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- Pro-XRP lawyer Bill Morgan said the growing ETF interest highlights XRP’s market importance, adding that he’s buying despite the current “panic selling.”
- XRP continues to face selling pressure, with prices hovering near $2.85. Analysts warn that a break below $2.68 could trigger a deeper correction toward $2.22.
Demand for XRP ETFs has been rising recently, with GraniteShares filing for a 3x leveraged XRP ETF on Tuesday, October 7. However, the XRP price has continued to face selling pressure, dropping to the crucial support of $2.85.
Pro-XRP lawyer Bill Morgan said the panic selling in XRP makes no sense, and that he would be buying the dips.
GraniteShares Files for 3x Leveraged XRP ETF Amid Strong Investor Demand
GraniteShares has submitted a filing with the U.S. Securities and Exchange Commission (SEC) for a new XRP ETF that will offer both 3x long and 3x short leveraged exposure to the cryptocurrency. The proposed ETF aims to provide traders with amplified risk-reward opportunities compared to existing 2x leveraged products.
Pro-XRP lawyer Bill Morgan reacted to the news, saying the filing is likely to fuel panic buying of XRP. Morgan noted that the ETF underscores the market’s recognition of XRP. In his message on the X platform, Morgan wrote:
I will continue panic buying XRP in the face of this terrible XRP ETF demand. I mean just imagine it – an applicant for an ETF agrees with the market that XRP, Ethereum, bitcoin and Solana are the top four cryptos for a reason (ignoring stable coins and exchange coins). Every reason to panic.
Demand for XRP ETFs has been rising in recent weeks. Since its launch in August, the Teucrium 2x XRP ETF (XXRP) has amassed over $440 million in assets under management. The leveraged ETF, which carries an expense ratio of 1.89%, is designed to deliver twice the daily return of XRP, a structure that typically attracts smaller AUM compared to mainstream funds.
Meanwhile, the newly introduced REX-Osprey XRP ETF (XRPR) has accumulated over $87 million in assets in less than three weeks, reflecting strong early investor interest in leveraged XRP products.
XRP Price Eyes Crucial Retest
Ripple’s native cryptocurrency has recently come under strong selling pressure as bulls fail to hold above $3.0. As a result, the Ripple cryptocurrency has slipped to the 5th spot under Binance Coin (BNB).
Crypto analyst Ali Martinez has highlighted that XRP may be poised to retest the lower boundary of its current triangle pattern, with key support around $2.72.
It looks like $XRP is heading for a retest of the triangle’s bottom at $2.72. pic.twitter.com/pBGmJR7S12
— Ali (@ali_charts) October 7, 2025
Trader Peter Brandt has highlighted a developing descending triangle pattern for XRP, comparing it to the classic formation described by Edwards and Magee. Brandt noted that a decisive close below $2.687 would confirm the pattern, potentially pushing the price down toward $2.22.
On the left is a classic descending triangle from Edwards and Magee, showing what descending triangles are supposed to do. On the right is a developing descending triangle. ONLY IF it closes below 2.68743 (then I'll be a hater), then it should drop to 2.22163. $XRP pic.twitter.com/3GI7nT1TaW
— Peter Brandt (@PeterLBrandt) October 7, 2025
