(MENAFN- DailyFX (IG)) ​​​XRP drops toward support

​XRP has found itself at a crossroads recently, as regulatory developments, delayed exchange-traded fund (ETF) decisions, and technical pressures all converge to test investor confidence.

​Mid-September optimism had been rising around the SEC's adoption of generic listing standards but this hope seems to have been put on the back burner by investors for now. If it occurs, it could streamline spot crypto ETF approvals and potentially open the door for XRP to join that wave. Reports indicate that asset managers eyeing new ETFs - including those tied to XRP - are preparing filings under the revised framework.

​The SEC recently extended the review period for Franklin Templeton's XRP ETF application, pushing its decision back to November 2025, prompted some market participants to temper their expectations.

​Meanwhile, traders are watching the US Senate's stance closely: a stalled funding bill could delay key votes and slow progress on crypto legislation - factors that ripple through sentiment around XRP and other digital assets.

​At the core, XRP's price action reflects the tension between optimism and caution, recently toward the latter.

​On the one hand, the eased regulatory framework offers a clearer path for ETFs and could unlock institutional inflows. On the other, ongoing delays and political uncertainty create headwinds.

​For now, the market seems to be pricing in a“wait and see” approach, with investors closely watching how regulatory bodies follow through.

​XRP bearish case:

​XRP resumed its descent on Tuesday and is fast approaching its early October low at $2.8148. A fall through it would likely engage the major $2.7284-to-$2.7003 August-to-September support zone. If fallen through on a daily chart closing basis, the May peak at $2.6542 may be reached as well.

​The mid-March high at $2.5878 and the 200-day simple moving average (SMA) at $2.5564 may also be touched in this scenario.

​XRP bullish case:

​Were XRP to remain above or be held by its significant $2.7284-to-$2.7003 support zone, another move toward the upper end of its August-to-October sideways trading range may be at hand.

​For the bulls to be back in control, though, at the very least Tuesday's high at $3.0024 would need to be overcome.

XRP daily candlestick chart Source: TradingView Important to know

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