XRP Struggles to Recover After Crash as Ripple CEO Bashes Wall Street Banking Lobbyists

XRP crypto price was hovering around $2.43 (£1.81) per token, down from its highs of over $3.00 (£2.23) apiece earlier this month. The digital asset has been struggling to rebound after the latest crypto market crash triggered by US President Donald Trump imposing 100% tariffs on 'any and all critical software' from China, amid growing geopolitical tensions.

XRP prices stayed flat despite the CME Group, which is a leading derivatives marketplace, recently announcing that its new options on Solana and XRP futures suite are now available for trading. Clients can now trade options on SOL and XRP futures, with daily, monthly and quarterly expiries.

While investor confidence in the crypto industry was impacted in the past week due to changes in US policies, Ripple CEO Brad Garlinghouse believes certain forces are preventing cryptocurrencies from gaining the same recognition as traditional assets.

Speaking at DC Fintech Week, Garlinghouse slammed Wall Street banking lobbyists for resisting the entry of crypto firms into the US banking system. He said that regulated digital asset firms complying with anti-money laundering (AML) and know-your-customer (KYC) standards should have access to a Fed master account. The CEO noted that the unequal treatment by Wall Street was unethical.

Garlinghouse said that several banking institutions have been lobbying against charter approvals to safeguard their control over the industry.

'You can't say one and then combat the other... It's hypocritical, and I think we all should call them out for being anti-competitive in that regard,' the CEO stated.

Ripple, via its unit Standard Custody & Trust Company, has applied for a Fed master account to hold RLUSD reserves directly with the Fed. However, it continues to face hurdles in securing Fed access or even getting clarity on the process flow.

'I agree that the virtual asset industry should be held to the same standards as the traditional financial sector regarding AML, KYC, and Office of Foreign Assets Control sanctions compliance."

Ripple battled the US Securities and Exchange Commission for years, which kept the token stuck in an unending bearish phase.

However, investors are excited about the upcoming Ripple Swell 2025 annual event in early November, which has historically acted as a catalyst for the XRP token. Momentum is likely to build in the next three weeks despite recent market volatility.

On 4th November, Ripple will demonstrate stablecoin payments on the XRP Ledger. Garlinghouse is also expected to outline the company's roadmap during the event. The conference is attended by top payments and finance leaders, including Nasdaq CEO and digital asset heads from BlackRock, Citi, Fidelity, and CME Group.

Overall, experts see a base case XRP price in the $3 to $4 ($2.98) range by 2026 if exchange-traded fund (ETF) approvals land. However, the bear case remains in play if macroeconomic shocks return or if legal headwinds continue to linger. Long-term models maintain a high target of around $18 ($13.39) per token by 2030, assuming that network volumes expand and rivals fail to convert real-world demand.

Disclaimer: Our digital media content is for informational purposes only and not investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks and past performance doesn't indicate future returns.