XRP’s price is trading 8% above its $2.26 lows reached on Feb. 7, up 2% over the last 24 hours. With increasing hopes of a spot XRP ETF approval in the United States, traders are closely analyzing its next potential move.

XRP price analyst targets $8 as ETF approval speculation intensifies image 0

XRP/USD daily chart. Source: Cointelegraph/ TradingView

XRP Fibonacci levels signal possible bullish reversal

CoinsKid, a crypto analyst, explained that XRP ( XRP ) price action is a complex expanded flat correction since December 2024.

According to the analyst, the price is nearing the final leg of a critical wave structure, which could result in an eventual 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 post highlighted historical price movements, projecting the cryptocurrency’s wave structure from January 2023’s low to July 2024’s rally. 

Related: XRP risks 30% drop if critical $2.20 support fails — Analyst

The analyst added that a final parabolic surge, aiming for $8 at the 1.272 Fibonacci level, remains possible.

“How long the Wave 4 correction plays out is a guessing game, but I do think we could see a bigger macro Wave 5 up to the 1.272 Fibonacci retracement level at $8 eventually.”
XRP price analyst targets $8 as ETF approval speculation intensifies image 1

XRP/USD chart. Source: CoinsKid

However, the analyst cautioned that XRP is “now entering the maximum risk zone,” where the chances of a reversal toward the 0.786 Fibonacci level at $0.388 and the 1.618 level at $0.82 are increasing.

Intensifying hopes of ETF approval back XRP’s price upside

XRP’s bullish outlook is backed by increasing optimism over the possibility of a spot XRP exchange-traded fund (ETF) getting approved by the US Securities and Exchange Commission (SEC), as highlighted by FOX Business journalist Eleanor Terrett. 

Pointing to a chart put together by Bloomberg ETF analysts Eric Balchunas and James Seyffart, Terrett said that the SEC may formally acknowledge Grayscale’s 19b-4 filing for the XRP ETF as soon as Thursday, Feb. 13.

The journalist pointed out that the SEC usually takes up to 15 days to acknowledge a 19b-4 filing, and Grayscale filed their conversion application on Jan. 30.

“Either way, it should give us a good idea of how the current @SECGov commission is thinking about $XRP.”

As per this very helpful table from @JSeyff and @EricBalchunas , we could see the @SECGov acknowledge @Grayscale ’s $XRP spot ETF filing as early as Thursday (2/13), if indeed it chooses to acknowledge it. The SEC usually has around 15 days to acknowledge a 19b-4 filing and… https://t.co/cN9skLUSHq

— Eleanor Terrett (@EleanorTerrett) February 11, 2025

Balchunas and Seyffart said the ETFs that are most likely to be approved by the SEC are Litecoin ( LTC ), Solana ( SOL ), XRP and Dogecoin ( DOGE ). 

They set the chances of an XRP ETF approval at 65%.

XRP price analyst targets $8 as ETF approval speculation intensifies image 2

Source: James Seyffart

“An XRP ETF could be approved as soon as Q2 2025 now that filings are in,” said pseudonymous crypto analyst Easy in a Feb. 13 post on X, adding:

“With no SEC roadblocks left, the path is clear.”

Several crypto asset management firms have applied for XRP ETFs, including recent filings for XRP-linked ETFs by Cboe BZX and Grayscale, which have injected optimism into the market. 

Approval of these funds could unlock institutional capital, amplifying demand for the token. While regulatory timelines remain unclear, the filings mark a step toward mainstream adoption for XRP.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.