XRP's 79% Surge: Can BlackRock's ETF Drive It to New Heights as Bitcoin Eyes $100K?

XRP Surges by 79% Amid Regulatory Optimism

XRP surged 79% in the week ending November 17, climbing to a three-year high of $1.2680 before closing at $1.0539. This surge was driven by investor optimism regarding a potential shift in the US regulatory landscape, positioning XRP as a strong performer compared to the broader crypto market.

BTC Eyes Treasury Secretary Appointment for Next Breakout

Turning to Bitcoin (BTC), there are expectations surrounding the upcoming Treasury Secretary appointment. On Sunday, Eleanor Terrett reported that Anthony Pompliano believes an announcement could come in the next 48-72 hours, with both Lutnick and Bessent being strong candidates.

Pompliano emphasized the importance of the Treasury Secretary, stating, "The Treasury secretary is the CFO of the United States, and both Scott and Howard made a lot of money for themselves throughout the years, and so having somebody like that in the seats can be pretty special."

This development aligns with expectations for BTC to become a strategic reserve asset for the US government, which would require approval from Congress, the Treasury Department, and the Federal Reserve. Additionally, the SEC and CFTC must establish clear regulatory guidelines to facilitate this transition.

With the US government currently holding 208,109 BTC, equivalent to $18.48 billion, progress towards BTC becoming a reserve asset could shift the supply-demand balance significantly in BTC’s favor.

Bitcoin (BTC) Price Action

On Sunday, BTC experienced a 0.73% dip, following a 0.67% loss on Saturday, closing at $89,465. This decline was influenced by falling bets on a December Fed rate cut, dampening demand for US BTC-spot ETFs.

Despite these setbacks, the outlook remains bullish, with BTC gaining 11.62% in the week ending November 17. Trump’s crypto pledges are expected to mitigate oversupply risk and boost BTC demand further. A break above the November 13 high of $93,163 could set the stage for BTC to reach the $100,000 mark.

Stay tuned for the latest updates on market shifts and regulatory developments impacting crypto assets.