XRP News Today: XRP Flips Solana on RLUSD News as BTC ...

News of the New York Department of Financial Services (NYDFS) planning to approve the Ripple USD (RLUSD) stablecoin fueled XRP demand.

Fox Business journalist Eleanor Terrett reported the news, stating,

“Ripple poised for New York approval of stablecoin, set to enter regulated US crypto market. People close to the matter say the NYDFS has indicated to Ripple it will approve RLUSD and the company is eyeing a possible launch date of Dec. 4th.”

The approval would mark a significant shift in the US crypto environment. In April 2024, the SEC targeted Ripple’s RLUSD in its remedies-related reply brief, stating the stablecoin would be an issuance of a new unregistered crypto asset, violating US securities laws. The SEC’s view on RLUSD as an unregistered security could resurface, potentially influencing broader regulatory discourse.

RLUSD’s approval would likely return investor focus to the Ripple case and Trump’s SEC Chair nomination. Since SEC Chair Gary Gensler’s resignation announcement, the SEC has remained silent on whether it will pursue its appeal against rulings in the Ripple case.

SEC Chair Gensler will leave the agency on January 20, 2025, just days after the SEC’s deadline for filing its appeal-related opening brief.

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BTC supply-demand trends remained a tailwind on Sunday, with investors likely considering November’s US BTC-spot ETF flow trends. The US BTC-spot ETF market registered net inflows of $6.68 billion in November, the largest since launching in January 2024.

Sentiment toward US President-elect Trump’s campaign pledges has fueled BTC-spot ETF demand, supporting BTC’s move to an all-time high of $99,318.

On the campaign trail, Trump pledged to make BTC a US strategic reserve asset, making the US government a BTC HODLER. The US government becoming a BTC HODLER would mitigate oversupply risk. The US government currently has a 208,109 BTC stockpile, equivalent to $20.26 billion.

However, Trump’s nominations for the SEC and Commodities Futures Trading Commission Chairs will be crucial. The agencies must implement appropriate regulatory guidelines.

Trump’s US Treasury Secretary nomination, Scott Bessent, was a major step toward making BTC a strategic reserve asset. In July 2024, Bessent highlighted the importance of the crypto market to US investors while criticizing the Democratic Party’s anti-crypto stance.

Congress, the Federal Reserve, the Treasury Department, and the President must approve BTC as a strategic reserve asset.

While BTC continues to hover below the coveted $100k mark, betting platform Kalshi continues sending bullish BTC price signals. On Monday, December 2, the chances of BTC hitting $100k by December 31 stood at 77%. This was up from 59% before Thanksgiving.

On Sunday, BTC gained 0.79%, partially reversing a 1.14% loss from Saturday, closing at $97,026. Significantly, BTC avoided a drop below the $95,000 mark for the third consecutive session.

Near-term BTC price trends will likely depend on Trump’s SEC and CFTC nominations. Pro-crypto Chairs could raise hopes that BTC will become a US strategic reserve asset and drive BTC above $100,000.