The U.S. President-elect’s administration is considering the commodity trading authority to take over the crypto regulations.

The Commodity Futures Trading Commission (CFTC) is in Donald Trump’s eye to lead the emerging financial industry, cryptocurrency, after the exchange commission weighed on the past few years to rule.

According to Fox Business on Nov. 26, the effort to move the power to the CFTC has been seen as Trump and the Republican majority repeal the jobs from the Securities and Exchange Commission (SEC).

If the concept is approved by Congress, the commission will have a major role in regulating digital assets, as well as crypto-related products such as Bitcoin spot ETF and Ethereum spot ETF. It will also allow them to supervise the options market, which released some crypto products earlier this month.

The newly elected President also wanted to bring an innovative environment to the digital asset, which can create a better outlook for the industry since crypto is still considered as a new financial market.

SEC role will replaced by CFTC

The SEC, under Biden’s presidency, has received a lot of criticism from the crypto market due to the heavy enforcement of court and regulations. Last year, the commission was accusing crypto-related entities up to 46 times, which increased by 53% from the previous year. It is also the highest number of lawsuits since the commission supervised crypto in 2013, according to a report from Cornerstone Research.

Crypto exchanges, like Binance and Coinbase, are the major target for SEC lawsuits, including the Changpeng Zhao (CZ) cases for operating illegal exchanges and violating securities law. Coinbase is also facing the same lawsuit under SEC Chairman Gary Gensler, which indicates as unregistered exchange.

CFTC, on the other hand, will play a significant role in the growing industry with 50 million traders and a $3 trillion market size. The move also would allow the commission to regulate crypto exchanges, companies, and individuals in specific markets.

Crypto analysts Mikybull Crypto and CrediBULL Crypto have suggested that the XRP price could reach $2 by the end of November. However, CrediBULL Crypto warned about what could hinder XRP from reaching this target.

XRP Price To Reach $2 By The End Of November

In an X post, Mikybull Crypto stated that the XRP price was looking so good at its current level and predicted that the crypto could reach $2 this week. CrediBULL Crypto also suggested that XRP could rally to $2 before this month ends but warned that it could depend on the Bitcoin price movement.

In an X post, the crypto analyst said that Bitcoin and XRP were at a pivotal point in their current price levels. He remarked that if the latter is at a level where it could record an extended 5th wave for this rally and continue above $2 without any significant pullback, it should be bottoming within its current range.

CrediBULL Crypto added that if the Bitcoin price holds 94,000, there is a decent chance the XRP price will be above $1.10, and the extended 5th wave will happen. However, if Bitcoin breaks below $1.10, it will confirm the completion of the first major Wave 1 from $0.48 to $1.62.

With the Bitcoin price falling today, this XRP rally to $2 before the end of this month could be at risk based on CrediBULL Crypto’s analysis. It is worth mentioning that the crypto analyst raised the possibility of XRP still enjoying this rally if Bitcoin can hold this $94,000 level and chop around this range for a bit.

The Rally To $2 Could Pave The Way To Double Digits

In an X post, crypto analyst Egrag Crypto suggested that the XRP price rally to $2 could pave the way for the crypto to reach double digits. This came as he revealed that the Fib channel 0.236 aligns perfectly at $2.

The crypto analyst remarked that with the right news and catalysts, XRP will soon break past this critical level, and then the real FOMO will kick in at $2. Egrag Crypto stated that reaching the Fib 0.5 level alone will take the XRP price into double digits. He noted that historically, the crypto has even surpassed this Fib level to hit at least 0.702.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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