XRP News Today: XRP Continues to Weaken Amid Uncertainties Over Fed Rate Cuts, Trade Talks, Bank License & ETF Approval 

Ripple-backed XRP is currently trading at $2.48; the token has experienced a 3% dip. The market cap has decreased to $148.96 billion. The overall market sentiment continues to be bearish, and the Fear & Greed Index value of 29 suggests that investors continue to remain cautious. Moreover, the XRP is having a technical breakdown as it failed to hold the psychological support level of $2.6.

Source: TradingView

The token is currently trading below both the 10-day Simple Moving Average and Exponential Moving Average. The next support level available for XRP is around $2.41; a failure to hold the same could plunge the XRP into $2.2 or below. The mounting macro pressure is the key factor driving the prices down. Other key developments as of today include Ripple’s banking application nearing approval and the XRP spot ETF update. 

XRP Continues to Weaken After Uncertainty over December Fed Rate Cuts & Trump-Xi Talks

Federal Reserve chair Jerome Powell’s hints about a hawkish policy shift were a big blow for the whole crypto market, including XRP. The ripple-backed token is still reeling under the bearish sentiments sent by the central bank Chair, Powell’s remarks.

Another key factor that’s driving the prices downhill is the Trump-Xi talks, which did not yield the results as expected. Although the two countries are currently on a truce, a final trade agreement has yet to be reached. China agreed to delay export curbs on rare earth metals and agreed to purchase soybeans from the U.S. The U.S, on the other hand, has reduced fentanyl-related duties on Chinese goods from 20% to 10%.

Ripple’s Application For A National Trust Bank License Approval is Nearing its Deadline

The review process for Ripple’s application for a national trust bank license from the US Office of the Comptroller of the Currency (OCC) is about to end on November 1st. 

Ripple had applied for the banking license back in July. The move is significant as the approval for the same would mark Ripple’s entry into traditional finance. A green nod from the OCC will boost the institutional investor confidence in XRP and will send a bullish signal to the market. A rejection, on the other hand, can further dampen the market sentiment about XRP. 

XRP Spot ETF: The Canary Capital Files Amendments as the Company Eyes Mid-November Approval

The leading asset manager, Canary Capital, filed an updated S-1 filing. The update is crucial as its current form enables auto-effectiveness. The company is planning to launch the spot ETF on November 13. The Canary Capital had earlier launched Solana ETF and HBAR ETF similarly, and the launch of both was expedited following the updates in the filing. The approval is expected to add renewed momentum to the XRP. 

The Bottom Line: What’s Ahead for XRP? 

The XRP is currently having a rough time amid the growing macro pressure and dampened institutional interest. The ongoing U.S. government shutdown is further casting a shadow over the ETF approvals.

Moreover, the banking license approval is also nearing. Getting green signals for both and more constructive developments on trade talks can potentially push the prices up. Hence, investors are advised to follow the latest updates regarding the above major events. 

Also Read: XRP Price Prediction 2025-2030