's renomination poses potential resistance to the new administration's crypto-friendly agenda, given her alignment with Gensler's policies.
A Republican-controlled SEC might prioritize clear regulations over enforcement actions. This shift could lead to withdrawing the appeal against the Ripple case ruling, solidifying the Programmatic Sales of XRP decision as a benchmark for the US digital asset industry.
Major financial players including Bitwise Invest, Canary Funds, Grayscale, and WisdomTree have filed applications for XRP-focused spot ETFs. The Programmatic Sales ruling strengthens these applications since XRP is not classified as a security.
Market analysts predict XRP could surpass its recent high of $2.90 and potentially reach its all-time peak of $3.55 if the SEC drops its appeal. However, continued pursuit of the appeal and rejection of XRP ETF applications could push prices below $2.00.
The cryptocurrency's future trajectory remains closely tied to regulatory developments, particularly the SEC's stance on its appeal and the progress of XRP spot ETF applications.