XRP Faces Weekly Decline Amid ETF Decisions and New bank Partnership
XRP is trading around $2.42, showing a 15% weekly drop. The token has fallen 33% from its July high of $3.65. Traders are watching key events that could influence its price.
Two main factors are driving the market: upcoming ETF decisions and Ripple’s new deal with Absa Bank. The U.S.Securities and Exchange Commission (SEC) will decide on several XRP ETF applications between October 18 and 25.This includes applications from Grayscale, 21Shares, and others. A partial U.S. government shutdown might delay these decisions.
ripple’s partnership with Absa Bank is also significant. Absa, a major African financial institution, will use Ripple’s platform to store digital assets. This expands Ripple’s reach to five continents and enhances access to tokenized assets.
technically,XRP is under short-term bearish pressure. It has fallen below major moving averages. The immediate support is at $2.30. If bulls can hold this level,XRP might retest resistance around $2.75. A break above this could push prices to $3.00-$3.20. Though, if support fails, XRP could drop to $2.00-$2.10.
Investors should stay tuned for ETF approvals and Ripple’s progress with absa Bank. These could be game-changers for XRP’s price.
