XRP’s perpetual futures market is showing alarming signs, indicating that sellers are asserting their dominance. Recent assessments of the ‘Taker Ratio’ on all exchanges reveal a significant decline in July 2025, dropping to the lowest point since November 2024.

Although the price of XRP remains stable above the $3 threshold, the decreasing Taker Ratio suggests an uptick in selling pressure.

Bearish Divergence

This bearish sentiment isn’t confined to just the overall market; it is also visible on Binance, the largest trading platform globally. Notably, a bearish divergence has emerged, revealing that while XRP’s price hangs steady, traders in the derivatives sector are increasingly positioning themselves against the asset. “Taker Sells” are dominating, indicating that many traders may be cashing out or bracing for a downturn, a mindset that reflects caution rather than assurance, despite XRP’s recent week-on-week 9% increase.

Furthermore, additional on-chain data corroborates this trend, showing an influx of XRP onto exchanges, suggesting a collective intention to sell.

These circumstances collectively point to a heightened likelihood of significant price corrections as aggressive selling in both the spot and futures markets could drastically impact XRP’s stability. With sellers clearly in control, the chances of a correction loom larger.

Crypto analyst Ali Martinez has pointed out that XRP might be poised for a breakout from a descending triangle formation, yet maintains a cautiously optimistic outlook. He anticipates that if a breakout does occur, it might only elevate XRP to around $3.60, aligning with a Fibonacci retracement target, suggesting limited upward movement rather than a significant rally.

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October Showdown

Yet, some market analysts suggest that October could be pivotal for XRP, particularly as the US Securities and Exchange Commission (SEC) gears up to evaluate several XRP exchange-traded fund (ETF) applications starting October 18. A prominent trader known as ‘Crypto King’ has pointed out that major industry players, managing fund sizes ranging from $200 million to $1.5 trillion, are eager to introduce exposure to XRP.

The approval of even a single ETF could serve as a transformative event, potentially unlocking substantial institutional inflows into the cryptocurrency.