These delays have led investors to take profits until there are clear indications of the timelines for key votes and decisions that could trigger XRP’s next breakout.
Crucially, the likely delays to XRP-spot ETF launches have overshadowed other key Ripple-related developments, which would typically be bullish for XRP. These include:
Ripple President Monica Long shared the Absa announcement, stating:
“Last month, we announced RLUSD live on the African continent… and today so is Ripple Custody through our partnership with Absa Bank, one of South Africa’s leading financial institutions!”
Industry observers see deeper strategic implications, more directly related to XRP’s utility. Pro-crypto lawyer Bill Morgan commented on the Absa partnership, stating:
“This collaboration between Ripple and a pan-African Bank is not only about custody, but seems to be connected to broader demand for Ripple’s payment solutions in Africa. As always, with these announcements, there is more you want to know about behind the announcement.”
The partnership is another stepping stone toward mainstream financial institutional acceptance, potentially boosting interest in XRPL and other Ripple products. Importantly, partnerships with major financial institutions — under significant regulatory oversight — demonstrate that XRP can function within stringent regulatory frameworks. This is a key attribute, differentiating the token from other, more speculative altcoins.
XRP’s October sell-off belies several tailwinds. These include spot ETFs, Main Street adoption, and a more crypto-friendly US regulatory landscape.
If the shutdown resolves quickly, the narrative could shift rapidly. Analysts expect strong demand for XRP-spot ETFs, given the token’s real-world utility. Robust inflows could send XRP to record highs, reversing October’s losses.
XRP fell 3.72% on Wednesday, October 15, following the previous day’s 3.92% loss, closing at $2.4124. Despite heavy losses, XRP closed above the crucial $2.4 support level. However, the token underperformed the broader market (-2.44%) and continued trading below the 50-day and 200-day Exponential Moving Averages (EMAs), reaffirming a bearish bias.
Key technical levels to watch include:
In the coming sessions, several key drivers could dictate near-term price trends:
Bearish Scenario: Risks Below $2.4
These bearish scenarios could drag XRP back toward $2.4. A break below $2.4 would expose $2.0.
Bullish Scenario: Path to $3
These bullish scenarios could drive XRP to $2.7 and bring the key psychological resistance at the $3 level.
