XRP Today News: The two parties in the United States reached a legislative Consensus in a roundtable discussion, promoting long positions to challenge 2.5 dollars.

As XRP rebounds from two consecutive days of fall, lawmakers have reignited hopes for regulatory clarity. Senator Kirsten Gillibrand is pushing for discussions on the Market Structure Bill, with senators agreeing unanimously to pass the bill. The ETF latency and government shutdown remain obstacles to institutional adoption of XRP, but legislative progress injects bullish sentiment into today's news for XRP, pushing long positions to challenge $2.5.

XRP Today's News Focus: Bipartisan Roundtable Reaches Consensus

On Thursday, October 23, leaders in the crypto industry attended a roundtable meeting with the Democratic and Republican parties, focusing on the market structure bill and XRP. Senator Kirsten Gillibrand drove the discussion of the “Market Structure Bill” and prepared for Thursday's roundtable. Senator Gillibrand has been a strong advocate for cryptocurrency regulation and has called for the U.S. Commodity Futures Trading Commission (CFTC) to strengthen its oversight of the digital asset space.

In 2022, Senator Gillibrand and Senator Cynthia Lummis introduced the Responsible Financial Innovation Act, but it made little progress during the Biden-Gensler era, marked by anti-cryptocurrency regulation. The restart of this roundtable discussion indicates that the political winds have changed, and the Trump administration's supportive stance on cryptocurrencies has reignited the legislative process.

CryptoAmerica host and reporter Eleanor Terrett shared the latest updates from the roundtable discussion, noting: “The meeting kicked off with a 30-minute introduction from industry leaders, with one participant stating it provided 'the top highlights that every participant hopes to see in the bill.'” This open and constructive dialogue atmosphere is the most positive signal in today's news regarding XRP.

Terrett added, “Senators warned cryptocurrency leaders not to act as 'accomplices' of the Republican Party and reiterated that the leak of the DeFi proposal has undermined trust. They further stated that if the industry behaves like it did two weeks ago, shouting and causing a ruckus during negotiations, it will hinder the progress of the bill.” This warning indicates that Democratic senators are open to bipartisan cooperation but require the crypto industry to remain neutral and not overly favor the Republican Party.

It is crucial that the senators unanimously agreed to pass the bill, while also emphasizing that Republicans have objections to it. This contradictory statement of “unanimous consent but with objections” may imply that there is consensus on the overall framework of the bill, but specific provisions still need to be negotiated. Additionally, a Republican/industry roundtable meeting was held, bringing hope for the regulatory clarity that the crypto industry urgently needs this year.

According to a knowledgeable source, the atmosphere of the talks was “very relaxed,” with many expressing a desire to return to the negotiating table to collaborate with Gillibrand and other Democrats. It is reported that attendees generally believe the bill should take strong measures regarding anti-money laundering/bank secrecy laws (BSA) and illegal finance, with the biggest concern being how to define DeFi and how to regulate it. Reports suggest locking Republicans, Democrats, and industry leaders in a room to review the bill line by line and highlight concerns.

It is worth noting that the White House has reiterated its support for the bill. According to reports, cryptocurrency czar David Sacks stated that market structure legislation is a top priority, and the government will provide any necessary assistance. This high-level political support adds significant momentum for the passage of the bill.

XRP is highly sensitive to legislation, the probability of historical repetition is increasing

After the long-standing legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple was finally resolved, XRP remains highly sensitive to legislative developments. On July 17, the U.S. House of Representatives passed the Market Structure Bill to the Senate, and the price of XRP surged by 14.69%. This historic case provides important reference for today's XRP news: if the Senate also passes the bill, XRP may replicate a similar pump.

Cryptocurrency legislation will provide clear rules and end future regulatory risks through enforcement. The value of regulatory clarity is particularly significant for XRP. The lawsuit between Ripple and the SEC has lasted for years, during which XRP was delisted from multiple U.S. exchanges, and institutional investors were hesitant to allocate due to legal uncertainty. If the market structure bill passes, it will provide legislative protection for XRP's legal status in the U.S., removing the biggest obstacle to institutional investment.

Despite the roundtable meeting held on Thursday, the government shutdown remains a challenge for lawmakers hoping to pass the bill this year. The shutdown has also continued to delay the launch of the XRP spot ETF and the anticipated surge in demand from institutional investors. The Senate passed the bill with a vote of 54 in favor and 45 against, but it did not reach the 60 votes needed for passage, resulting in a stalemate that has lasted 23 days. The Senate will vote again on Monday, October 27.

The price trends of Bitcoin (BTC) and Ethereum (ETH) highlight the importance of spot ETFs. BTC and ETH fell by 2.99% and 6.54% respectively, but by 2025, the strong inflow of spot ETFs has acted as a buffer. At the same time, due to the lack of institutional funding support, XRP plummeted by 15.81%. This comparison clearly shows the importance of ETFs in stabilizing prices and explains why XRP news today is so focused on the progress of ETF approvals.

Technical Analysis: $2.5 Resistance Decides Future Market

(Source: Trading View)

On October 23, XRP rose 1.22%, partially reversing the previous day's 2.40% fall, closing at $2.3948. The token's performance lagged behind the overall cryptocurrency market, which increased by 2.17%. Despite the rebound on Thursday, XRP remains below the 50-day and 200-day Exponential Moving Averages (EMA), reaffirming the bearish tendency.

Key Technical Level:

Support Levels: $2.2, $2.0, and $1.9

Technical Resistance Levels: 200-day EMA is $2.6107, 50-day EMA is $2.6959

Resistance levels: $2.5, $2.7, and $3.0

The $2.5 level is the key resistance point for XRP in today's news. Breaking above this level will confirm a short-term Rebound trend and open up space towards $2.7. Bullish scenarios include: the United States and China signing a trade agreement, the U.S. Senate passing a temporary funding bill to reopen the government, BlackRock submitting an S-1 filing for the iShares XRP Trust and the SEC approving the XRP spot ETF, blue-chip companies adopting XRP as a financial target and utilizing Ripple technology, Ripple obtaining a charter banking license in the U.S., progress on the market structure bill in Congress, and the XRPL challenging SWIFT's market dominance.

The bearish scenario includes: BlackRock abandoning the XRP spot ETF plan, the U.S. Senate deadlock continuing to delay ETF approval, slow progress on crypto-friendly legislation, blue-chip companies downplaying interest in XRP, OCC postponing or rejecting Ripple's banking license, and SWIFT maintaining market share limits on Ripple's development. These bearish events could push XRP towards $2.20, with a fall potentially exposing the psychological support level of $2.00.

The recent price outlook for XRP still depends on the Senate. The longer the government shutdown lasts, the greater the latency in the issuance of the spot ETF. However, traders should closely monitor US-China trade news and US economic data. A easing of US-China trade tensions and a growing expectation of multiple rate cuts by the Federal Reserve could boost demand for risk assets.