“We encourage the SEC to promptly support the Labor Secretary by updating current regulations and guidance. We also expect that the bipartisan review by the SEC on accredited investors is being conducted during the 119th Congress.”
Lawmakers stressed the significant potential of crypto investments in 401(k) plans.
“We hope these actions will assist the 90 million Americans currently unable to invest in alternative assets, helping them achieve a dignified and comfortable retirement.”
Unlocking crypto in 401(k)s, along with further Fed rate cuts and the approval of the XRP Spot ETF, could create considerable momentum in the market.
Nate Geraci, president of Novadius Wealth Management, noted:
“There’s a record $7.7 trillion now in money market funds, averaging a yield of 4.1%. If rates keep going down, might that money be looking for a new home? If so, where could it go?”
Price Action and Technical Analysis: Drop towards $2.5 or collect it for $3
XRP decreased by 4.06% on Monday, September 22, closing at $2.854 after a slight loss of 0.09% the previous day. Following overall market trends (-3.13%), this five-day decline has pushed XRP below the $3 mark. Traders are eyeing the next technological developments.
- Support: $2.8 and $2.5.
- Resistance: $3, $3.2, $3.335, and an all-time high of $3.66.
Upcoming price catalysts could significantly influence market movements.
- XRP ETF Floor Trend.
- Approval or delay of BlackRock’s XRP Spot ETF and ISHARES XRP Trust filing.
- Stance on XRP from established companies as a Ministry of Finance-protected asset.
- Regulatory milestones like Ripple’s U.S. Banking License application and legislative developments could also impact demand.
Catalysts and Scenarios
The interplay of market inflow, regulatory progress, and institutional interest will decide if XRP approaches lower support or breaches higher resistance.
Bearish scenario
- Weak inflow reported by BITW, GDLC, and XRPR, while BlackRock withdraws its iShares XRP Trust plans.
- SEC denies XRP Spot ETF applications.
- Slow legislative progress on crypto-friendly regulations.
- Blue-chip companies decline to recognize XRP as a reserve asset.
- Delays or rejections of Ripple’s U.S. banking license by the OCC.
- Swift maintains its global dominance, limiting Ripple’s market reach.
These bearish developments could drive XRP below $2.8, revealing a crucial support level at $2.5.
Bullish scenario
- Strong inflow reported by BITW, GDLC, and XRPR.
- BlackRock’s successful iShares XRP Trust application and SEC approval for XRP Spot ETFs.
- Adoption of XRP by blue-chip companies as a financial reserve asset, with increased use of Ripple Technology by payment platforms.
- Ripple obtaining U.S. banking licenses, alongside the Senate passing the Market Structure Bill.
- Ripple’s increased influence on the global remittance market at the expense of Swift.
These factors could propel XRP to $3. A shift above $3 could lead to testing $3.2, and moving past that might open possibilities for $3.335.
