WASHINGTON / LONDON (IT BOLTWISE) – The US government’s decision to approve XRP spot ETFs could have a significant impact on the crypto market. While the ongoing government shutdown delays approvals, the reopening of the SEC office could bring a surge in institutional demand. Ripple is also awaiting the OCC’s decision on a US banking license, increasing the potential for a strong year-end finish for XRP.
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The current situation surrounding Ripple and XRP is of great importance for the crypto market. While the ongoing US government shutdown delays the approval of XRP spot ETFs, the OCC’s decision on Ripple’s banking license remains a crucial factor. These developments could have the potential to significantly impact the market and increase demand for XRP.
The US Senate has voted 13 times so far without reaching an agreement on a transition funding bill. This has resulted in the SEC operating with a skeleton staff, further delaying the approval of XRP spot ETFs. Once the government reopens, the SEC could approve the pending applications, resulting in a surge in institutional investment in XRP.
Technically, XRP has suffered losses in recent days due to the overall market situation and comments from Fed Chairman Powell downplaying the likelihood of a rate cut in December. XRP is currently trading below the 50- and 200-day EMAs, indicating a bearish bias. Still, upcoming decisions from the OCC and SEC could turn the tide.
The potential launch of XRP spot ETFs and the possible granting of a US banking license to Ripple could give XRP a strong end to the year. Inflows into spot ETFs will be crucial, especially given the influence of the BTC spot ETF market on Bitcoin price. These developments could not only affect the XRP price but also increase confidence in the entire crypto market.
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