XRP is under intense pressure as whales sell more than $50 million worth of Ripple’s token daily, stoking persistent declines.

It comes as traders and investors await a possible spot XRP ETF approval this month. However, technical indicators hint at further losses, even if positive ETF news emerges.

Whales Offload XRP, Escalating Sell Pressure

XRP whales, holding more than 1,000 tokens, are intensifying their selling. Data from Whale Flow, using a 30-day moving average, indicates approximately $50 million worth of XRP is leaving whale wallets daily.

This ongoing trend creates strong selling pressure, negatively impacting market sentiment. Analysts reference CryptoQuant flow charts that visually support sustained net outflows since early 2024.

This level of selling is raising concerns among analysts. Many warn that the current downtrend could accelerate unless a clear bullish shift occurs, possibly adding pressure on smaller holders as well.

Bearish Technicals and ETF Hopes Collide

Peter Brandt, a renowned chart analyst, recently flagged XRP as a “short candidate” if it completes a descending triangle pattern.

His technical perspective points to more downside risk unless bulls stage an aggressive recovery. A breakdown at Brandt’s identified support level may lead to sharper declines.

“This is on my list of short candidates $XRP but it is conditional upon completing the descending triangle, ” Peter Brandt noted.

A descending triangle is a bullish reversal pattern whose upside potential hinges on the price not breaking below the technical formation’s lower trendline.

Hopes for a spot XRP ETF also remain in focus. Some market commentators, including “Steph is Crypto”, claim that the US SEC (Securities and Exchange Commission) might approve an XRP ETF by October 18.

Such news could spark a bullish move, though others caution it could trigger a “sell-the-news” pullback, especially if whales use it as an exit point.

Still, regulatory experts urge patience. According to Trackinsight and CF Benchmarks, immediate SEC approval faces hurdles.

Despite the uncertainty, recent positive regulatory signals have improved the odds for ETF filings in 2025, especially following legal clarity around Ripple and a more favorable US environment for crypto.

Polymarket odds show a probability above 99% that the SEC will approve an XRP ETF in 2025. This suggests bettors wager a near-certain approval.

Ultimately, XRP’s next move may depend on fundamental developments like ETF decisions or further large-scale whale actions. With sentiment divided and conviction on both sides, the coming weeks look set to be pivotal for the digital asset.

As of this writing, XRP was trading for $2.83, down by 0.00966% over the last 24 hours.