XRP ETF Approval Buzz: Price Nears $8

XRP ETF Approval Imminent as Price Nears $8

The cryptocurrency market is abuzz with optimism as XRP's price surges towards the $8 mark, fueled by expectations of a spot ETF approval in the US. Since Wednesday, market sentiment has been bullish, with analysts predicting a significant price increase for XRP.

XRP's price has been on an upward trajectory, reaching a monthly low of $2.26 on February 7. The coin has since rebounded, with a 2% growth in the last 24 hours. If this growth trend continues, an ETF approval could be imminent.

Analysts are also pointing to Fibonacci patterns as a sign of hope for XRP investors. The coin is nearing the end of a wave structure, which could result in a price correction. A recent X post suggests that the final fifth of the current third wave to the 2.618 Fibonacci extension will begin soon.

The bullish market outlook is driven by the possibility of an ETF, especially with the new chairperson assuming responsibilities. Bloomberg experts Balchunas and Seyffart have suggested that an XRP ETF could come as early as February 13.

Several crypto asset management companies have applied for ETFs, including a recent application for XRP-synced ETFs. This has contributed to the market's optimism about incumbent growth. Once new funds come in, unlocking institutional capital will be easier, potentially increasing demand for XRP in both institutional and retail markets.