XRP Tops Crypto Market Ahead of October SEC ETF Decisions

• XRP outperformed top cryptocurrencies, rallying above $3.
• The price action was influenced by the recent excitement surrounding the launch of an XRP credit card.
• The market is also awaiting the SEC decision on XRP-spot ETF rulings until October.

XRP outperformed major cryptocurrencies this week, rebounding from a low of $2.85 on Monday to reach $3.01 on Tuesday, a gain of 5.38%. The rally pushed XRP ahead of Ethereum and Solana in short-term performance.

Notably, XRP’s price action was influenced by the recent excitement surrounding the launch of an XRP credit card through a partnership between Gemini and Ripple. Ripple executives, including CEO Brad Garlinghouse and CTO David Schwartz, have openly supported the initiative, generating significant buzz within the XRP community.

Related: Garlinghouse Gets “Whale Limit” on New XRP Card from Gemini’s Winklevoss

At the same time, optimism surrounding the potential approval of an XRP ETF in October continues to fuel buying interest, with many investors accumulating the token in anticipation. The U.S. Securities and Exchange Commission (SEC) is expected to rule on pending spot exchange-traded fund applications tied to XRP.

ETF Progress Fuels Optimism

Notably, investor sentiment improved after the SEC earlier approved the conversion of two multi-crypto funds into ETFs: the Grayscale Digital Large Cap Fund and the Bitwise 10 Crypto Index Fund. Both products include exposure to XRP, Bitcoin, Ethereum, and Solana. 

Related: XRP Price Today: Can XRP Hold $2.90 As Price Compression Tightens?

Meanwhile, the SEC has delayed their launches with stay orders, saying the stay order would allow time to finalize a standardized framework for crypto ETFs.

Grayscale has since challenged the SEC’s stay order, while new applications continue to surface. Notably, Canary Capital filed for a U.S.-Made Crypto ETF, which could also include XRP exposure. These developments highlight growing pressure on the SEC to clarify its position before the October deadline.

Push for Standardized ETF Framework

Additionally, efforts to streamline the approval process for crypto ETFs are underway. In July, Nasdaq, Cboe, and the New York Stock Exchange submitted proposals to establish uniform listing standards for commodity-based trust shares. 

The SEC received public comments in late August, with Multicoin Capital’s general counsel Greg Xethalis calling the move “a good first step” toward more efficient approvals. BlackRock previously held discussions with the SEC about similar standards.

XRP Price Outlook

XRP’s price trajectory in the coming months will depend on regulatory decisions and adoption milestones. Approval of a dedicated XRP-spot ETF, wider use of XRP as a Treasury Reserve Asset, or Ripple securing a U.S.-chartered bank license could boost demand and drive the token past its 2018 record high of $3.66. A break above that level could pave the way for a move toward $5.

However, setbacks such as ETF rejections or delays in adoption could push XRP back to its August 3 low of $2.72. Broader market conditions, including Bitcoin’s price swings and global economic trends, will also shape XRP’s path.

According to the technical patterns, crypto analyst EGRAG Crypto noted that XRP is forming a multi-year “W” pattern, which serves as a foundation for a potential breakout. EGRAG noted that XRP remains above the key trendline formed over several years of price swings between major highs and lows. 

The pattern, which began after XRP’s 2018 peak, suggests the token could be preparing for a larger move if it clears resistance near $3.3. With support levels at $2 and $2.55, analysts argue a decisive push above $3.3 may open the door to significant upside momentum.