In the past week, the market has been impacted by significant events such as the Federal Open Market Committee (FOMC) meeting, the decision to maintain current interest rates, and the conviction of Sam Bankman-Fried (SBF) on fraud charges. During these developments, Bitcoin (BTC) managed to reach the $36,000 mark, raising chances for further increases. Consequently, traders are hopeful for a rally to $40,000 in the coming week, coinciding with Ripple’s ongoing legal negotiations with the Securities and Exchange Commission (SEC).
Crucial Developments To Watch Next Week
The upcoming week seems less eventful due to a lighter schedule of activities. Nonetheless, the market could still experience some volatility as traders anticipate significant developments from Ripple’s upcoming meeting with the SEC.
Ripple’s Meeting With The SEC
The crypto community is preparing for DC Fintech Week, kicking off on November 6, featuring Ripple CEO Brad Garlinghouse and SEC Chair Gary Gensler as marquee speakers.
This development has sparked excitement and expectation for the stimulating exchanges and dialogues anticipated at the 2023 DC Fintech Week. Given Ripple’s ongoing lawsuit with the SEC regarding the classification of XRP as a security, supporters are looking forward to potentially intense debates and insider insights next week, impacting XRP price.
The announcement that Ripple CEO Brad Garlinghouse and SEC Chair Gary Gensler will be headline speakers might lead the two figures to engage over the contentious issue. Additionally, per the court order issued on October 24, 2023, the SEC and Ripple are required to suggest a timeline for briefings on the associated allegations in the SEC v. Ripple litigation by November 9, 2023.
Following the court decision on Programmatic Sales, the issue concerning the institutional sales of XRP still stands. A settlement in the SEC-Ripple talks could lead to the SEC revisiting prior XRP sale judgments. Ripple may pay a fine to validate existing rulings following the SEC’s failed bid to conceal key documents, impacting further discussions.
Bitcoin’s $40K Dream
Over the next week, the market will be closely watching Bitcoin’s movement as the price has long been attempting to surge above the crucial $36.7K mark. Bitcoin delivered an exceptional performance, recording its best monthly closure in October with a 30% uptick.
As November is carrying the Uptober trend, the chances of a Bitcoin ETF have boosted the market’s hopes. Although Bitcoin is currently consolidating, several analysts predict that the rally isn’t over yet.
Additionally, Bitcoin is experiencing a negative Netflow, indicating that investors are accumulating the cryptocurrency and withdrawing it from exchanges—thus reducing exchange reserves—the likelihood of a drastic sell-off declines. A breach of the pivotal $36,700 mark next week could quickly send Bitcoin’s value to the $40,000 threshold.