Acting SEC Chair and Commissioners Prepare for Key Vote on XRP Appeal Withdrawal
The upcoming closed meeting at the Securities and Exchange Commission (SEC) promises to be a pivotal moment for the cryptocurrency landscape, particularly for XRP. Acting SEC Chair Mark Uyeda, alongside Crypto Task Force Head Hester Peirce and Commissioner Caroline Crenshaw, is set to vote on the withdrawal of an appeal related to the digital currency. This closed session, scheduled for March 27, could significantly impact XRP’s market position depending on whether the SEC issues a formal announcement.
Potential Implications of the SEC Vote
If the SEC moves forward with an official court filing confirming the withdrawal of its appeal, it could pave the way for approvals related to XRP-spot Exchange Traded Funds (ETFs). Currently, several financial firms, including 21Shares, Bitwise Invest, Canary Funds, Grayscale, and WisdomTree, have submitted applications for XRP-spot ETFs. The approval of these financial products could spur institutional demand, a critical factor for elevating XRP’s market presence.
However, the absence of BlackRock from these applications is notable, given the firm’s significant influence in the cryptocurrency space. BlackRock’s iShares Bitcoin Trust (IBIT) has demonstrated a remarkable capacity to generate inflows, boasting a total net inflow of approximately $39.67 billion since its launch. In contrast, Grayscale’s Bitcoin Trust (GBTC) faced $22.53 million in outflows, underscoring the potential impact BlackRock could have should it decide to enter the XRP-spot ETF market.
BlackRock’s Influence on the XRP-Spot ETF Market
The dynamic surrounding BlackRock’s participation is crucial, as institutional demand has historically played a role in the price movements of cryptocurrencies. Should BlackRock file for an XRP-spot ETF post-appeal withdrawal, it could reshape the narrative around XRP similar to its influence on the Bitcoin market.
In recent months, XRP has experienced significant fluctuations, and the market is closely monitoring any developments leading up to the SEC’s decision. Experts believe that any failure from the SEC to make a formal announcement or decision could lead to selling pressure on XRP.
Bitcoin Market Trends and Influences
While XRP navigates these challenges, Bitcoin (BTC) is also facing its own market pressures. Bitcoin experienced a dip on March 20, coinciding with XRP’s decline. Despite this, BTC has managed to maintain stability above the psychologically significant $80,000 mark, a level not seen since President Trump’s Executive Order was issued to establish a Strategic Bitcoin Reserve (SBR).
Notably, the U.S. Bitcoin ETF market reported net inflows of $165.7 million on March 20, marking its longest inflow streak since January 2025. Currently, IBIT has achieved net inflows of $336.3 million, indicating a renewed institutional interest in BTC. However, the overall trend for March indicates net outflows totaling $922.9 million across all issuers, emphasizing the volatility in the market.
The Bitcoin Act and Future Bitcoin Demand
An upcoming catalyst for Bitcoin may be the reintroduction of the Bitcoin Act by Senator Cynthia Lummis on March 11. This legislation would authorize the U.S. government to acquire one million BTC over five years with a mandatory holding period of 20 years. If successful, this could drive significant demand for Bitcoin and potentially stabilize its price.
Price Predictions for Bitcoin
As the market anticipates these developments, several scenarios for Bitcoin’s future price trajectory are emerging:
- Bearish Scenario: A renewed surge in trade tensions, fears of recession, and political opposition to the Bitcoin Act, coupled with ongoing ETF outflows, could drive BTC down to $70,000. – Bullish Scenario: Conversely, if economic conditions show resilience, geopolitical risks ease, and the Bitcoin Act gains momentum while extending ETF inflows, Bitcoin could rise toward $109,312. The actions taken by the SEC regarding XRP and developments in the Bitcoin market are expected to play crucial roles in shaping the landscape of cryptocurrency investments in the months to come. As events unfold, stakeholders will be watching closely for updates from the SEC meeting and market reactions.
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