Core Insights - XRP is experiencing significant selling pressure as whales are offloading over $50 million worth of the token daily, leading to persistent declines in its price [1][2] - The market is anticipating a potential approval for a spot XRP ETF, which could influence price movements, although technical indicators suggest further losses may occur regardless of ETF news [1][4] Group 1: Selling Pressure - Whales holding more than 1,000 XRP tokens are intensifying their selling activities, with approximately $50 million worth of XRP leaving whale wallets daily, creating strong selling pressure and negatively impacting market sentiment [2][3] - Analysts have noted sustained net outflows since early 2024, as indicated by CryptoQuant flow charts [2] Group 2: Technical Analysis - Peter Brandt, a notable chart analyst, has identified XRP as a "short candidate" if it completes a descending triangle pattern, indicating potential for further downside risk unless a bullish recovery occurs [4][5] - A breakdown below the identified support level could lead to sharper declines in XRP's price [4] Group 3: ETF Approval Speculation - Hopes for a spot XRP ETF approval are prominent, with some commentators suggesting that the US SEC might approve it by October 18, which could trigger a bullish move [6] - However, there are concerns that such news could lead to a "sell-the-news" scenario, particularly if whales use the approval as an exit point [6] - Regulatory experts indicate that immediate SEC approval faces challenges, but recent positive signals have improved the odds for ETF filings in 2025, especially following legal clarity around Ripple [7]