Positive Factors for Altcoin ETFs
Positive factors such as US President Donald Trump’s positive approach to Bitcoin and altcoins and the softening stance of the SEC increase the chances of approval of altcoin ETFs other than BTC and Ethereum.
Developments Favoring XRP Approval
Developments such as the end of the lawsuit between the SEC and Ripple and Trump’s inclusion of XRP in addition to Bitcoin in the strategic reserve increase the chances of XRP getting approved.
Market Sentiment on XRP
While XRP is one of the altcoins with the highest chances of getting approval, Deribit said that the data points to a bearish trend on XRP despite ETF speculations.
Market analyst Omkar Godbole stated that XRP options on Deribit are a bearish risk signal and indicate bearish sentiment, adding that puts are strongly preferred over calls.
“The Deribit options market is showing that investors are looking to short XRP. This signals concerns about possible price declines.”
The analyst also noted that XRP has broken out of a rising wedge formation, increasing bearish expectations. According to the analyst, this move by XRP increases the possibility of the price retesting lows around $1.6.
Disclaimer
*This is not investment advice.
