XRP price is trading 8% above its lows reached on February 7. Increasing hopes of a spot ETF approval in the US are stirring trader interest.
XRP Fibonacci Levels Signal Bullish Reversal
CoinsKid, a popular crypto analyst, explained that XRP's price action is a complex expanded flat correction since December 2024. The price is nearing the final leg of a critical wave structure, which could result in a correction. He noted that the final 5th wave to the 2.618 Fibonacci extension level is about to begin, at which point he will become bearish.
ETF Approval Speculation Boosts XRP Price
The bullish outlook for XRP is backed by increasing optimism over the potential approval of a spot ETF in the US, highlighted by FOX Business journalist Eleanor Terrett. She indicated that the SEC could acknowledge Grayscale's filling for an XRP ETF as soon as Thursday, February 13. Bloomberg ETF analysts believe there is a 65% chance of approval for ETFs involving Litecoin, Solana, XRP, and Dogecoin.
Market Optimism and Its Impact on XRP
Several crypto asset management firms have applied for XRP ETFs, including recent filings by Cboe BZX and Grayscale, injecting optimism into the market. Approval of these funds could attract institutional capital, boosting demand for XRP. While regulatory timelines remain uncertain, the filings mark a step towards greater adoption.
As the ETF approval speculation grows, XRP's price receives increased attention from analysts and investors. This event could become a significant step towards strengthening the cryptocurrency's market presence.
