The Market Structure Bill and XRP were under the spotlight as crypto industry leaders joined Democrat and Republican roundtables on Thursday, October 23.
Senator Kirsten Gillibrand pushed for discussions on the Market Structure Bill, setting up Thursday’s roundtable. Senator Gillibrand has been a strong advocate for crypto regulation and greater CFTC oversight of the digital asset space. In 2022, Senators Gillibrand and Cynthia Lummis introduced the Responsible Financial Innovation Act, which made little progress during the Biden-Gensler era marked by anti-crypto oversight.
CryptoAmerica host and journalist Eleanor Terrett shared updates from the roundtable, stating:
“The meeting opened with 30 minutes of introductions from industry leaders, which one attendee described as offering ‘the top-level highlights each participant wanted to see in the bill’.”
Terrett added:
“Senators warned crypto leaders not to act as an ‘arm’ for Republicans, reiterating that trust had been broken with the DeFi proposal leak. They added that making a public scene over negotiations, as industry did two weeks ago, would set the bill’s progress back.”
Crucially, there was a consensus among Senators to get the bill passed while highlighting that Republicans have issues with the legislation.
There was also a Republican/industry roundtable, raising hopes within the crypto industry for much-needed regulatory clarity this year.
Terrett shared updates from the roundtable, stating:
“Per a source inside the room, the convo was ‘very chill,’ with lots of talk about wanting to come back to the table and work with Gillibrand and other Dems. The room was said to be in general agreement that the legislation should be strong on AML/BSA and illicit finance, with the biggest concern being how to define DeFi and, by extension, how to regulate it.”
There was reportedly a suggestion to lock Republicans, Democrats, and industry leaders in a room to review the bill line by line and highlight concerns.
Notably, the White House reaffirmed its support for the bill. Crypto Czar David Sacks reportedly stated that market structure legislation is a top priority and that the administration would offer any necessary assistance.
XRP remains highly sensitive to legislative developments following the resolution of the SEC’s long-lasting legal battle with Ripple. The token soared 14.69% in response to the US House of Representatives passing the Market Structure Bill to the Senate on July 17.
Crypto legislation would provide clear rules for the road and end the risk of future regulation through enforcement.
Despite Thursday’s roundtables, the US government shutdown remains a challenge for legislators hoping to pass the bill this year. The shutdown also continues to delay the launch of XRP-spot ETFs and an anticipated surge in demand from institutional investors. A 54-45 Senate vote fell short of the 60 needed to pass the bill, extending the stalemate to 23 days. The Senate will next vote on Monday, October 27.
Bitcoin (BTC) and Ethereum (ETH) price action underscore the significance of spot ETFs. BTC and ETH have fallen 2.99% and 6.54%, respectively, cushioned by robust inflows into spot ETFs through 2025. Meanwhile, XRP has tumbled 15.81% in the absence of sticky institutional money.
XRP rose 1.22% on Thursday, October 23, partially reversing the previous day’s 2.40% loss to close at $2.3948. The token underperformed the broader crypto market, which gained 2.17%. Despite Thursday’s recovery, XRP continued trading below the 50-day and 200-day Exponential Moving Averages (EMAs), reaffirming a bearish bias.
Key technical levels to watch include:
In the coming sessions, several events could dictate near-term price trends:
Bearish Scenario: Risks Below $2.2
These bearish events could push XRP toward the $2.2 level. A drop below $2.2 may expose the $2.0 psychological support level.
Bullish Scenario: Path to $3
These bullish scenarios could send XRP above the $2.5 level, paving the way toward $2.7. A sustained move through $2.7 would open the door to a $3.0 target.
XRP’s near-term price outlook remains hinged on the Senate. The longer the shutdown, the greater the delay to spot ETF launches, capping any upside. Meanwhile, growing bipartisan support for the Market Structure Bill could lift sentiment.
However, traders should closely monitor US-China trade headlines and US economic data. Easing US-China trade tensions and rising bets on multiple Fed rate cuts could boost demand for risk assets. On the other hand, an escalation in the US-China trade war and strong US data, tempering Fed rate cut bets, could weigh on XRP.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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