Summary:
SEC’s Closed Meeting on January 23 may impact XRP prices.
XRP-spot ETF applications could drive demand if SEC appeal is withdrawn.
John E. Deaton urges SEC to dismiss non-fraud crypto cases.
Trump's meme coin launch redirected investor interest and impacted BTC.
Speculation about Trump's day-one executive orders could significantly affect BTC demand.
SEC's Upcoming Closed Meeting
The SEC’s upcoming Closed Meeting on Thursday, January 23, may offer crucial insights regarding XRP’s future. According to the Sunshine Act Notice, agenda items include:
- Institution and settlement of injunctive actions;
- Institution and settlement of administrative proceedings;
- Resolution of litigation claims;
- Other matters relating to examinations and enforcement proceedings.
Plans to end the appeal would remove uncertainty affecting XRP's price trends. However, successfully appealing the Programmatic Sales of XRP ruling could lead to US crypto exchanges delisting XRP, triggering a sell-off.
SEC Appeal’s Role in US XRP-Spot ETFs
An SEC withdrawal of its appeal would enable the agency to approve XRP-spot ETF applications, driving demand for XRP. Bitcoin’s 114% rise since the launch of US BTC-spot ETFs underscores the transformative potential for XRP in this market.
John E. Deaton Calls for SEC to Dismiss Crypto Cases
John E. Deaton, who represented 75,000 XRP investors, urged the SEC to dismiss its crypto cases, stating:
“If a new Golden Age of innovation is indeed upon us... all non-fraud cases, including Ripple, Coinbase, Kraken, and Dragonchain, etc, need to be dismissed.”
Trump’s Crypto Influence: BTC and Meme Coins
Recently, Bitcoin faced selling pressure as President-elect Donald Trump launched the OFFICIALTRUMP (TRUMP) meme coin, which surged 350% to $50.62, while BTC briefly dropped below $100K. Trump’s launch redirected investor interest and led to fluctuations in the market.
Trump’s Day-One Executive Orders and BTC Demand
As Trump’s inauguration approaches, speculation about his day-one executive orders is rising. Anthony Scaramucci mentioned that the incoming administration could purchase 500,000 BTC, potentially establishing a US Strategic Bitcoin Reserve (SBR), which would significantly impact BTC demand.
Senator Lummis introduced the Bitcoin Act, proposing the US government accumulate one million BTC (5% of total supply) over five years. A US SBR would tighten supply, favorably altering the supply-demand balance for BTC.
Deaton suggested that if the government buys BTC, it could lead to Nation State FOMO, causing BTC to reach $1 million faster than anticipated.
Bitcoin Price Outlook
On January 19, BTC dropped 2.07%, closing at $101,435. Despite this dip, BTC has remained around $100K for three consecutive sessions. The upcoming executive orders and SBR plans are crucial for BTC’s price trends. Positive developments could push BTC towards its record high of $108,231, while weak support could drag it toward $95K.
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