XRP News Today: Traders Eye $2.5 Resistance as ETFs Near Launch

XRP faced selling pressure on Saturday, November 8, as the extended US government shutdown continued to weigh on sentiment. BTC-spot ETF outflows on Friday, November 7, left Bitcoin (BTC) and the broader crypto market in the red for Saturday’s session.

While XRP joined the broader market in negative territory, speculation about the token decoupling from BTC has intensified. Several key developments paint a rosier picture for XRP, with institutional demand emerging as a key bullish catalyst.

XRP-Spot ETFs: Launches and Institutional Demand

Crucially, XRP-spot ETF issuers have filed amended S-1s, that remove the delaying amendment language. The filings kickstarted 20-day waiting periods, signaling launches in November for 21Shares, Bitwise, Canary Capital, and Franklin Templeton.

Canary XRP ETF could be the first to launch, potentially on Thursday, November 13. While likely to gain a first-to-market advantage, traders will closely watch institutional demand. The October deleveraging event has weighed on sentiment, with XRP yet to reverse its October 10 losses fully.

Strong demand for XRP-spot ETFs could trigger a breakout, potentially sending the token toward its October 10 high of $2.8406.

Broader ETF Market Trends

BTC-spot and ETH-spot ETFs registered net outflows in the reporting week ending Friday, November 7. Meanwhile, SOL-spot ETFs bucked the trend, with net inflows of $136.6 million. However, inflows failed to counter the effect of current market tensions on SOL. SOL has fallen 16.87% in the current week ending Sunday, November 9, while XRP has dropped 10.74%.

Crucially, market experts are predicting a seismic shift in demand for XRP through spot ETFs, mirroring the BTC-spot ETF market in January 2024. Canary Capital CEO Steven McClurg recently upped 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.”

Could XRP Become the Next Institutional Magnet?

Several factors could support McClurg’s bullish prediction, including:

• Ripple-backed Evernorth’s anticipated demand for XRP as a treasury reserve asset. The recently formed company aims to build a $1 billion-plus reserve.
• Ripple Prime, a multi-asset prime broker, is expected to boost XRP utility.
• US-chartered banking license, potentially driving XRPL integration on Main Street and XRP utility.

The prospect of increased utilization and demand through spot ETFs could tilt the supply-demand balance firmly in XRP’s favor. Ripple CEO Brad Garlinghouse recently dispelled any speculation that XRP would not benefit from the recent developments, stating:

“With today’s close of Hidden Road (now Ripple Prime), Ripple has announced 5 major acquisitions in ~2 years (GTreasury last week, Rail in August, Standard Custody in 2024, Metaco in 2023). As we continue to build solutions towards enabling an Internet of Value – I’m reminding you all that XRP sits at the center of everything Ripple does. Lock in.”

Regulatory Landscape: Market Structure Bill and Shutdown Impacts

Beyond Ripple’s expansion onto Main Street and the anticipated launch of XRP-spot ETFs, crypto legislative developments remain a key driver. XRP reacted to the US House of Representatives passing the Market Structure Bill, surging 14.69% on Thursday, July 17. The bill now sits with the US Senate.

However, the US government shutdown has snowballed the chance of a Senate vote in November, weighing on sentiment. CryptoAmerica host and journalist Eleanor Terrett commented:

“The sooner that happens, the sooner the Senate Banking and Agriculture Committees can start planning markup dates for their respective versions of a market structure bill. But first, they need the text.”

Terrett stated that a bipartisan markup is almost finalized and could be out this coming week.

Technical Outlook: Key XRP Price Levels

XRP fell 1.21% on Saturday, November 8, partially reversing the previous day’s 4.59% rally to close at $2.2871. The token tracked the broader crypto market, which dropped 1.02%.

October’s 11.84% loss, combined with the current month’s 9.8% drop, has left the token trading below the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a strong bearish bias. The 50-day EMA crossed below the 200-day EMA, reaffirming the bearish trend.

Nevertheless, certain scenarios could trigger a bearish trend reversal.

Key technical levels to watch include:

• Support levels: $2.2, $2.0, and $1.9.
• 200-day EMA resistance: $2.5845.
• 50-day EMA resistance: $2.5624.
• Resistance levels: $2.35, $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:

• A US Senate vote.
• XRP-spot ETFs (delays or launches) and BlackRock’s position on an iShares XRP Trust.
• Blue-chip companies boost XRP holdings 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 $2.2

• BlackRock downplays plans for an XRP-spot ETF.
• The US Senate impasse continues, delaying launches for XRP-spot ETFs pending amended S-1 filings.
• The US Senate roadblocks crypto-friendly legislation, including the Market Structure Bill.
• Blue-chip companies avoid 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 $2.2, bringing the $2.0 psychological support level into play. If breached, the June 2025 low of $1.9112 would be the next key support level.

The descending channel showed failed breakouts at the upper trendline in early October. Strong resistance at the upper trendline led to lower highs and lower lows, a bearish indicator. Support at the lower trendline could be crucial. If breached, XRP could retest the $2 psychological support level. See the chart below for reference.

Bullish Scenario: Path to $3 Remains Challenging

• The US Senate passes a stopgap funding bill.
• BlackRock files an S-1 for an iShares XRP Trust, and XRP-spot ETFs launch.
• Blue-chip companies raise 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.

A break above $2.35 would support a move toward the $2.5 resistance level and the upper trendline. A sustained move through the upper trendline could pave the way toward the 50-day and 200-day EMAs. A breakout above the EMAs may open the door to testing the $2.62 resistance level.

Outlook: Medium-Term Structure Remains Bullish

Although the short-term bias is bearish, institutional and regulatory factors underpin a bullish medium-term outlook.

XRP’s short-term path hinges on BTC price trends and developments on Capitol Hill. However, XRP-spot ETF launches, the Fed’s policy stance, and institutional demand for XRP will influence the medium-term outlook.

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

The next few weeks could decide whether XRP remains tethered to Bitcoin or writes its own institutional story.