US Senate Moves Closer to Ending the Stalemate
While the OCC’s review of Ripple’s banking license request continues, the US government shutdown further delayed the approval of XRP-spot ETFs. The US Senate stalemate extended to 29 days on Wednesday, October 29, leaving the SEC with a skeleton staff.
To date, the Senate has voted 13 times but failed to pass a stopgap funding bill. However, there were reports of progress toward ending the shutdown. Crucially, the SEC could approve the pending XRP-spot ETFs once the US government reopens, potentially unlocking a surge in institutional demand.
The potential launch of XRP-spot ETFs and the OCC granting Ripple a US-chartered banking license set XRP up for a strong end to the year. Spot ETF inflows will be crucial, given the influence of the BTC-spot ETF market on Bitcoin’s (BTC) price trajectory.
Technical Outlook: Key XRP Price Levels
XRP fell 2.06% on Wednesday, October 29, following the previous day’s 1.07% loss, closing at $2.5522. The token tracked the broader crypto market, which declined 1.81%. Fed Chair Powell downplayed the chances of a December rate cut, weighing on sentiment.
Following a third consecutive daily loss, XRP traded below the 50-day and the 200-day Exponential Moving Averages (EMAs), signaling a bearish bias. However, several key events could change the narrative.
Key technical levels to watch include:
- Support levels: $2.5, $2.35, $2.2, $2.0, and $1.9.
- 50-day EMA resistance: $2.6779.
- 200-day EMA resistance: $2.6109.
- Resistance levels: $2.62, $2.8, $3.0, and $3.66.