The price of XRP rose 8% from $ 2.26 on February 7, up 2% over the last 24 hours. As hope for XRP ETF approval increases in the United States, the trader closely analyzes the following potential movements.
XRP/USD Maeil Daily Chart. Source: COINTELEGRAPH/TradingView
The XRP FIBONACCI level indicates a possible reversal possible.
COINSKID, a encryption analyst, explained that XRP (XRP) price behavior is a complex extended edge since December 2024.
According to the analyst, the price is getting closer to the final leg of the threshold structure, which can lead to final modifications.
“The last fifth of the third waves of the 2.618 Fibonacci Extension level will begin, where it will be weak to modify it once more in XRP.”
The post emphasized the historical price change by anticipating the cryptocurrency structure until January 2023 until January 2023.
relevant: The risk of XRP drops by 30%, which failed to support $ 2.20 -analyst failed
Analysts added that the final parabola aims for $ 8 at the 1.272 Fibonaki level is possible.
“It’s a speculative game how long the Wave 4 Correction takes, but I think you can see a larger Macro Wave 5 for $ 8 to the 1.272 Fibonacci Retression level.”
XRP/USD chart. Source: Coinskid
However, the analyst warned that XRP is currently in the maximum dangerous area, and the reversal of the 0.786 Fibonacci level is $ 0.388 and the 1.618 level of $ 0.82 is increasing.
Hope for ETF approval increases the price of XRP
The optimistic outlook for XRP is supported by the increase of optimism on the possibility of the XRP Exchange-Traded Fund (ETF) approval of the US Securities Trading Committee (ETF) as emphasized by Fox Business Reporter Eleanor Terett.
Terett pointed out the charts of Bloomberg ETF analyst Eric Balchunas and James Seyffart, saying that the SEC can officially recognize GrayScale’s 19B-4 submission to XRP ETF on Thursday, February 13.
The reporter pointed out that the SEC usually took up to 15 days to recognize the 19B-4 submission, and Grayscale submitted a convertible application on January 30.
“Either way, you need to provide a good idea about what the @secgov committee is thinking about $ XRP.”
Depending on this very useful table @jseyff and @RicbalchunasWe could see @secgov recognize @grayscale‘S $ XRP If you find an ETF submission early on Thursday (2/13), if you choose to actually admit it. SEC usually takes about 15 days to admit 19B-4 submission. https://t.co/cn9sklushq
ELEANOR TERET February 11, 2025
BALCHUNAS and Seyffart said that ETFs, which are most likely to approve the SEC, are Litecoin (LTC), Solana (SOL), XRP and Dogecoin (Doge).
They set the opportunity to approve the XRP ETF to 65%.
source: James Seypart
The cryptocurrency analyst EASY, who was clearly an obvious in the post of X on February 13, added:
“If there is no secroad block left, the path is clear.”
Some encryption asset management firms, including CBOE BZX and GRAYSCALE’s recent XRP-connection ETF, applied for XRP ETF, which injected optimism into the market.
The approval of this fund can unlock institutional capital to amplify the demand for tokens. Regulatory timelines are unclear, but submissions indicate the stages of adopting the mainstream for XRP.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.