XRP News Today: ETF Launch Buzz Builds as Capitol Hill Nears Deal

XRP and the broader crypto market enjoyed strong bids late on Sunday, November 9. Reports of the US Senate nearing a vote to reopen the government boosted demand for risk assets. XRP surged to $3.1027 before retracing. However, an October 10 flash crash sent XRP to a low of $0.7773 before reclaiming the $2.3 handle.

The US Senate impasse, which extended into its 40th day on November 9, left the SEC with a skeleton staff, delaying the launch of XRP-spot ETFs. Concerns about an extended shutdown impacting the US economy fueled stagflation fears, adding to the gloom.

US Senate Reaches Bipartisan Deal to Reopen Government

Reports of the US Senate nearing a deal to reopen the government fueled demand for risk assets late in the Sunday, November 9, session.

US President Trump shared a Fox News report, stating that the shutdown was over. According to Fox News:

“Senators have reached a deal to end the government shutdown. The agreement was negotiated by Sens. Angus King, Jeanne Shaheen, and Maggie Hassan, as well as several GOP Senators, and there are enough Democratic caucus members in favor of the deal, sources tell Fox News.”

A bipartisan vote to fund the government would send the bill to the House before reaching President Trump’s desk for signing.

News of the deal sent XRP to an early Monday, November 10, high of $2.4267 before easing back.

US Government Reopening Could Expedite XRP-Spot ETF Launches

A US government reopening would return SEC staff to the office, potentially expediting the launch of XRP-spot ETFs.

NovaDius Wealth Management President Nate Geraci commented on the implications of the reopening, stating:

“Government shutdown ending = spot crypto ETF floodgates opening… In meantime, could see first ’33 Act spot XRP ETF launch this week.”

The reference to the 1933 Act relates to Canary Funds, which filed an S-1 amendment in October, removing ‘delaying amendment’ language. The ETF issuer included language that eliminates the need for the SEC to greenlight the S-1 to allow trading.

I had previously speculated that XRP-spot ETF issuers could file amendments to enable launches after a 20-day waiting period, circumventing delays stemming from the US government shutdown.

Notably, 21Shares, Bitwise, and Franklin Templeton have also filed amended S-1s, kickstarting 20-day waiting periods. A potential launch of an XRP-spot ETF on Thursday, November 13, could boost sentiment amid expectations of strong institutional demand.

Canary Capital CEO Steven McClurg recently raised his prediction for first-month XRP-spot ETF inflows from $5 billion, stating:

“I may have been a little bearish. We’re going to hold to that number. If it hits that number, at least I’ll be right, and if it’s $10 billion, then I’m still right because we got at least $5 billion. If we saw that kind of inflow, I think it would definitely be in the top 20 ETFs of all time, if not in the top 10.”

Canary XRP ETF Eyes First-to-Market Advantage

Crucially, Canary Funds’ XRP-spot ETF will likely gain a first-to-market advantage. However, 21Shares, Bitwise, and Franklin Templeton may also launch under the Section 8(a) auto-effective procedure.

Once the US government reopens, SEC staff will return to work. The SEC would need to clear the backlog, potentially over several weeks, before reviewing the remaining S-1s that contain the original delaying amendment language. Normal processing times may resume in December. CoinShares, Grayscale, and WisdomTree could face delays, while four XRP-spot ETFs could be litmus tests for institutional demand.

Technical Outlook: Key XRP Price Levels

XRP rallied 3.48% on Sunday, November 9, erasing the previous day’s 1.21% loss to close at $2.3668. The token outperformed the broader crypto market, which gained 2.52%.

Despite reclaiming the $2.36 level, XRP remained below the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bearish bias.

Nevertheless, certain events could trigger a bearish trend reversal.

Key technical levels to watch include:

• Support levels: $2.35, $2.2, $2.0, and $1.9.
• 50-day EMA resistance: $2.5609.
• 200-day EMA resistance: $2.5839.
• Resistance levels: $2.5, $2.62, $2.8, $3.0, and $3.66.

Catalysts to Watch in the Sessions Ahead

In the near term, several key events could influence price trends:

• US Congress votes on reopening the government.
• XRP-spot ETFs (delays or launches) and BlackRock’s stance on an iShares XRP Trust.
• Blue-chip companies’ stance 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 news could also drive near-term price trends.

Bearish Scenario: Risks Below $2.35

• BlackRock dismisses plans for an XRP-spot ETF.
• The US Congress stalls a reopening, delaying launches for XRP-spot ETFs pending amended S-1 filings.
• The US Senate challenges crypto-friendly legislation, including 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 maintains its market share in the global remittance sector, limiting Ripple’s market access.

These bearish events could push XRP toward $2.35, exposing the $2.2 support level. If breached, $2 would be the next key support level.

The descending channel showed multiple failed attempts to break above the upper trendline in early October, resulting in lower highs and lower lows, a bearish indicator. Support at the lower trendline remains crucial. If breached, XRP could retest the $2 psychological support level. See the chart below for reference.

Bullish Scenario: Path to $3 Remains Challenging

• US Congress passes a stopgap funding bill.
• BlackRock files an S-1 for an iShares XRP Trust, and XRP-spot ETFs begin trading.
• Blue-chip companies eye XRP as a treasury reserve asset, and Main Street adopts Ripple technology.
• Ripple secures a US-chartered bank license, and the US Senate passes the Market Structure Bill.

A break above $2.5 and the upper trendline would support a move toward the 50-day and 200-day EMAs. A sustained move through the EMAs could pave the way toward $2.62.

Outlook: Medium-Term Structure Remains Bullish

While the short-term bias remains bearish, developments on Capitol Hill, institutional demand, and regulatory factors indicate a bullish medium-term outlook.

XRP’s short-term path hinges on the US government reopening and XRP-spot ETF flows. However, the Fed’s rate path, Ripple’s advancements on Main Street, and legislative developments will also influence the medium-term outlook.

Traders should closely monitor updates on the Market Structure Bill, a key price catalyst.

The coming weeks could dictate whether XRP remains in Bitcoin’s shadow or decouples to forge its own institutional narrative.