Crypto Quill

SEC Chair Speculation Boosts XRP’s Outlook

A new wave of speculation surrounding President-elect Donald Trump’s potential SEC Chair pick is stirring the crypto market, with a focus on the possible end of the crypto crackdown under the Trump administration. Mark Uyeda, a current SEC Commissioner and rumored pick for SEC Chair, has voiced strong support for halting regulatory actions against crypto firms.

In an interview, Uyeda emphasized that the SEC’s enforcement actions, particularly those targeting the crypto sector, should focus solely on fraud and harm, not failures to register. His stance is aligned with Trump’s vision of ending the so-called “war on crypto.”

“The Commission’s war on crypto must end,” Uyeda remarked, indicating that starting in 2025, the SEC’s role should be to facilitate the growth of the crypto market rather than stifle it. This shift in tone could have a profound impact on Ripple’s ongoing legal battle with the SEC, potentially influencing the agency to withdraw its appeal in the Ripple case.

If the SEC withdraws its appeal, XRP could see a surge similar to the rally witnessed in July 2023, following the favorable Programmatic Sales ruling. XRP surged to $0.9327 during that period, and with a favorable ruling, analysts predict the price could target $1.00.

XRP Price Action

On November 7, XRP saw a 2.62% gain, following a 5.45% increase the day before. XRP reached a session high of $0.5790, marking its highest level since the SEC filed its Notice of Appeal in the Ripple case. XRP closed at $0.5564, with bulls continuing to control the market momentum.

The daily chart for XRP shows bullish price signals, reinforcing optimism among investors that XRP could soon break past its current resistance levels.

Bitcoin Breaks New ATH on Fed Rate Cut

The crypto market as a whole is benefiting from recent macroeconomic shifts. On November 7, the U.S. Federal Reserve reduced interest rates by 25 basis points to 4.75%, a move that has contributed to the bullish momentum in Bitcoin. Following the announcement, Bitcoin (BTC) surged to a new all-time high of $76,826. Bitcoin’s price is now approaching the $80,000 mark, with many analysts forecasting that the momentum will continue if the Fed makes further cuts.

On November 6, institutional demand for Bitcoin surged, with the U.S. BTC-spot ETF market reporting net inflows of $621.9 million. This included significant investments into the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw net inflows of $190.9 million, signaling growing institutional interest in Bitcoin.

The reaction to Trump’s election win and the potential for BTC to become part of the U.S. strategic reserve has created a bullish sentiment, which is being reflected in the price. If the Fed continues with additional rate cuts, Bitcoin could push toward the $80,000 mark, with $76,000 now considered a strong support level.

XRP and BTC: A Bullish Outlook

The combination of a pro-crypto administration, positive market sentiment, and macroeconomic tailwinds has created an ideal environment for XRP and Bitcoin. XRP’s potential surge to $1.00 is closely tied to the outcome of Ripple’s case and the broader regulatory landscape, while Bitcoin’s record-breaking highs could continue if institutional demand keeps climbing.

With Trump’s potential SEC pick backing the crypto sector and the Fed’s actions fueling market growth, both XRP and Bitcoin appear poised for significant upward momentum in the coming months.