XRP Faces Weekly Decline Amid ETF Decisions and New Bank Partnership
XRP’s price is hovering around $2.42, showing a 15% drop over the past week. The token has retreated 33% from its July high of $3.65. Traders are watching closely as major events could shape XRP’s future.
Two key factors are driving the market: upcoming ETF decisions and Ripple’s new partnership with Absa bank. The U.S. Securities and Exchange Commission (SEC) will review several XRP ETF applications between October 18 and 25. This includes proposals from Grayscale, 21Shares, and others. A partial U.S. government shutdown may delay these decisions.
Ripple’s partnership with Absa Bank is another highlight. 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. Key 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 strategic moves. These could significantly impact XRP’s price trajectory.
