According to ChainCatcher, Beincrypto reported that XRP is facing huge selling pressure, with whale users holding more than 1,000 tokens selling more than $50 million worth of XRP every day.
Analyst Peter Brandt has labeled XRP a "short candidate," warning that further declines are possible if a descending triangle pattern forms. Meanwhile, the market remains hopeful about the approval of a spot XRP ETF. Market commentators such as "Steph is Crypto" claim that the US Securities and Exchange Commission could approve an XRP ETF by October 18th. Polymarket data shows that bettors place a greater than 99% probability of the SEC approving an XRP ETF by 2025.
