XRP Price News: XRP Price News: Bulls Eye $3.33 on ETF and Senate Bill Momentum

Democrats Boost Hopes for Market Structure Bill

US lawmakers put crypto regulation under the spotlight, fueling hopes for clear rules of the road, lifting sentiment. XRP responded to legislative developments on Capitol Hill, a key beneficiary of regulatory clarity following the SEC vs. Ripple case.

Crypto America host and journalist Eleanor Terrett commented on the Market Structure Bill’s progress in the Senate, stating:

“12 Senate Democrats unveiled a detailed framework for market structure legislation this morning, signaling the minority party’s readiness to work across the aisle on comprehensive crypto reform.”

Senator Kirsten Gillibrand was among the 12 Senate Democrats proposing the framwork.

Terrett concluded:

“They say the framework is meant to act as a roadmap to guide what they hope will be ‘robust, fruitful, bipartisan negotiations’ with Republicans.”

The Seven Pillars

Notably, the 12 Democrats acknowledged the need to exit the crypto regulatory wilderness, citing the almost $4 trillion crypto market cap and millions of American crypto holders. The letter proposed a framework for digital asset legislation, including:

• Closing the Gap in the Spot Market for non-Security Digital Assets: Grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over non-security tokens.
• Clarifying the Legal Status of Digital Assets and Regulatory Jurisdiction: Codify a process by which digital asset market participants can obtain a regulatory determination about the status of a proposed or existing digital asset, including a determination that a digital asset is no longer offered in connection with a security.
• Incorporating Digital Asset Issuers into the Regulatory Framework: Provide the SEC with resources, tools, and a mandate to incorporate digital assets that represent a security into the securities law framework, while ensuring regulators maintain flexibility as the digital asset market evolves.
• Incorporating Digital Asset Platforms into the Regulatory Framework: Require the SEC to make crypto rules for brokers, custody, and exchanges. Rules should ensure key investor protection issues are effectively addressed, including custody, pricing, execution, cybersecurity, and capital.
• Preventing Illicit Finance: Require digital asset platforms to register with FinCEN as financial institutions and adopt BSA/CFT/AML policies and reporting requirements.
• Preventing Corruption and Abuse: Limit elected officials and their families from issuing, endorsing, or profiting from digital assets while in office.
• Ensure Fair, Effective Regulation: Provide the SEC, CFTC, and Treasury with funding to implement digital assets rules.

Republican Lawmakers Applaud the Framework

Senator Cynthia Lummis commented on the framework, stating:

“I want to thank my colleagues across the aisle for their constructive digital asset market structure framework. Meaningful legislation takes intentional collaboration & discussion. This is a strong start, and I look forward to working together to secure America’s financial future.”

Notably, Senators Lummis and Gillibrand previously introduced the Responsible Financial Innovation Act in 2022. The bill also aimed to give the CFTC greater regulatory oversight.

Bipartisan support for the final draft of the Market Structure Bill, and a clear regulatory framework would potentially boost crypto adoption.

Price Action & Technical Analysis

XRP gained 1.13% on Wednesday, September 10, reversing Tuesday’s 0.7% loss to close at $2.9811. The token trailed the broader market (1.84%) but managed to test the $3 level for a second consecutive session. Traders are watching the following technical levels:

• Support: $2.8, $2.7, and $2.5.
• Resistance: $3.0 (psychological), $3.335, and the all-time high at $3.66.

In the near term, several key catalysts could drive price action:

• Spot ETFs: Approval or delays of XRP-spot ETF reviews would influence market trends. A BlackRock (BLK) iShares XRP Trust application could likely be a price catalyst.
• Institutional Adoption: Blue-chip companies may seek XRP as a treasury reserve asset, potentially narrowing its supply.
• Regulatory milestones: Ripple’s US-chartered bank license application, Market Structure Bill-related news, and SWIFT developments may further influence sentiment.

Catalysts & Scenarios

XRP’s outlook hinges on corporate, macroeconomic, and regulatory events. Potential price scenarios include:

Bearish Scenario

• Legislative roadblocks, including resistance to the Market Structure Bill in the Senate, or delays to crypto-friendly regulations.
• Blue-chip companies dismiss XRP as a treasury reserve asset option.
• OCC delays or rejects Ripple’s US-chartered bank license.
• SWIFT maintains global remittance dominance, capping Ripple’s market access.

These bearish events could drag XRP below $2.8, with $2.7 and $2.5 the next key support levels.

Bullish Scenario

• BlackRock files for an iShares XRP Trust, and the SEC green-lights XRP-spot ETFs.
• Blue-chip companies acquire XRP for treasuries, and more payment platforms adopt Ripple technology.
• Ripple secures a US-chartered bank license, and the Senate passes the Market Structure Bill, boosting Main Street adoption.
• SWIFT loses market share of global remittances to Ripple.

These scenarios could drive XRP above its $3.66 (Binance) record high.

Conclusion: Is XRP Set for Fresh Highs or A Reversal?

The Market Structure Bill’s progress on Capitol Hill and XRP-spot ETF developments remain key price catalysts. Related headlines and the SEC’s stance on the tokenization of US stocks and ETFs will continue influencing sentiment.

A standardized crypto ETF framework or bipartisan support for the latest draft Market Structure Bill could send XRP toward its all-time high of $3.66. However, negative headlines could expose XRP to key support levels.

For traders, ETF inflows could ignite a historic rally—or regulatory setbacks could send XRP crashing below $2.5.

Analysts will closely monitor how regulatory and economic risks affect XRP’s trajectory in the coming months.