XRP price has been soaring for the past few months, thanks to the partial win in its legal issues with the SEC. Now the challenge for bulls is to pump the price further ahead. The luck is in there favour, as there are the news of XRP ETF approvals.
Analysts predict that if XRP ETFs are approved, then the XRP price could reach $8. While this is highly speculated on the approval, its not unimaginable.
February may have given out a shaky start, XRP’s price is up 2% in the last 24 hours and is now 8% above its low point of $2.26 on February 7. People are getting more and more hopeful that the US will approve a spot XRP ETF, so traders are closely watching what it might do next.
The RSI is currently 41.95, which is close to the lower band. Moreover, it is also intersecting with its 14-day average, showing there is room for a price jump from this point.
XRP price shows Bullish Reversal Indicators
According to CoinsKid, a crypto analyst, the price action of XRP shows a complex expanded flat correction since December 2024.
The analyst believes that the price is on the brink of the final leg of a critical wave structure, which could lead to an eventual correction. They think the final 5th of the 3rd wave to the 2.618 is about to begin.
“I will become bearish on XRP for a correction once more.”
CoinsKid’s chart analysis indicates that the wave 4 correction is currently a guessing game.
However, the chart also asserts that a final parabolic surge to Fib level 1.272 is likely possible, leading XRP price to $8.
CoinsKid warns that XRP has now entered the maximum risk zone, where the chances of a reversal toward the 0.786 Fibonacci level at $0.388 and the 1.618 level at $0.82 are much higher.
Will the SEC Approve the XRP ETF?
Eleanor Terrett, a reporter for FOX Business, said that there is growing hope that the US Securities and Exchange Commission (SEC) will approve a spot XRP exchange-traded fund (ETF). This supports XRP’s bullish outlook.
Trenett showed a chart made by Bloomberg ETF analysts Eric Balchunas and James Seyffart to show that the SEC could officially accept Grayscale’s 19b-4 filing for the XRP ETF as early as Thursday, February 13.
The reporter said that it takes the SEC up to 15 days to acknowledge a 19b-4 filing. Grayscale’s conversion application was sent on January 30.
Also Read: Cboe Files With SEC for First Spot XRP ETFs in the U.S.
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