XRP ETF Approval is Around the Corner, as Price Surges Towards $8

XRP ETF is around the corner. Market experts say that XRP is gradually moving towards a price point of $8. Since Wednesday, the market has been optimistic about a spot ETF approval of this coin in the US. 

On 7th Feb, the coin reached its monthly low of $2.26. The projections suggest that XRP can reach 8% at this level. The silver lining is a 2% growth achieved in the last 24 hours. If the growth trend continues, ETF approval might be around the corner.  

Fibonacci Raises Hope  

XRP, up again by $2.44 is going to a flat price correction since December. Analysts say that the price is now nearing the end of a wave structure, that can result in eventual price correction.  

A recent X post suggests that the final 5th of the current third wave to the 2.618 Fibonacci extension will begin soon.  

What triggers the bullish outlook? 

The bullish market is optimistic about the possibility of an ETF, especially after the new chairperson assumed responsibilities.  

Recently, Bloomberg experts Balchunas and Seyffart put together a chart that suggests XRP ETF might come in, as fast as Feb 13. 

Trader’s takeaway  

Various crypto asset management companies have applied for ETFs. It includes a recent application for XRP-synced ETFs. This is the prime reason why the market is optimistic about incumbent growth.  

Once the new funds come in, unlocking institutional capital would be easy. That could soon increase the demand for this coin in the institutional and retail markets.