While anticipation mounts over the potential approval of an XRP exchange-traded fund (ETF), recent data paints a mixed picture. Positive developments, such as President Trump’s favorable stance on cryptocurrencies and the SEC’s more lenient approach towards altcoins, suggest that broader ETF approvals are possible beyond Bitcoin and Ethereum. Notably, the end of the Ripple lawsuit and Trump’s inclusion of XRP in his strategic reserve further bolster these hopes for approval. However, some market insights offer a contrasting view. Deribit, a prominent derivatives exchange, indicates a bearish trend for XRP despite its optimistic outlook on ETF approvals. Market analyst Omkar Godbole highlights this trend through a sharp decline in put options and the strong preference for puts over calls, indicating investor pessimism about potential price declines. Furthermore, Godbole points out that XRP has broken out of a rising wedge formation, amplifying bearish expectations. This development raises concerns regarding possible price corrections to around $1.6. Please remember this is not intended as investment advice.