XRP Price Rises Amid ETF Approval Speculation

According to Cointelegraph, XRP's price has seen an 8% increase from its February 7 low of $2.26, with a 2% rise in the last 24 hours. This uptick comes as traders anticipate the potential approval of a spot XRP exchange-traded fund (ETF) in the United States, which could significantly impact the cryptocurrency's future movements. A prominent crypto analyst, CoinsKid, has described XRP's price action as a complex expanded flat correction since December 2024. The analyst suggests that XRP is approaching the final phase of a crucial wave structure, which may lead to a correction. "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 stated. Historical price trends indicate a possible parabolic surge, targeting $8 at the 1.272 Fibonacci level. However, the analyst warns that XRP is entering a "maximum risk zone," with potential reversals toward the 0.786 Fibonacci level at $0.388 and the 1.618 level at $0.82. The bullish sentiment surrounding XRP is further fueled by growing optimism over the potential approval of a spot XRP ETF by the U.S. Securities and Exchange Commission (SEC). FOX Business journalist Eleanor Terrett highlighted that the SEC might soon acknowledge Grayscale's 19b-4 filing for the XRP ETF, possibly as early as February 13. The SEC typically takes up to 15 days to acknowledge such filings, and Grayscale submitted their application on January 30. Analysts Eric Balchunas and James Seyffart have noted that the SEC is likely to approve ETFs for cryptocurrencies like Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE), with a 65% chance of XRP ETF approval. Crypto analyst Easy suggested that an XRP ETF could be approved by Q2 2025, as there are no remaining SEC obstacles. Several crypto asset management firms, including Cboe BZX and Grayscale, have filed for XRP ETFs, boosting market optimism. Approval of these funds could attract institutional capital, increasing demand for XRP. While regulatory timelines remain uncertain, these filings represent a step toward mainstream adoption for the cryptocurrency. This article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.