XRP Analysts Eye $8 Target as ETF Speculation Grows

Market optimism surrounding a potential spot XRP exchange-traded fund (ETF) approval in the United States has fueled bullish price projections, with analysts forecasting a possible surge toward $8 in the coming months.

XRP is currently trading 8% above its February 7 low of $2.26, with a 2% gain in the last 24 hours. As speculation over an XRP ETF intensifies, traders are closely monitoring key technical levels for indications of the next major move.

Technical Indicators Suggest Possible XRP Breakout

Crypto analyst CoinsKid has identified a complex expanded flat correction pattern in XRP’s price action since December 2024, suggesting that the asset may be nearing the final leg of a crucial wave structure.

“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.

By analyzing historical price movements, CoinsKid mapped out XRP’s wave structure from January 2023’s low to July 2024’s rally, pointing to a potential parabolic surge toward $8, aligning with the 1.272 Fibonacci level.

“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,” he added.

Despite the bullish forecast, CoinsKid warned that XRP is entering a maximum risk zone, increasing the likelihood of a reversal toward the 0.786 Fibonacci level at $0.388 or the 1.618 level at $0.82 before any sustained breakout.

ETF Speculation Fuels XRP Momentum

XRP’s upside potential is being bolstered by growing anticipation of a spot XRP ETF approval from the U.S. Securities and Exchange Commission (SEC). FOX Business journalist Eleanor Terrett highlighted this development, citing insights from Bloomberg ETF analysts Eric Balchunas and James Seyffart.

According to Terrett, the SEC may formally acknowledge Grayscale’s 19b-4 filing for an XRP ETF as early as Thursday, February 13. Typically, the SEC has up to 15 days to respond to a 19b-4 filing, and Grayscale submitted its application on January 30.

“Either way, it should give us a good idea of how the current SEC commission is thinking about XRP,” Terrett noted.

Balchunas and Seyffart placed XRP alongside Solana, Litecoin, and Dogecoin as the most likely candidates for ETF approval, estimating a 65% chance of success.

Institutional Demand and Mainstream Adoption on the Horizon

Crypto asset managers have already begun positioning for a potential XRP ETF launch, with firms like Cboe BZX and Grayscale filing for XRP-linked ETFs in recent weeks. The approval of these funds could pave the way for institutional capital inflows, further amplifying XRP’s demand.

While the regulatory timeline remains uncertain, analysts see these ETF filings as a major step toward mainstream adoption for XRP.

“An XRP ETF could be approved as soon as Q2 2025 now that filings are in,” said pseudonymous crypto analyst Easy in a February 13 post on X (formerly Twitter). “With no SEC roadblocks left, the path is clear.”

As XRP continues to hold above key technical support levels, market participants remain optimistic that a spot ETF approval could act as a major catalyst for the asset’s next bull run.