XRP has been trending upward over the past couple of months after achieving a partial judicial victory against the US Securities and Exchange Commission (SEC). It is now the focus of increasing speculation on the potential for approval of a spot XRP exchange-traded fund (ETF). Analysts are hinting that should that happen; XRP would have the potential to rise till it gets to the $8 position.
February lately began on uncertain terms for XRP; yet the recent price action suggests that the asset might have some renewed optimism in its terms. The asset has appreciated by 2% in the past 24 hours and is now at 8% above the February 7 low of $2.26. Traders are now waiting with bated breath for the next move by the SEC, considering that the decision on the XRP ETF is one of the catalysts for further price increases.
Technical Indicators Signaling Bullish Reversal
Crypto analyst CoinsKid has forecast bullish for XRP and anticipates the development of a complex expanded flat correction pattern in December 2024. According to CoinsKid; XRP is headed toward the last leg of an important wave structure that could instigate big price action.
“I will go bearish on XRP for a correction again” CoinsKid said while explaining how important the wave 5 move is.
His technical opinion indicates that XRP’s wave 4 correction is still on and does not allow precise predictions concerning price points. However, a pre-final parabolic surge toward Fibonacci level 1.272 is in the pipeline and may drive XRP up to the target of $8.
Although bullish wave predictions exist, according to CoinsKid, XRP is in a dangerous area right now. The cryptocurrency could still possibly head downwards towards $0.388 at 0.786, or $0.82 at 1.618, if market sentiment swings.
SEC’s Decision on XRP ETF: What Should We Expect?
However, the latest catch is that Fox Business reporter Eleanor Terrett is now saying the SEC will approve the XRP ETF. Her reporting aligns with numbers from Bloomberg ETF analysts Eric Balchunas and James Seyffart, who think the SEC will greenlight Grayscale’s 19b-4 filing for the XRP ETF on February 13.
The SEC usually responds within 15 days on a 19b-4 filing. Since Grayscale filed on January 30, traders are waiting on the XRP ETF in the coming days.
If approved, the SEC will open the gates for big price moves in XRP just like Bitcoin and Ethereum did after their ETFs were approved. Institutional investors will have access to XRP in a regulated way, so more liquidity and possibly mass adoption.
Sentiment in the Market and Projections for the Future
Fueled even by all the talk about ETF, trading volume in XRP has skyrocketed, leading to ire among investors. The Relative Strength Index (RSI) at 41.95 is presently lower, indicating some areas are left for movement on top.
Market experts predict volatile trading periods for XRP over the few weeks coming ahead. Any major delay in decision-making by the SEC or sending a rejection means an imminent retracement for XRP in the near future before picking back up.
Conclusion
According to analysts, XRP’s future is bright, mostly dependent on speculation about IAFT. If the SEC approves an ETF for XRP, the cryptocurrency hopes to see a dramatic rush to value above $8 as it draws institutional investment and increases confidence in the market.
The trading heights are at a crucial point for investors due to the high risks at which XRP is trading. Although indicators seem to be very bullish at the moment, reversal must still be counted as an option. Market players will be waiting eagerly to observe what the SEC decides next, as this is likely to determine the fate of XRP over the coming months.
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FAQs
1. What is the price prediction of XRP?
Although speculative and dependent on both market forces and regulatory measures, experts say that XRP might be worth $8 in case an XRP ETF is approved.
2.Why speculation about the approval of an XRP ETF?
Rumors are rife that the SEC could approve Grayscale’s 19b-4 petition for an XenofEM-Based XPER-IE, possibly paving the way for approval.
3. What indicators signal that XRP can move up?
Experts refer to this or that constellation as a bullish wave pattern, with RSI currently standing at 41.95, thus indicating possible price action upwards.
4. What if the SEC denies the XRP ETF?
Such a re-analyze of the price of XRP can be foreseen in case of denial, warning of a significant lower Fibonacci stretch.
5. When is the decision going to be taken by SEC regarding the XRP ETF?
The SEC would usually take a maximum of 15 to approve a 19b-4 filing while the further review processes would take months before a final decision is made.
Glossary
ETF (Exchange-Traded Fund): A mandated fund for investment permitting the investors to expose himself to an asset without having to own it directly.
Fibonacci Levels: Levels created within the framework of technical analyses and used to identify possible support and resistance levels.
Relative Strength Index (RSI): The momentum Indicator measures the speed and change in price movement.
19b-4 Filing: Regulatory submission to the SEC for proposed rule changes, e.g., the launching of a new ETF.
SEC (Securities and Exchange Commission): The US regulatory institution that oversees securities and financial markets.
References
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
