XRP Price Prediction: Analyst Says $6 Still in Play Despite BlackRock’s XRP ETF Rejection

XRP price eyes notable gains despite a slight slip as attention shifts towards Ethereum. Last week, BlackRock also revealed it has no intent to file for a spot XRP ETF even with the SEC case closed. Despite these setbacks, an analyst hints that the price might reach $6.

XRP Price Flashes Golden Cross as Analyst Eyes Rally to $6

XRP price trades at $3.19 today, August 11, with a 0.11% drop. Another rally might be on the way after analyst Ali Charts spotted a golden cross. This crossover has happened with the MVRV, a ratio that shows whether traders are making profits or losses.

With the shorter-term MVRV going above the 200-day MVRV, there is a chance of XRP going on a steep uptrend. The reason for this is the past performance. The last time that this golden cross appeared, the price soared by more than 600%.

Interestingly, this MVRV had created a death cross earlier this month. CoinGape reported that XRP’s MVRV death cross might signal that a breakdown is coming. However, any fears about a drop have now subsided after the recent crossover confirmed that bulls are still in control.

Another thing to note is that this golden cross has happened at the same time that another analyst says that the XRP price is going to $6. The reason for this is that he observed there is a falling wedge on the three-day chart.

The falling wedge is usually a sign of a bullish reversal being close to happening. He says that if this wedge plays out like it is expected to, it is possible that the price might get to $6. Besides, the past performance shows that XRP has completed its wedge breakout every time.

Therefore, even if XRP is showing signs of its rally being exhausted, it is possible that the price might go higher. With the MVRV golden cross, $6 might not be the stop of the rally because another 600% surge like it happened last year might happen.

Whales Accumulate Despite BlackRock Denying Plans for Spot ETF

BlackRock has denied previous reports that it might file for a spot XRP ETF. Speculation was rife that it might file for this product after the Ripple vs. SEC case ended. However, this might not be happening any time soon.

Nate Geraci clarified that BlackRock has no current plans to launch an XRP ETF, walking back his earlier statement. Still, he noted that optimism remains, as the asset manager could decide to change its position in the future. He says,

“BlackRock immediately calls me out… Says no plans at this time to launch spot XRP (or SOL) ETF. In my opinion, this will be looked back on as a mistake. We shall see.”

Nevertheless, whales are not relenting. Recently, whales purchased more than 50 million XRP tokens within 48 hours. This paves the way for the XRP price to make a strong move to the upside.