XRP News Today: ETF Delay, Market Bill Risks Pressure Price Outlook

Bitcoin Slides on Stagflation Jitters, Pushing Broader Crypto Market into the Red

Bitcoin (BTC) and the broader crypto market faced selling pressure on Tuesday, October 7, sending XRP crashing to a low of $2.85. Stalemate on Capitol Hill triggered a flight to safety as investors reacted to rising stagflation risks.

The US government shutdown has delayed the release of primary economic data, shifting focus to secondary data. Consumer inflation expectations rose from 3.2% in August to 3.4% in September, while the RCM/TIPP Economic Optimism Index dropped from 48.7 in September to 48.3 in October.

US Government Shutdown Delays XRP-Spot ETF Greenlight

Amid economic uncertainty, the ongoing US government shutdown could also delay the SEC approval of S-1s for XRP-spot ETFs.

Overnight, the US Senate adjourned without voting on a stopgap funding bill, needed to reopen the government. Entering an eighth day on Wednesday, October 8, the government shutdown could mean XRP-spot ETFs will launch after their original final decision deadlines.

The launch of XRP-spot ETFs remains crucial, with analysts expecting a surge in Main Street demand, given XRP’s real-world utility.

With XRP-spot ETFs on hold amid the shutdown, XRP lost its coveted #3 ranking by market cap, dropping to #5. Binance Coin (BNB) and Tether (USDT) flipped the token.

However, the negative sentiment could be short-lived. Santiment, a market intelligence platform, commented on the recent surge in fear, uncertainty, and doubt (FUD) toward XRP, stating:

“XRP is seeing its highest level of retail FUD since Trump’s tariffs were announced 6 months ago. There have been more bearish comments than bullish for 2 of the past 3 days, which is generally a promising buy signal. Markets move opposite to small trader expectations.”

Senate Vote Key to Restoring Market Confidence

Turning to the Wednesday, October 8, session, the US Senate is expected to vote on stopgap funding bills. XRP could rebound if the Senate reaches the 60 votes required to pass a bill. SEC staff would return to work after the bill passes, raising expectations of an XRP-spot ETF launch.

An XRP-spot ETF market could be crucial for XRP’s price trajectory, considering the success of the US BTC-spot ETF market.

Nate Geraci, President of NovaDius Wealth Management, commented on BlackRock’s (BLK) iShares Bitcoin Trust (IBIT), stating:

“iShares Bitcoin ETF on verge of surpassing $100bil AUM… World’s largest ETF, Vanguard S&P ETF, took 2,000+ days to hit that mark. IBIT about to do it in< 450 days. Easily fastest ever. First ETF launched in 1993, so we’re talking 30+ yrs of history.”

Market Structure Bill on Ice

While market focus remains on the XRP-spot ETF filings, potential delays to the Market Structure Bill’s progress in the Senate pose another headwind for XRP. The bill, which aims to clarify the classification of crypto assets, remains stalled in the Senate.

The government shutdown could delay a Senate vote on the Market Structure Bill into 2026. Crypto-friendly legislation is expected to be crucial in drawing retail investors. XRP remains exposed to legislative developments, given the long-lasting SEC vs. Ripple case, which ended in August.

XRP soared 14.69% on July 17 as investors reacted to the US House of Representatives passing the bill to the Senate. For context, the total crypto market cap rose just 1.78%.

Price Action & Technical Analysis: Can Bulls Reclaim $3?

XRP tumbled 4.56% on Tuesday, October 7, reversing the previous day’s 0.68% gain, to close at $2.8545. The token underperformed the broader market, which fell 2.8%, but held above crucial support levels.

Traders are watching the following technical levels:

• Support: $2.8, $2.5.
• Resistance: $3, $3.1, $3.3, $3.66 (all-time high).

Catalysts & Scenarios

In the coming sessions, several key factors could drive near-term price trends:

• US Senate votes on a stopgap funding bill.
• XRP ETF demand, crypto-spot ETFs (delays or launches), and BlackRock’s stance on an iShares XRP Trust.
• Blue-chip companies’ positions on XRP as a treasury reserve asset.
• Regulatory milestones: Ripple’s application for a US-chartered bank license, the Market Structure Bill, and SWIFT-related headlines would likely influence near-term price trends.

Bearish Scenario

• GDLC, BITW, and XRPR ETFs face weak demand, and BlackRock dismisses plans for an XRP-spot ETF.
• US Senate vote fails to reach 60, extending the government shutdown and delaying XRP-spot ETF approvals.
• Lawmakers push back against crypto-friendly regulations, such as the Market Structure Bill.
• Blue-chip companies dismiss XRP as a treasury reserve asset.
• OCC delays or rejects Ripple’s US-chartered bank license.
• SWIFT retains global remittance market share, limiting Ripple’s market access.

These bearish scenarios could drag XRP below $2.8, potentially exposing the $2.5 support level.

Bullish Scenario

• US Senate passes stopgap funding bill.
• BITW, GDLC, and XRPR register strong demand.
• BlackRock files an S-1 for an iShares XRP Trust, and the SEC approves XRP-spot ETFs.
• Blue-chip companies acquire XRP for treasury purposes, and more payment platforms adopt Ripple technology.
• Ripple secures a US-chartered bank license, and the Senate passes the Market Structure Bill.
• SWIFT loses market share in the global remittance business to Ripple.

These bullish scenarios could send XRP above $3, bringing $3.1 into play. A sustained move through $3.1 could pave the way toward $3.3 and the all-time high of $3.66.

The Big Question: Will the US Senate Vote Secure 60 Votes?

On Wednesday, October 8, the US Senate vote on stopgap funding bills could be crucial for XRP’s price trends.

Another failed vote could further delay the launch of XRP-spot ETFs and crypto-friendly legislation. XRP may face renewed selling pressure if US lawmakers remain at an impasse. On the other hand, a stopgap funding bill could lift sentiment.

Analysts will closely monitor how regulatory risks influence XRP’s price outlook in the coming weeks.