XRP News Today: SEC Faces Legal Pressure

The SEC is under legal pressure regarding its investigation into crypto conflicts, which could lead to a significant shift in the regulatory landscape for cryptocurrencies. If the SEC withdraws its appeal, XRP may surge past its all-time high.

BTC Finds Support Amid Strategic Bitcoin Reserve Developments

As investors keep an eye on updates related to the Ripple case, there is growing optimism surrounding the US Strategic Bitcoin Reserve (SBR), which is expected to bolster BTC demand.

Dennis Porter, CEO and Co-Founder of the Satoshi Act Fund, recently announced:

“MASSIVE BREAKING: The ‘Strategic Bitcoin Reserve’ bill has officially PASSED the House in the state of Utah – The bill now moves onto the Senate!”

This legislation aims to classify BTC as a strategic reserve asset, heightening hopes for a future national SBR. In January, speculation surrounding the BTC becoming a US SBR drove the price to an all-time high of $109,312.

Anthony Scaramucci has suggested that the US government may soon acquire a significant amount of BTC:

“They’ll probably buy another four or five hundred thousand BTC... Trump wants it to happen.”

John E. Deaton, an Amicus Curiae attorney, offered a bullish BTC price prediction:

“If the U.S. Government passes Senator Lummis’ Bill and begins buying BTC, it will create Nation State FOMO, and $1M per BTC happens a lot faster than people think.”

The Bitcoin Act, introduced by Senator Cynthia Lummis, proposes that the US government acquires one million BTC over five years, with a mandatory 20-year holding period.

Bitcoin Price Outlook

On February 6, BTC slipped by 0.03% after a 1.34% drop the previous day, closing at $96,642. The near-term price trends for BTC are influenced by various factors, including US-China tensions, SBR-related news, the Fed rate path, and US BTC-spot ETF flows.

The upcoming US Jobs Report could significantly impact the Fed’s policy stance and BTC price trends. Softer wage growth and higher unemployment may boost Fed rate cut expectations and BTC demand. Conversely, a tightening labor market may dampen these expectations, putting pressure on BTC.

Possible Scenarios:

• Bearish case: Rising trade tensions and a hawkish Fed could pull BTC below $90,000.
• Bullish case: A more dovish Fed and increasing political support for an SBR could push BTC towards its all-time high of $109,312.