XRP ETF Approval Odds Soar to 87% Amid Crucial October Deadlines
The cryptocurrency market is buzzing with anticipation as XRP’s chances of receiving Exchange Traded Fund (ETF) approval have surged to an impressive 87%. With two significant ETF decisions looming in October, all eyes are on the potential for a new wave of institutional investment into the digital asset.
Mounting Expectations for Approval
According to recent market reports, the approval odds for an XRP ETF have dramatically increased from 64% in August to 87% as October approaches. This optimism is fueled by upcoming deadlines for Grayscale on October 18 and Canary on October 24. Many traders believe that U.S. regulators are likely to approve multiple ETF filings concurrently, mirroring the pattern seen earlier this year with spot Bitcoin and Ethereum ETF approvals. The success of these previous approvals, which saw over $54 billion in inflows for Bitcoin and approximately $13 billion for Ethereum, sets a promising precedent for XRP. Furthermore, the newly launched CME futures for XRP quickly amassed over $1 billion in open interest, signaling a robust appetite for XRP-related trading exposure.
Market Dynamics and Technical Outlook
XRP's price has responded positively to the heightened sentiment, recently climbing 3% on Tuesday to reach $2.80, recovering from a weekly low of $2.68. Despite this rebound, the token remains about 23% below its year-to-date peak of $3.6654. Technically, some analysts interpret XRP’s recent decline from a July high of $3.66 as part of a "falling wedge pattern," a formation often considered bullish by chart readers. However, the path to approval is not without its risks; regulatory timing remains a key uncertainty, with the possibility of further delays. Broader market weakness could also dampen demand, even in the event of approvals. Investors are cautioned that past outcomes for Bitcoin and Ethereum do not automatically guarantee identical results for XRP, given differences in market structure and historical context. For now, XRP trades between a critical support level near $2.68 and an aspirational $4 target, which would signify a more sustained upward movement.
