All Eyes on XRP and BTC as U.S. Crypto-Political Events Loom

The cryptocurrency market awaits Washington D.C.’s pivotal day for XRP and Ripple amid regulatory discussions and industry scrutiny.

Guy wearing sunglasses with XRP and BTC. Behind him the American flag, glowing with digital particles.
Created by Kornelija Poderskytė from DailyCoin
  • Ripple CEO’s testimony at a key event has the potential to impact XRP.
  • CFTC Chair has offered insights into government crypto plans.
  • Both XRP and Bitcoin have seen price increases despite declining volume.

The cryptocurrency market hangs in suspense as Washington D.C. prepares for a crucial day shaping the future of digital assets. All eyes are on XRP and Ripple, caught in the regulatory crossfire as lawmakers and industry leaders gather in the capital.

Two key events dominate the day: a Senate oversight hearing featuring CFTC Chair Rostin Behnam, offering insights into government crypto regulation plans. But the buzz centers around a roundtable hosted by U.S. Representative Ro Khanna. 

Ripple CEO Brad Garlinghouse Takes Center Stage

This highly anticipated gathering brings together industry heavyweights like Mark Cuban and Ripple CEO Brad Garlinghouse, alongside policymakers and White House officials. XRP enthusiasts have a vested interest in Garlinghouse’s participation. 

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The ongoing Ripple vs. SEC lawsuit remains a major point of contention, and any insights he offers could significantly impact XRP’s price. The lawsuit’s outcome could set a precedent for how the SEC classifies and regulates cryptocurrencies like XRP.

Meanwhile, SkyBridge Capital CEO Anthony Scaramucci throws the spotlight on Bitcoin. Known for his bullish stance, Scaramucci recently predicted a price surge to $100,000 by year’s end. This prediction clashes with recent selloffs by the German government and ongoing Mt. Gox repayment concerns, dampening overall sentiment. 

XRP and Bitcoin See Selling Pressure

Despite these challenges, Scaramucci believes Bitcoin will overcome selling pressure and rally. As of now, Bitcoin experiences a near 2% price rise, reaching $58,510.62, but trading volume dips by 13%, reflecting cautious optimism. XRP mirrors a similar trend, with a price increase around the same percentage and currently trading at $0.4417.

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The day’s events in Washington D.C. hold immense weight for the cryptocurrency market, particularly for XRP and Ripple. With Garlinghouse at the center of industry discussions and the Ripple vs. SEC lawsuit looming, XRP’s future hinges on the coming regulatory decisions.

On the Flipside

  • Chair Rostin Behnam’s insights could be vague, leaving the regulatory landscape for cryptocurrencies like XRP unclear.
  • The roundtable discussion and Senate hearing might not produce the anticipated results, leading to unexpected consequences for the market.

Why This Matters

The roundtable discussion featuring Brad Garlinghouse and the Senate oversight hearing offer a critical glimpse into how US lawmakers and regulators view cryptocurrency. The outcome of these events could set a precedent for future regulations, impacting the entire crypto market by shaping the legal landscape for digital assets.

Despite investor optimism, XRP’s price is stagnating due to low trading activity. To learn more about the factors affecting XRP’s price, read here:
XRP Investor Optimism Meets Low Activity, Will Price Recover?

The Cboe has filed with the SEC to list Solana ETFs. This could be a significant step towards wider institutional adoption of Solana. To learn more read here:
Solana ETF Plans Are a Go: Cboe SEC Filing Makes It Official

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.