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