XRP Price Prediction As $214B SBI Holdings Files for XRP ETF- Analyst Sees Rally to $4 Ahead

XRP price trades at $2.93 today, August 6, with a 3% drop in 24 hours. Bullish signs are emerging, suggesting that an analyst’s prediction that XRP could reach $4 might be actualized. This rally could stem from the interest coming from institutions.

Analyst Forecasts XRP Price Rally to $4

XRP price may be bleeding this month, but this has not invalidated an ascending triangle pattern. Analyst Crypto Cred takes note of this pattern on the daily timeframe. It usually forms when the support keeps rising, but the price is unable to overcome resistance.

This pattern acts as a precursor to a rally. This is because it signals that sellers are losing interest and buyers are scooping tokens quietly. However, in order to rally, the price of XRP has to go above this resistance, and this will depend on whether buyers are willing to step in.

Crypto Cred says that if bulls are strong enough to take the price past this resistance, which lies at $3.66, then it is possible that the price could get to $4. He also observes that this would not be the first time that XRP has confirmed a rising triangle. It did so in July, right before it posted over 40% gains.

There is also a divergence that is taking shape as another analyst, CryptoPulse, observes. He notes that even if the price is dropping, volumes are rising. In a recent X post, he says,

“While Bitcoin cools off, utility-driven assets like XRP are starting to move on their own — and this is just the beginning. Real volume and liquidity are quietly flowing into these projects.”

However, even as these predictions come by, there is still a risk that the ongoing decline might take time before cooling off. As CoinGape reported, an XRP death cross with the MVRV warns that more dips might happen.

Japan’s SBI Holdings Files for XRP ETF

SBI Holdings, a Japan-based asset manager with an AUM of $241 billion, has revealed filing for an ETF offering exposure to both Bitcoin and XRP. If this product gets the green light from regulators, it could be a precursor for heightened institutional adoption of XRP in Japan and drive price gains.

It is worth noting that the institution is also seeking a second ETF that will combine crypto and gold. This is also bullish because it is creating a way to bridge traditional financial assets and digital assets.

Besides, in the US, these products might also get the green light. As Coingape reported, the Ripple vs. SEC lawsuit might be dismissed before August 15. If this happens, the next most likely course of action will be the approval of ETFs.

In conclusion, XRP price might be trading lower today, but the signs of a potential rebound are beginning to build. With institutions like SBI Holdings showing interest in these products, a move toward $4 does not seem too far-fetched.