XRP Under Pressure as SEC Appeal Looms: Bitcoin Surges to $100k Amid ETF Inflows

XRP News: SEC Appeal and Market Reactions

Pro-crypto lawyer Bill Morgan has highlighted the SEC’s appeal in the ongoing Ripple case, expressing skepticism about the SEC's crypto approach under the new commissioner, Paul Atkins. He notes that the SEC must file its opening brief by January 15, 2025, just before Chair Gary Gensler leaves the agency. This situation raises concerns about XRP demand, as the SEC's actions could significantly impact XRP's price.

Historically, Ripple has faced sudden regulatory moves, and with Gensler's departure approaching, many anticipate a similar pattern. As of December 5, XRP has seen a decline of 4.83%, closing at $2.2478 due to market uncertainty regarding the SEC's future actions. The price trajectory of XRP hinges on whether the SEC will pursue the appeal or withdraw it. If the SEC files the brief, XRP could drop to $1, while a withdrawal might propel it past its January 2018 all-time high of $3.5505.

Bitcoin's Milestone: Surging to $100,000

On December 4, Bitcoin (BTC) hit an impressive $100,000 amid a streak of $556.8 million in net inflows into the US BTC-spot ETF market. This surge was primarily driven by BlackRock’s iShares Bitcoin Trust. The inflows, if continued, could solidify BTC's position at this new price level.

However, on December 5, BTC faced a slight decline of 1.51%, closing at $97,093 after reaching a high of $103,630. The future price movements will depend heavily on ETF flow data and the nomination of a pro-crypto chair for the CFTC. Furthermore, the recent $2.43 billion BTC transfer from Mt. Gox raised concerns about potential oversupply, contributing to BTC's pullback from the $100,000 mark. The crypto community remains vigilant as Mt. Gox holds 39,878 BTC, which could lead to significant sell-offs once distributed to creditors.