XRP Surges 8% Amid ETF Approval Speculation

XRP price analyst targets $8 as ETF approval speculation intensifies

XRP (XRP) price has surged 8% above its $2.26 lows reached on Feb. 7, up 2% over the last 24 hours. Market participants are closely monitoring the cryptocurrency's next potential move, fueled by increasing hopes of a spot XRP ETF approval in the United States.

CoinsKid, a prominent crypto analyst, has explained that XRP's price action is a complex expanded flat correction since December 2024. According to the analyst, the price is nearing the final leg of a critical wave structure, which could result in an eventual correction. The analyst stated, "The final 5th of the 3rd wave to the 2.618 Fibonacci extension level is about to begin, where I will become bearish on XRP for a correction once more."

The analyst's post highlighted historical price movements, projecting the cryptocurrency's wave structure from January 2023's low to July 2024's rally. The analyst added that a final parabolic surge, aiming for $8 at the 1.272 Fibonacci level, remains possible. "How long the Wave 4 correction plays out is a guessing game, but I do think we could see a bigger macro Wave 5 up to the 1.272 Fibonacci retracement level at $8 eventually," the analyst said.

However, the analyst cautioned that XRP is "now entering 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 increasing.

XRP's bullish outlook is backed by increasing optimism over the possibility of a spot XRP exchange-traded fund (ETF) getting approved by the US Securities and Exchange Commission (SEC). FOX Business journalist Eleanor Terrett highlighted that the SEC could formally acknowledge Grayscale's 19b-4 filing for the XRP ETF as soon as Thursday, Feb. 13. The journalist pointed out that the SEC usually takes up to 15 days to acknowledge a 19b-4 filing, and Grayscale filed their conversion application on Jan. 30