XRP faced another day of heavy selling as the US administration fueled concerns about a full-blown US-China trade war. Tariff threats and export restrictions took an unexpected mid-week turn.
The US administration is reportedly weighing export restrictions on software-powered shipments to China. Software restrictions would be retaliation for Beijing curbing crucial rare earth exports. Rare earth exports plunged 31% month-on-month in September to 4,000 tonnes.
Wednesday’s news comes after mixed signals from the US administration, dashing hopes for a US-China trade pact. CN Wire commented on the influence of trade headlines on crypto, stating:
“Bitcoin falls as investors tread cautiously following mixed signals from President Trump over an upcoming meeting with his Chinese counterpart, Xi Jinping, in South Korea. Trump said on Tuesday that he expected to make a ‘good deal’ with Xi but conceded that the talks might not happen.”
CN Wire also commented on Trump’s 100% tariff shock and crypto market turmoil, stating:
“Earlier this month, Trump threatened an additional 100% tariff on Chinese goods, triggering a cryptocurrency selloff that wiped more than $19 billion in leveraged positions.”
In an October 10 flash crash, triggered by Trump’s 100% tariff threat, XRP plunged to an 11-month low of $0.77703 before briefly rebounding to $2.6467.
Uncertainty over President Trump and President Xi reaching a trade deal at the upcoming APEC Summit has left XRP down 16.8% in October. Bitcoin (BTC) has fallen by a more modest 6% as sticky institutional money cushions the downside.
While traders closely monitor US-China trade headlines, the US government shutdown remains another XRP headwind.
The US government shutdown extended to day 22 on Wednesday, October 22, as the Senate impasse continued. A 12th Senate vote on a stopgap funding bill, 54-46, fell short of the 60 votes needed to reopen the government. The shutdown is now the second-longest in history, behind the 2018-2019 shutdown during Trump’s first presidency.
Why does the US government shutdown affect XRP price trends?
The Senate stalemate means that the SEC is working under a skeleton staff, delaying reviews and approvals. The lack of agency manpower means that XRP-spot ETF launches will face delays until the US government reopens.
The absence of highly anticipated institutional money inflows into XRP-spot ETFs has weighed on sentiment. XRP-spot ETF issuers may get an SEC greenlight 3-4 weeks after a reopening, raising the possibility of December launches. Crucially, the longer the shutdown, the larger the agency’s backlog, and the greater the delay to the launch of spot ETFs.
Bloomberg Intelligence ETF Analyst James Seyffart commented on the potential timeframe for the SEC to green-light spot ETFs, stating:
“Quick update on crypto ETF delays from shutdown: Expect 3-4 weeks post-reopening for batch approvals on XRP, SOL, LTC filings. SEC’s backlog is ~90 items, but streamlined S-1 process means no full re-review needed. XRP odds still 85% by EOY—don’t panic, this is procedural lag, not rejection.”
XRP fell 2.4% on Wednesday, October 22, following the previous day’s 2.95% loss, closing at $2.3660. The token underperformed the broader crypto market, which declined 0.92%. The pullback left XRP trading well 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 scenarios could influence near-term price trends:
Bearish Scenario: Risks Below $2.2
These bearish events could push XRP toward the $2.2 level. A break below $2.2 may bring the $2.0 psychological support level into play.
Bullish Scenario: Path to $3
These bullish scenarios could send XRP above the $2.4 level, bringing $2.7 into sight. A sustained move through $2.7 would pave the way toward $3.0.
XRP’s near-term price outlook hinges on the Senate impasse. A prolonged shutdown could delay spot ETF launches, holding back institutional money inflows.
Meanwhile, XRP will remain sensitive to US-China trade headlines. A US trade deal, with lower US tariffs on Chinese shipments, would likely boost risk sentiment. On the other hand, a prolonged shutdown and a full-blown trade war could drag the token below $2.
Traders should closely monitor Capitol Hill and US-China trade headlines.
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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Results are pending.
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Chris Sims is a digital content producer at Midwest Connect Gannett. Follow him on Twitter: @ChrisFSims.
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The Los Angeles Chargers (4-3) will face off against the Minnesota Vikings (3-3) on Thursday, October 23, 2025 at SoFi Stadium. The Chargers are listed as favorites in this one, with the spread sitting at 3.5 points. The over/under is set at 44.5 in the outing.
The Vikings lost versus the Philadelphia Eagles in their last game, 28-22.
Vikes QB Carson Wentz went 26-for-42 for 313 yards, with no TDs and two INTs, against the Eagles.
Last time around, the Chargers fell to the Indianapolis Colts, with 38-24 being the final score.
NFL odds courtesy of BetMGM Sportsbook. Odds updated Wednesday at 8:51 p.m. ET. For a full list of sports betting odds, access USA TODAY Sports Betting Scores Odds Hub.
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