Rich by Coin

XRP extended its four-day losing streak as U.S. banks push back on crypto-friendly legislation tied to the Market Structure Bill. Coinbase withdrew its support for the Senate Banking Committee’s draft text, warning that proposed amendments could kill rewards on stablecoins and allow banks to ban their competition. Armstrong, Coinbase’s CEO, argued that the amendments “would kill rewards on stablecoins, allowing banks to ban their competition.”

Analysts say that yield-bearing stablecoins could siphon deposits from traditional banks, compressing net interest margins and pressuring profitability. Bank of America CEO Brian Moynihan warned that more than $6 trillion in deposits could migrate from the U.S. banking system to stablecoins if legislation permits yields on stablecoins. Anthony Scaramucci criticized banks for blocking stablecoin yields, calling the stance a sign of the broader clash between legacy finance and crypto issuers.

Demand for XRP-spot ETFs remains robust, with inflows totaling about $1.28 billion since November, helping defend the key $2 psychological level despite ongoing price volatility. XRP had rallied about 33% from December 31 to January 6 on initial regulatory headlines but has fallen about 6.2% since the markup vote delay. Technicals show XRP trading below its 50-day and 200-day moving averages, with near-term support around $2.00 and resistance near $2.50, $3.00, and $3.66. The price action underscores the sensitivity of XRP to crypto-legislation momentum and Capitol Hill developments.

Looking ahead, the outlook remains cautiously constructive for XRP in the near term, with a target near $3.00 over the next 4–8 weeks and a longer-term target of $3.66 if crypto-friendly policy advances. A break above the 50-day EMA near $2.08 could shift the near-term bias toward the upside and bring the 200-day EMA around $2.32 into play. Beyond these technicals, progress on the Market Structure Bill and potential shifts in Fed and BoJ policy could lift XRP toward multi-dollar highs later in the year, with a longer-term bullish scenario potentially revisiting the $5 level if the positive structure holds.