However, XRP could break out from the current range if the SEC leaves the Programmatic Sales ruling unchallenged.
As legal developments weigh on XRP, broader market trends, particularly Fed rate cut expectations, are fueling interest in Bitcoin (BTC). According to the CME FedWatch Tool, the probability of a 25-basis point November Fed rate cut increased from 83.6% to 97.5% between October 14 and October 15.
Hopes for Fed rate cuts in November and December also continued to fuel interest in BTC-spot ETFs.
On October 14, the US BTC-spot ETF market reported net inflows of $555.9 million. This trend continued into Tuesday, October 15. According to Farside Investors:
Excluding the iShares Bitcoin Fund (IBIT), the US BTC-spot ETF market saw total net inflows of $82.2 million, extending its inflow streak to three sessions.
Nate Geraci, ETF Store President, highlighted the significance of these inflows, stating,
"So nearly $1bil into spot BTC ETFs in last 2 days... For context, only 8 out of 560+ ETFs launched in 2024 have taken in more than $1bil for the *year*..."
On Tuesday, BTC advanced by 1.53%, following a 5.36% rally from the previous session to close at $67,000. Significantly, BTC held onto the $67,000 level for the first time since July 28.
Extended net inflows into the US BTC-spot ETF market could support a breakout from Tuesday's high of $67,881 to target $70,000. BTC supply-demand trends remain crucial in the near term.