XRP price targets $8 as ETF approval speculation intensifies

XRP terms has been soaring for the past fewer months, acknowledgment to the partial triumph successful its ineligible issues with the SEC. Now the situation for bulls is to pump the terms further ahead. The luck is successful determination favour, arsenic determination are the quality of XRP ETF approvals.

Analysts foretell that if XRP ETFs are approved, past the XRP terms could scope $8. While this is highly speculated connected the approval, its not unimaginable. 

February whitethorn person fixed retired a shaky start, XRP’s terms is up 2% successful the past 24 hours and is present 8% supra its debased constituent of $2.26 connected February 7. People are getting much and much hopeful that the US volition o.k. a spot XRP ETF, truthful traders are intimately watching what it mightiness bash next.

The RSI is presently 41.95, which is adjacent to the little band. Moreover, it is besides intersecting with its 14-day average, showing determination is country for a terms leap from this point.

XRP terms shows Bullish Reversal Indicators

According to CoinsKid, a crypto analyst, the terms enactment of XRP shows a analyzable expanded level correction since December 2024.

Source: X

The expert believes that the terms is connected the brink of the last limb of a captious question structure, which could pb to an eventual correction. They deliberation the last 5th of the 3rd question to the 2.618 is astir to begin.

“I volition go bearish connected XRP for a correction erstwhile more.”

CoinsKid’s illustration investigation indicates that the question 4 correction is presently a guessing game.

However, the illustration besides asserts that a last parabolic surge to Fib level 1.272 is apt possible, starring XRP terms to $8.

CoinsKid warns that XRP has present entered the maximum hazard zone, wherever the chances of a reversal toward the 0.786 Fibonacci level astatine $0.388 and the 1.618 level astatine $0.82 are overmuch higher.

Will the SEC Approve the XRP ETF?

Eleanor Terrett, a newsman for FOX Business, said that determination is increasing anticipation that the US Securities and Exchange Commission (SEC) volition approve a spot XRP exchange-traded money (ETF). This supports XRP’s bullish outlook.

Trenett showed a illustration made by Bloomberg ETF analysts Eric Balchunas and James Seyffart to amusement that the SEC could officially judge Grayscale’s 19b-4 filing for the XRP ETF arsenic aboriginal arsenic Thursday, February 13.

The newsman said that it takes the SEC up to 15 days to admit a 19b-4 filing. Grayscale’s conversion exertion was sent connected January 30.

Also Read: Cboe Files With SEC for First Spot XRP ETFs successful the U.S.