Well now, folks, gather ’round and lend me your ears, for according to recent reports, XRP (the digital currency with aspirations as vast as the Mississippi River) has shed nearly 23% of its worth in just a week. It now flitters about at the beguiling price of $2.42 on this fine February day, marking a 3% dip in the last 24 hours. Ain’t that a peach? 🍑
Now, while our dear XRP is taking a little vacation on the value front, whispers of several spot XRP ETF applications tickle our ears. These buzzing whispers suggest a possible rally to double digits. Oh, wouldn’t that be a hoot! 😂
XRP ETFs Are All the Rage!
XRP seems to have quite a few fans now! Why, none other than notable asset managers like 21Shares, Bitwise, Canary Capital, and WisdomTree have taken a shine to the idea of XRP exchange-traded funds (ETFs). They’ve thrown their hats into the ring, filing for spot XRP ETFs with the good ol’ US Securities and Exchange Commission (SEC) through the Cboe BZX Exchange.
These 19b-4 filings have tickled the SEC’s fancy, informing them of proposed rule changes. If the SEC gives a hearty thumbs up, we could witness the debut of the first XRP ETFs in our fair land. What a delightful idea that would be! 👏
Hot on the heels of recent filings from CoinShares and 21Shares, these applications appear to be part of a larger trend of wrapping cryptocurrencies in the comforting embrace of traditional investment vehicles after the SEC allowed Bitcoin and Ethereum ETFs to strut their stuff.
Now, if our dreams come to fruition with the approval of a spot XRP ETF, liquidity will soon be flowing like a river, offering a regulated route for institutional investors to dip their toes in without the fuss of direct crypto ownership. Sounds dandy, doesn’t it?
And if that weren’t enough glitter in the pot, JPMorgan, the financial giant, recently tossed out a prediction that these fanciful spot XRP ETFs could attract a whopping $4 billion to $8 billion in shiny new assets within the first year, coaxing the price toward—wait for it—$5 to $8. Fancy that! 💰
But let’s not get too carried away. Hopes for a spot XRP ETF approval began swirling when our dear friend Donald Trump took the reins on January 20, with many expecting significant regulatory changes that would be sweet like molasses for the crypto industry.
Dreaming of Double-Digit XRP Prices
With XRP currently hanging around under the three-dollar mark, analysts are positively buzzing with excitement. They suggest the price could turn this ship around, aiming for a target of $27 and above. Talk about shooting for the stars! 🌟
Now, one market analyst, Egrag Crypto (what a name!), boldly claims we could see a “1,500% pump” into the wondrous world of double digits in just four weeks. He bases this on what he dubs the Bull Market Support Band (BMSB), used to gauge if we’re basking in bull run glory or slumming it in bear territory.
Currently, XRP appears to be frolicking above the BMSB, which generally indicates optimism aplenty. This reminiscent of a 2017 rhyme, when XRP touched the Purple Foundation and almost grazed the BMSB, culminating in a staggering 1500% surge in just four weeks. What a sight to behold! 🎉
“The measurement starts from $1.71, and if this prediction holds, it would land around Fib 1.618 at $27!”
Another analyst, the keen Javon Marks, supports this cheerful vision, noting that XRP’s current technical arrangements mirror those of 2017 quite closely. He reminisces about when XRP stalked below its previous all-time high before recovering and bursting forward to the second target of the triangle, which at that time was a modest $1.27.
If that golden moment plays out again, we might just see the price zoom toward the second triangle target of $99—over 3,900% away! Now that’s a lofty ambition! 🚀
“XRP’s current second target is at $99, over 3,900% away, which is more than 40X from here, and based on past performance, the next wave can be massive towards, eventually leading to not only the meeting of it but also the breaking above”
While these aspirations could make a man dizzy with excitement, not all analysts are whipping up aspirational tales. Based on Elliott Wave Theory—oh, such fancy talk—crypto analyst Dark Defender modestly anticipates XRP will tickle the $5.85 mark soon, eventually reaching $18.22 over the long haul. Talk about keeping our feet on the ground!
Meanwhile, good ol’ Credibull Crypto brings a splash of cold water, foreseeing XRP taking another tumble of 30-45% in the near future, landing it between $1.60 and $1.30—an area where buyers may just flock like moths to a flame. 🦋
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2025-02-07 17:20