The price of XRP is set to soar to new heights, with crypto analysts forecasting a potential rally that could take the digital asset to $8—marking an all-time high (ATH). This optimistic outlook comes amidst speculation that the U.S. Securities and Exchange Commission (SEC) is preparing to acknowledge the XRP ETF applications, which would pave the way for their approval.
Prominent crypto analyst Dark Defender recently shared in an X post that XRP’s price could reach $8 in the coming months, suggesting the rally could unfold between May and September. Dark Defender emphasized that XRP’s price structure has remained consistent for the past 18 months, following a predictable path. The analyst further pointed out that key Fibonacci levels, specifically $5.85 and $8.76, have provided solid support, reinforcing the case for a price surge. He urged investors to ignore fear, uncertainty, and doubt (FUD) and stay focused on the developments surrounding the XRP ETFs.
The potential approval of the XRP ETFs by the SEC is seen as a catalyst for this bullish price prediction. Analysts believe that the recognition of these ETFs will have a significant impact on XRP’s price, helping it surge toward the $8 target.
A Positive Trend for XRP
In addition to Dark Defender’s analysis, another crypto analyst, Egrag Crypto, provided a favorable outlook for XRP, highlighting the coin’s strong momentum. According to Egrag Crypto, XRP’s price action remains firmly positioned above an ascending blue channel on the chart, indicating a healthy uptrend.
The analyst also noted that XRP’s daily Stochastic Relative Strength Index (SRSI) is on the brink of surpassing the critical 20 level, signaling a possible bullish shift. Egrag Crypto also pointed to the Wave Trend Indicator, which recently registered a bullish cross, further supporting the positive sentiment.
Moreover, XRP’s On-Balance-Volume (OBV) remains in the green and is rising, suggesting growing buying pressure. This increase in buying volume implies that a significant price movement may be on the horizon.
Egrag Crypto has made even more ambitious predictions, stating that XRP could reach $13 during the current market cycle and could potentially surge to $110 in the next bull cycle.
As speculation continues to build around the SEC’s decision on the XRP ETFs, market participants are eagerly awaiting developments, with many believing that the $8 target is within reach.
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