XRP Today News: Political deadlock drags down Uptober market! ETF approval may be delayed until November, Ripple CEO angrily criticizes Wall Street monopoly.

Due to the failure of the U.S. Senate to pass the Republican funding bill, the government shutdown continues, leading to a shortage of SEC staff, and the final decision deadline for the XRP Spot ETF faces the risk of being postponed to November. As a result, the XRP price briefly fell below the 2.4 USD support level on Wednesday, with a decline of 14.71% in October, breaking the market's expectations for an “Uptober” rally. Additionally, Ripple CEO Brad Garlinghouse harshly criticized Wall Street, accusing it of lobbying that hinders crypto companies from fairly accessing the Fed's banking system, highlighting Ripple's determination to fight for direct infrastructure access to support its stablecoin RLUSD and global payment operations.

Political deadlock drags down XRP: ETF expectations fall short and price drops

The ongoing government shutdown in the United States has directly impacted the SEC's approval process, causing uncertainty regarding the launch timeline of the highly anticipated XRP Spot ETF.

· The ninth vote in the Senate failed

On Wednesday, October 15, the Senate's ninth vote on the Republican funding bill failed to reach the required 60 votes, increasing the uncertainty surrounding the timeline for the launch of the October XRP Spot ETF. The ongoing government shutdown has left the SEC with only “skeleton” staff, delaying the approval timeline.

· The ETF launch schedule is under threat.

Including Grayscale's XRP ETF, six XRP Spot ETF issuers are facing a final decision deadline in October, with Grayscale's deadline being October 18. The Senate deadlock has caused the U.S. government shutdown to last for 15 days, and the XRP Spot ETF is likely to be postponed until November.

· XRP price performance is poor.

The market initially rose due to the news of the shutdown on October 1, but as the Senate deadlock may delay the ETF launch until November, the initial demand began to weaken.

Due to the combined effects of the government shutdown and the tensions in Sino-U.S. trade, XRP fell below 2.5 USD, with a 14.71% decline in October. This stands in stark contrast to the market's expectations of XRP hitting a new high in “Uptober”.

After the XRP price reached a key resistance zone, traders showed divergence, with some choosing to sell Ripple (XRP) and stay on the sidelines, while some institutions continued to absorb chips, keeping market sentiment cautious.

Macro benefits are being overshadowed: Ripple's key developments remain positive

The negative news of the ETF launch delay has overshadowed a series of significant developments and potential positive factors that were originally favorable for XRP.

· Positive macro signals

Fed Chairman Powell hinted at the possible end of quantitative tightening (QT), coupled with market bets on interest rate cuts in October and December, which typically boosts demand for risk assets.

· Institutional interest rises

CME Group has launched CFTC-regulated XRP futures contracts, indicating that institutional interest is increasing.

· Ripple's expansion in Africa

Ripple Custody has established a partnership with South Africa's leading financial institution, Absa Bank. Ripple's President, Monica Long, emphasized that this marks the launch of RLUSD and Ripple Custody services on the African continent.

Crypto lawyer Bill Morgan commented that this collaboration is not just custodial, but seems to be related to the broader need for Ripple's payment solutions in Africa. Such collaborations with major financial institutions that are heavily regulated demonstrate that XRP can operate within a strict regulatory framework, distinguishing it from other speculative altcoins.

It should be noted that in the context of the continuous advancement of institutional applications and cross-border payment integration, the medium to long-term potential of XRP is being reassessed. Many investors choose to buy XRP during the pullback period, waiting for a new round of price breakout.

Ripple CEO Criticizes Wall Street: Striving for Fair Banking Access

Against the backdrop of advancing the RLUSD strategy, Ripple's CEO publicly accused traditional financial institutions of lobbying to prevent encryption companies from accessing critical banking infrastructure.

· Accuse Wall Street of anti-competitive behavior

Ripple CEO Garlinghouse criticized Wall Street lobbyists for restricting crypto companies from accessing the Fed's banking infrastructure, including direct access to master accounts. He believes this behavior is hypocritical and anti-competitive, even though crypto companies are legally eligible to apply.

· Seek equal treatment

Garlinghouse emphasized that cryptocurrency companies seek equal treatment, not special exemptions, and expect to gain access to necessary banking infrastructure. He pointed out that regulators require cryptocurrency companies to comply with anti-illegal finance rules, yet refuse to provide conveniences such as direct Fed accounts, which is contradictory.

· Ripple's banking business strategy

Ripple has applied for a Fed master account through Standard Custody & Trust Company and has applied for a national bank charter with the OCC. This move aims to enhance the transparency and security of RLUSD by holding reserves directly at the Fed, reducing dependence on intermediaries and increasing institutional trust.

Technical Analysis and Future Scenario: Can XRP Hold $2.4

Currently, XRP is under a bearish bias, and the price movement will be driven by political dynamics, ETF news, and Ripple's regulatory progress.

· Price trends and key moving averages

XRP fell 3.72% on Wednesday, closing at 2.4124 USD, holding the key support level of 2.4 USD. However, the token underperformed the broader market (-2.44%) and continues to trade below the 50-day and 200-day exponential moving averages (EMAs), confirming the bearish bias.

· Key Technical Level

Support level: 2.4 USD, 2.0 USD and 1.9 USD. A fall below 2.4 USD will expose the risk of 2.0 USD.

Resistance level: The 200-day EMA is at 2.6296 USD, the 50-day EMA is at 2.8130 USD, as well as psychological resistance at 2.7 USD and 3.0 USD.

· Bearish scenario: Risk below $2.4

If the Senate deadlock continues, the launch of the ETF and key legislation will be delayed; BlackRock remains silent; and regulatory agencies delay or reject Ripple's bank license application, XRP will face the risk of falling to 2.4 USD and may expose 2.0 USD.

· Bullish Scenario: The Path to 3 USD

If the trade tensions between China and the U.S. ease and the government reopens; BlackRock submits the S-1 filing for iShares XRP Trust and the SEC approves the XRP Spot ETF; and Ripple obtains a banking license and passes key legislation, XRP is expected to push towards $2.7 and challenge the key psychological resistance level of $3.

Conclusion

The deadlock in the U.S. Senate has become the primary obstacle preventing XRP prices from breaking through, delaying the prospects of ETF launches and crypto-friendly legislation until November. Despite Ripple's positive progress in global expansion and the RLUSD strategy, along with increasing institutional interest, political uncertainty is overshadowing these favorable fundamentals. Investors should closely monitor developments in Washington, as the next Senate vote will directly determine whether XRP regains $3 or falls back to $2.0. Meanwhile, the Ripple CEO's anti-competitive allegations against Wall Street also indicate that the struggle for fair financial infrastructure in the crypto industry will escalate further.

This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions with caution.