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Highlights
- The XRP price targets $5 as the SEC acknowledges Bitwise's XRP ETF.
- Growing institutional demand for XRP signals the token's bullish rally.
- XRP could even hit an ambitious target of $18 if it breaks past significant levels.
The XRP community is abuzz with excitement as the Securities and Exchange Commission (SEC) acknowledges the third XRP ETF. Recently, the SEC acknowledged Bitwise’s XRP ETF, sparking hopes of a major breakthrough in the XRP price. Despite XRP’s current bearish trend, analysts and market experts remain bullish about the price’s potential ascendance into a new high.
Analysts Predict XRP Price’s Surge to $5
Aligning with the overall crypto market trend, the XRP price is currently hovering in a bearish zone. However, analysts remain optimistic about XRP’s future trends. For instance, Dark Defender, a prominent crypto analyst, forecasted XRP’s next significant Fibonacci level at $5.85.
According to the analyst’s X post, the XRP price has successfully broken through two white resistances, targeting the significant $5.85 mark. If XRP realizes Dark Defender’s prediction, the token will see a staggering uptick of 261.80%.
Another crucial Fibonacci level of XRP is at an ambitious $18.23 point, marking an aggressive surge of 361.80%. Thus, the analyst stays confident about XRP’s potential uptrend.
SEC Acknowledges Bitwise’s XRP ETF
In an astounding development, the Securities and Exchange Commission (SEC) acknowledged Bitwise’s XRP exchange-traded fund (ETF). The crypto space widely celebrates the move, expecting it as a bullish sign for the XRP price.
This marks the third XRP ETF to receive SEC acknowledgement, with Grayscale and 21Shares’ XRP ETFs having received acknowledgments earlier. Last week, the SEC acknowledged the XRP ETF application submitted by 21Shares.
Increasing Institutional Adoption Impacts XRP Price
XRP is experiencing heightened institutional demand, with several major players making moves to capitalize on its potential. Grayscale has filed to convert its XRP Trust into an ETF, while CBOE and Nasdaq have submitted 19b-4 filings for XRP ETF listings.
In addition, stock exchange MEMX submitted a filing to the SEC to list an XRP ETF, designating it as a commodity-based trust. This classification aligns with previously approved Bitcoin and Ethereum ETFs. Despite these positive moves, the SEC’s approval of the XRP ETFs remain uncertain.
Market Trend Signals New Highs Ahead
As of press time, XRP is trading at $2.50, with a daily decline of 5.18%. However, over the past week, the XRP price has experienced a 4.5% surge despite a 21% monthly dip. With a 4.2% increase in its 24-hour trading volume, currently at $5.08 billion, XRP continues to attract investors.
Strengthening Dark Defender’s analysis, experts like Solberg Invest posit that XRP is “on the verge on something big.” According to his analysis, the XRP price could hit $4.4 in near future.
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