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While Everyone Is Waiting For XRP ETF Approval, The Latest Data Is Alarming! What Does It Mean For XRP?
U.S. President Donald Trump****'s positive approach to Bitcoin and altcoins, as well as the SEC's softening stance, increase the chances of approval of altcoin ETFs other than BTC and Etheruem.
Developments such as the end of the lawsuit between the SEC and Ripple and Trump's inclusion of XRP other than Bitcoin for the strategic reserve increase the chances of XRP getting approval.
While XRP is one of the altcoins with the highest chance of approval, Deribit said that the data points to a bearish trend on XRP despite ETF speculation.
Market analyst Omkar Godbole stated that XRP options on Deribit indicate a bearish risk signal and bearish sentiment, adding that puts are strongly preferred according to calls.
The analyst also noted that XRP broke out of the ascending wedge pattern, increasing bearish expectations. According to the analyst, XRP's move has increased the likelihood of a retest of the price to the lows around $1.6.