XRP ETF Approval Odds Rise to 87% Ahead of October Deadlines

Two ETF decisions are approaching in October: Grayscale on Oct. 18 and Canary on Oct. 24. A Polymarket poll indicates approval odds for ETFs have increased to 87%, up from 64% in August.

Market Flows and Demand Data

Strong inflows into crypto funds are reported, potentially boosting demand for XRP.
XRP rose 3% to $2.80, recovering from a low of $2.68 but remains 23% below its yearly peak of $3.6654.
Spot Bitcoin ETFs have attracted over $54 billion, while Ethereum funds received about $13 billion.
Existing XRP-related ETFs have garnered millions in assets.
CME futures for XRP surpassed $1 billion in open interest, indicating trading interest.

Technical Setup Points to a Possible Breakout

XRP’s drop from July high of $3.66 to $2.80 is viewed by some as part of a bullish falling wedge pattern.
Regulatory timing remains uncertain, with the US regulator having postponed ETF decisions previously.
Broader market weakness could affect demand despite potential approvals.

Traders note that sentiment has shifted positively towards approvals, impacting price action. However, further gains depend on confirmation from regulatory actions or strong fund flows. Currently, XRP trades between support at $2.68 and a $4 target for a sustained upward movement.