Crypto analyst forecasts an XRP price surge to $8 as the US SEC prepares to recognize XRP ETFs.
Key Highlights:
- Crypto analyst Dark Defender predicts XRP will rise to $8.
- The rally could occur between May and September.
- Speculation grows that the SEC will soon acknowledge XRP ETF applications.
XRP Price Targets $8 Amid ETF Speculations
XRP is poised for a potential rally to $8, a new all-time high (ATH). This projection coincides with speculation that the US Securities and Exchange Commission (SEC) may soon recognize XRP ETF applications.
In a post on X (formerly Twitter), Dark Defender reassured investors that XRP’s market structure has remained unchanged for 18 months and continues to follow its predicted trajectory. According to him, Fibonacci levels indicate key price points at $5.85 and $8.76, with $1.88 now acting as support. He advised investors to ignore fear, uncertainty, and doubt (FUD) and focus on market developments.
Among these developments are the anticipated SEC acknowledgment of XRP ETFs, which could pave the way for approvals and a significant price surge. Reports suggest these ETFs could be a major catalyst for XRP’s price reaching its projected $8 target.
Additionally, Dark Defender’s technical analysis points to Wave 5 impulsive movement, suggesting XRP could hit $8 between May and September.
A Bullish Perspective on XRP
Another crypto analyst, Egrag Crypto, provided further bullish insights. He highlighted that XRP remains above a blue ascending channel, signifying strong momentum.
Egrag also analyzed key indicators:
- Stochastic RSI (SRSI): Nearing a breakout above the critical 20 level, signaling a bullish shift.
- Wave Trend Indicator: Recently registered a bullish cross, suggesting favorable price movement.
- On-Balance-Volume (OBV): Continues to rise, indicating strong buying pressure and an imminent significant price move.
Notably, Egrag Crypto has previously forecasted XRP could peak at $13 during this market cycle and potentially reach $110 in the next bull cycle.
With growing anticipation around XRP ETFs and technical indicators aligning, many analysts remain optimistic about XRP’s future price action.
