XRP News Today: $3 Support Key as Bulls Await Spot ETF Breakthrough

XRP Finds Support at Sub-$3 as Spot ETF Speculation Intensifies

XRP fell 0.89% on Saturday, August 23, partially reversing the previous day’s 7.77% gain to close at $3.0471. The token tracked the broader market, which dropped 1.07% to a total crypto market cap of $3.94 trillion.

The conclusion of the SEC vs. Ripple case led to a flurry of activity, raising expectations for a spot XRP ETF approval. Coinciding with the US Court of Appeals approving the SEC and Ripple’s Joint Stipulation of Dismissal, ETF issuers filed S-1 amendments.

Bloomberg Intelligence ETF Analyst James Seyffart shared details of Friday’s filings, stating:

“Bunch of XRP ETF filings being updated by issuers today. Almost certainly due to feedback from SEC. Good sign, but also mostly expected.”

BlackRock Remains Silent on Spot XRP ETF Plans

21Shares, Bitwise, Canary, CoinShares, Franklin Templeton, and WisdomTree filed amendments. However, one noticeable absentee from the XRP-spot ETF list is BlackRock (BLK). The ETF issuer’s dominance in the crypto-spot ETF markets underscores the potential influence of an iShares XRP Trust on XRP’s supply-demand trajectory.

Since launch, BlackRock’s iShares Bitcoin Trust (IBIT) has reported total net inflows of $58.058 billion, dwarfing the second-largest BTC-spot ETF, Fidelity Wise Origin Bitcoin Fund (FBTC), with inflows of $11.728 billion. BlackRock’s absence has potentially left left XRP below its record high of $3.6606.

Crypto analysts recently speculated about whether BlackRock would apply for an iShares XRP Trust. The conclusion?

Addressing claims of BlackRock having no plans for an XRP ETF, prominent crypto commentator Marty Party stated:

“Correction: After several conversations this is verified as false. […] Both SOL and XRP ETFs are in discussion with BlackRock – timing cannot be confirmed – deadline is October to file.”

Since the US Court of Appeals removed the last legal impediment, BlackRock may be waiting for the SEC to roll out its standardized crypto ETF framework. The ETF issuer met with the agency’s Crypto Task Force in May, reportedly discussing ETF approval standards.

Since then, Cboe, Nasdaq, and NYSE have filed 19b-4s in July, requesting rule changes to allow for Commodity-Based Trust Shares to list and trade under a standardized framework.

XRP Price Outlook: ETF Developments Key

The near-term price outlook hinges on several key events. These include:

• XRP-spot ETF headlines: BlackRock filing.
• Ripple’s US-Chartered bank license decision.
• SWIFT-related developments.
• Legislative news from Capitol Hill.

XRP Price Action: Technical Indicators Signal Bullish XRP Setup

Daily Chart

XRP trades above the 50-day and the 200-day Exponential Moving Averages (EMA), indicating a bullish bias.

• On the upside, a breakout above $3.2 could allow the bulls to target the August 14 high of $3.3511. A sustained move through $3.3511 could pave the way toward the crucial $3.5 resistance level.
• On the downside, a drop below the psychological $3 support level could bring the 50-day EMA into play. If breached, the August 22 low of $2.7844 would be the next key support level.

Broader Market Outlook

XRP-spot ETF developments remain crucial. However, XRP is also exposed to external market forces.

Broader macroeconomic headwinds—such as US stagflation risks and Fed monetary policy guidance—may continue to influence sentiment. If US data remain upbeat and Fed rhetoric is dovish, risk assets could benefit. Conversely, if the economy slows, recession fears may weigh on XRP.

Nevertheless, crypto-related legislative developments and ETF-related news will be the key price catalysts.

Click here for expert XRP price forecasts and upcoming crypto market developments.