XRP News Today: Spot ETF Delays Weigh, Bullish Outlook Persists

XRP resumed its post-Ripple Prime pullback this week, with traders continuing to take profit amid the ongoing delays to XRP-spot ETF launches. Crucially, the token has fallen in five of the last six sessions, underscoring near-term bearish sentiment.

The US government shutdown entered its 32nd day on Saturday, November 1, edging closer to the 35-day shutdown in 2018-2019. Crucially, the US Senate impasse left the SEC with a skeleton staff, postponing reviews and approvals of spot ETF filings.

The delays to XRP-spot ETF launches coincided with fading bets on a December Fed rate cut, weighing on demand for risk assets. Despite the extended pullback from July’s record high of $3.66, the outlook remains bullish.

Crypto Spot ETF Demand Signals XRP Breakout

While launch delays to XRP-spot ETFs curb institutional demand for XRP, market experts remain bullish about post-launch inflows.

NovaDius Wealth Management President Nate Geraci commented on the recently launched Bitwise SOL ETF, stating:

“Bitwise spot sol ETF posts highest day 1 trading volume out of some 850 ETF launches this year. Who could have seen this coming? Spot xrp ETFs will likely see similar reception, if not greater.”

Geraci had previously warned about markets underestimating demand for SOL-spot and XRP-spot ETFs, stating:

“People are severely underestimating investor demand for spot xrp & sol ETFs. Just like they did w/ spot btc & eth ETFs.”

While SOL-spot ETFs may have gotten a first-to-market advantage over XRP, ETF issuers are looking to go live in November. Bitwise’s SOL-spot ETF trading volumes could serve as a proxy for XRP-spot ETFs, given XRP’s real-world utility.

Canary Funds and Bitwise have filed amended S-1s for XRP-spot ETFs, removing ‘delaying amendment’ language that gave the SEC control over spot ETF launches. The amendments could allow the launch of XRP-spot ETFs after a 20-day waiting period.

However, XRP-spot ETFs could launch sooner if the US government reopens. The SEC could greenlight all seven XRP-spot ETFs, given that the final decision deadlines have passed for six of the seven spot ETFs.

Market Structure Bill in the Spotlight

While analysts expect XRP-spot ETFs to drive demand for XRP, the Market Structure Bill could be another tailwind.

CryptoAmerica host and journalist Eleanor Terrett commented on the shifting regulatory landscape, stating:

“House Committee on Agriculture Chair Congressman Glenn Thompson spoke Thursday with Acting CFTC Chair Caroline Pham to discuss how the commodities regulator is preparing to expand crypto jurisdiction and rulemakings next year, anticipating passage of market structure legislation. It follows Pham’s meeting last week with SenateAG Chair John Boozman on similar matters.”

Analysts expect the Market Structure Bill to drive adoption of Ripple’s ODL and XRPL products on Main Street, crucially boosting XRP adoption.

Crypto commentator and investor Stern Drew stated:

“The Clarity Act is Ripple’s ultimate unlock. It legally separates digital commodities (like XRP) from securities, meaning Ripple can leverage XRP as a neutral bridge asset across regulated payment networks. Once enacted, Ripple’s ODL, RLUSD, and XRPL hooks can integrate directly with banks and stablecoin rails, enabling programmable liquidity and instant cross-border settlement without legal friction.”

XRP soared 14.69% on July 17 after the House passed the Market Structure Bill to the Senate, and hit an all-time high of $3.66 on July 18.

However, XRP has fallen sharply from its July 18 all-time high of $3.66, weighed down by delays to XRP-spot ETFs. XRP could break new ground if the Senate passes the Market Structure Bill and XRP-spot ETFs launch.

Technical Outlook: Key XRP Price Levels

XRP fell 0.18% on Saturday, November 1, partially reversing the previous day’s 2.84% gain to close at $2.5050. The token underperformed the broader crypto market, which climbed 0.48%.

Following the pullback, the token remained below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias. However, a trend reversal is possible under certain scenarios.

Key technical levels to watch include:

• Support levels: $2.5, $2.35, $2.2, $2.0, and $1.9.
• 50-day EMA resistance: $2.6549.
• 200-day EMA resistance: $2.6068.
• Resistance levels: $2.62, $2.8, $3.0, and $3.66.

Catalysts to Watch in the Coming Sessions

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

• A US Senate vote.
• XRP-spot ETFs (delays or launches) and BlackRock’s plans for an iShares XRP Trust.
• Blue-chip companies’ interest in 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 $2.5

• BlackRock downplays plans for an XRP-spot ETF.
• The US Senate impasse continues, delaying the launch of spot ETFs.
• The US Senate opposes 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 drag XRP below $2.5, exposing $2.35. If breached, the $2.2 would be the next key support level.

Despite the token’s recovery from sub-$2.2 levels, the descending channel showed repeated tests of upper resistance in early October. However, each rally broke down at a lower price level, a bearish indicator. See the chart below for reference.

Bullish Scenario: Path to $3 Gains Traction

• The US Senate passes a stopgap funding bill.
• BlackRock files an S-1 for an iShares XRP Trust, and spot ETFs launch.
• Blue-chip companies boost XRP holdings for treasury reserve purposes, and Main Street integrates Ripple technology.
• Ripple secures a US-chartered bank license, and the US Senate passes the Market Structure Bill.

These bullish events could send XRP toward $2.62, bringing $2.80 into play. A sustained move through $2.80 may open the door to retesting the $3.0 psychological level, potentially paving the way toward the all-time high of $3.66.

Despite October’s retreat, XRP continues to trade within a narrowing range. See the chart below. The current structure indicates an imminent move, with crypto legislation, spot ETFs, and the OCC in focus. A breakout above the upper band will be key for the token to retarget its all-time high.

Outlook: Bullish Longer-Term Outlook Intact

XRP’s near-term trajectory remains hinged on Capitol Hill and the timing of spot ETF launches.

October’s 11.84% loss left XRP with year-to-date gains of just 20.68%. However, the token could hit new highs if spot ETF demand meets expectations and the Senate passes the Market Structure Bill.

Crucially, crypto-friendly legislation would further legitimize XRP, potentially boosting adoption on Main Street.