Analysis: XRP whales sell over 50 million dollars daily, price faces downside risk

ChainCatcher news, according to Beincrypto, XRP is facing significant selling pressure, with whale users holding over 1,000 tokens selling more than $50 million worth of XRP daily.

Analyst Peter Brandt has listed XRP as a "short candidate," warning that if the descending triangle pattern completes, it may face further declines. Meanwhile, the market still holds hopes for the approval of a spot XRP ETF. Market commentators like "Steph is Crypto" claim that the U.S. Securities and Exchange Commission may approve the XRP ETF before October 18. Polymarket data shows that bettors believe there is over a 99% chance that the SEC will approve the XRP ETF by 2025.