XRP Lawsuit development: As the US Presidential Election draws near, XRP finds itself in a precarious position, influenced heavily by the ongoing SEC appeal in its case against Ripple. This turbulence comes alongside a recent dip in Bitcoin’s value, which has fallen below the $70,000 mark.
XRP Lawsuit: A Case Influenced by Politics
The legal battle between the SEC and Ripple has reached a pivotal moment, with the outcome of the upcoming presidential election potentially swaying the SEC’s course of action. Speculation is mounting that a victory for Donald Trump could lead to a reconsideration of the SEC’s appeal against Ripple’s favorable ruling on XRP’s Programmatic Sales. The SEC’s opening brief is due on January 15, 2025, just days before the new administration takes office. Should Trump win, he has indicated plans to overhaul SEC leadership, including the potential dismissal of Chair Gary Gensler, which could ease regulatory pressures on XRP and the broader crypto market.
XRP’s current market performance reflects this uncertainty. On October 31, the cryptocurrency experienced a 2.39% drop, closing at $0.5099, following a prior 1.02% decrease. This decline is less severe than the overall crypto market, which fell by 3.10%.
Trump’s Crypto Vision
In a recent statement, Trump celebrated the anniversary of Satoshi Nakamoto’s Bitcoin White Paper, promising to support cryptocurrency and positioning Bitcoin as a potential US strategic reserve. His vision includes making BTC an integral part of the national economic framework, which could significantly alter market dynamics and enhance demand for cryptocurrencies like XRP.
The impact of political sentiment on crypto has never been clearer. With Kamala Harris’s lead in the polls narrowing, the potential for a Trump presidency raises the stakes for XRP investors. The fear of a continued SEC appeal under a Harris administration could deter investment and drive exchanges to delist XRP.
Bitcoin’s Market Reaction
On the Bitcoin front, the situation is similarly volatile. BTC dipped 2.84% on October 31, closing at $70,307, influenced by recent US economic reports suggesting inflationary pressures. These reports have altered expectations regarding a potential Federal Reserve rate cut in December, contributing to a decrease in demand for Bitcoin and related ETFs.
In a concerning turn, US BTC-spot ETFs have reported significant net outflows, ending a six-day inflow streak. Major funds, including ARK 21Shares and Fidelity’s Bitcoin Fund, saw substantial withdrawals, totaling over $272 million. This shift indicates growing market skepticism amid fears of an economic downturn.
XRP Lawsuit: Looking Ahead
As November begins, all eyes will be on the upcoming US Jobs Report, which could either bolster or further undermine Bitcoin’s standing. Strong employment numbers might dampen demand, potentially pushing BTC closer to $67,500, while a rise in unemployment could spark renewed interest, aiming for a return to its all-time high of $73,808.
With both XRP and Bitcoin navigating a complex landscape of legal, economic, and political challenges, investors will need to stay vigilant as these narratives unfold in the coming weeks.
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