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OCC Charter, Binance Hack & XRP's $1.20 Breakdown Test | Oct 29-30
Audio is available on Spreaker — see link below.
XRP dropped 15% in two days despite Ripple's landmark OCC national trust bank approval — a $6.3B Binance security breach triggered the selloff. Today's briefing covers the breach fallout, XRP's critical $1.20 support, the stalled CLARITY Act, and Ripple's quiet Korea expansion.
Audio is available on Spreaker — see link below.
Ripple just received final approval from the OCC to operate a national trust bank, and XRP is down fifteen percent in two days. That gap tells you almost everything you need to know about where the market's attention is right now.
The reason is a six-point-three billion dollar Binance security breach that hit on October twenty-ninth and triggered a broad liquidation event across the entire crypto market. Bitcoin, Ethereum, XRP — all sold off hard as confidence in centralized exchange custody took an immediate hit.
On the technical side, XRP's daily RSI fell to thirty-four-point-one on October twenty-ninth, approaching the thirty-level oversold threshold. The one-dollar-twenty support held through the October thirtieth session, but it's under real pressure.
Away from price action, the CLARITY Act hit another wall in the Senate. Democrats voted against advancing the bill on September fifteenth despite Republicans agreeing to cut the crypto fundraising cap from seventy-five million to fifty million dollars annually, with a two-hundred million dollar lifetime ceiling.
The SEC issued a custody proposal on October first that would allow investment advisers and registered funds to use self-custody arrangements and state trust companies for digital asset holdings. That sixty-day comment period is now underway.
The real question for the near term is whether one-dollar-twenty holds. If it does, and Binance stabilizes, there's a case for recovery.
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