US Senate Strikes Nearer to Ending the Stalemate
Whereas the OCC’s evaluate of Ripple’s banking license request continues, the US authorities shutdown additional delayed the approval of XRP-spot ETFs. The US Senate stalemate prolonged to 29 days on Wednesday, October 29, leaving the SEC with a skeleton employees.
So far, the Senate has voted 13 instances however didn’t cross a stopgap funding invoice. Nevertheless, there have been experiences of progress towards ending the shutdown. Crucially, the SEC may approve the pending XRP-spot ETFs as soon as the US authorities reopens, probably 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 robust finish to the yr. Spot ETF inflows can be essential, given the affect of the BTC-spot ETF market on Bitcoin’s (BTC) worth trajectory.
Technical Outlook: Key XRP Value Ranges
XRP fell 2.06% on Wednesday, October 29, following yesterday’s 1.07% loss, closing at $2.5522. The token tracked the broader crypto market, which declined 1.81%. Fed Chair Powell downplayed the probabilities of a December price lower, weighing on sentiment.
Following a 3rd consecutive each day loss, XRP traded beneath the 50-day and the 200-day Exponential Shifting Averages (EMAs), signaling a bearish bias. Nevertheless, a number of key occasions may change the narrative.
Key technical ranges to look at embody:
- Help ranges: $2.5, $2.35, $2.2, $2.0, and $1.9.
- 50-day EMA resistance: $2.6779.
- 200-day EMA resistance: $2.6109.
- Resistance ranges: $2.62, $2.8, $3.0, and $3.66.
