- XRP price news: Bulls test $2.70 resistance ahead of a key Nov 1 OCC bank license decision
- On-chain data shows XRP whales accumulated over $560 million worth of tokens in the past week
- Bitwise CIO Matt Hougan predicts the upcoming XRP ETF could hit $1 billion in AUM within months
Anticipation is building around Ripple’s ETF approvals and its pending U.S. banking license. Bitwise CIO Matt Hougan expects the upcoming spot XRP ETF to be a significant success. He believes the fund could reach a billion dollars in assets within months, arguing that skeptics underestimate the XRP community’s strength.
Meanwhile, the price of XRP trades at $2.58, with trading volume soaring 11.32% in the past 24 hours. The altcoin’s market cap stands at a massive $155 billion, down more than 10% in the last 30 days.
Related: XRP Eyes $2.80 Confirmation Today As Ripple Utility Remains Front And Center
Analysts See a $1B XRP ETF and Whales Are Buying
Hougan stated that ETF inflows are not driven by overall crypto sentiment but by dedicated investor communities and XRP’s following is among the most loyal in the industry.
Many underestimate XRP due to lingering skepticism in the broader crypto space, yet it continues to attract significant attention from investors ready to deploy capital, he added.
Bloomberg’s Eric Balchunas noted that 20 XRP ETF filings are currently pending with the SEC. ETF analyst Nate Geraci shared this confidence, indicating that the XRP community’s enthusiasm will likely lead to inflows far exceeding early expectations.
The Nov 1 Banking License Deadline
Ripple’s pursuit of a US-chartered banking license is also adding to the excitement around XRP. The Office of the Comptroller of the Currency (OCC) is set to conclude its 120-day review period on November 1. A successful outcome could allow Ripple to expand its institutional offerings and integrate XRP more deeply into global payment networks.
Ripple CEO Brad Garlinghouse explained that the asset remains integral to the company’s vision of connecting traditional finance with blockchain technology. Ripple’s five major acquisitions over the past two years.
XRP Price Analysis: Bulls Test Key Trendline
XRP is trading around $2.58, up 1.4% in the past 24 hours. The daily chart shows XRP testing a long-term descending trendline that has capped rallies since July. A decisive close above $2.69–$2.70 (the upper Bollinger Band) could pave the way for a breakout toward $3.00 and potentially $3.20 if momentum builds.
Failure to break this resistance could trigger a short-term pullback toward the $2.48–$2.26 support zone marked in purple, which has historically served as a strong accumulation range.
On the other hand, the RSI (14) stands near 49.7 while MACD is turning positive. Chaikin Money Flow (CMF) hovers around –0.01, indicating mild capital outflows but no strong selling pressure. Interestingly, the Accumulation/Distribution (A/D) remains steady near 2.73 billion, indicating investors are holding on.
Related: Analyst Says Solana’s Western Union Win Reveals “Immense Insecurities” About XRP
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Source: https://coinedition.com/xrp-tests-2-70-as-whales-buy-560m-ripple-nears-us-banking-license-on-nov-1/
