BlackRock shook up the crypto space when it launched a Bitcoin ETF. While the asset manager now dominates the crypto ETF space, it hasn’t indicated plans for a spot in the XRP ETF yet. However, one crypto expert predicted a timeline for this potential product.
The analyst estimates that BlackRock could file ETF paperwork with the SEC for a spot XRP ETF within 6 months. The community now feels hopeful due to the prediction, believing that good things are coming in the ecosystem.
This is evident in XRP’s price increase of more than 5% today, trading around $0.591.
Moreover, over the past week, XRP’s value has risen by 8.78%, indicating growing confidence in the coin’s future. But, XRP needs to sustain the bullish momentum to help its price increase significantly. What’s the next price target for the coin?
Ripple Shows Interest in XRP ETF: What’s the Possibility?
Former Ripple executive Sean McBride recently sparked excitement among enthusiasts by hinting that XRP may get its own spot in the ETF next year.
You will see a #XRP #ETF in 2024 or 2025. You will also see a #Ripple #IPO outside the US in 2025.
🙌🏻
— Sean McBride (@seanmcbride16) February 20, 2024
Adding to this, Ripple CEO Brad Garlinghouse said in a recent Bloomberg interview that an XRP ETF is inevitable. He welcomed SEC approval of ETFs based on XRP and other cryptos.
Garlinghouse compared the crypto ETF market to early stock ETFs, adding that Bitcoin ETFs are just the beginning.
According to the Ripple CEO, having ETFs across various crypto assets makes sense. Investors don’t just want Bitcoin funds alone. They want to spread bets with options like an XRP ETF, too. While Ripple’s involvement is not yet confirmed, Garlinghouse reiterated that XRP ETFs would benefit the community.
McBride’s prediction and Garlinghouse’s stance signal growing momentum. As such, more ETFs will likely be coming into the crypto industry soon. XRP stands to gain tremendously from SEC approval of a spot ETF. It would expand XRP’s investor base almost overnight.
Crypto Analyst Egrag Shows XRP Price Trends Amid Bullish Market Sentiment.
A crypto analyst, Egrag, recently observed XRP’s recent price movements. According to the analyst, XRP will decrease in the short term compared to Bitcoin. However, looking at past patterns, Egrag believes there will be a big increase in the value of XRP in the long term.
#XRP / #BTC Official #Bullrun Announcement 📢(UPDATE):
As anticipated, #XRP continues to decline against #BTC following the $6000 surge in #BTC, which absorbed much of the liquidity. Possible target: 0.00000793.
While this may be frustrating for some, it is actually beneficial… https://t.co/hyXqWEMSti pic.twitter.com/mNaty2f5Su
— EGRAG CRYPTO (@egragcrypto) February 27, 2024
Recently, BTC’s price surge above $60,000 drained liquidity from altcoins like XRP. This caused XRP’s Bitcoin ratio to drop. Egrag expects a further decline to around 0.00000793.
While this might frustrate some investors, it’s actually beneficial for XRP’s long-term growth.
According to what Egrag said, touching this baseline ($0.00000793) will historically kick off an XRP bull run against Bitcoin. The analyst further simplified his analysis by considering potential future scenarios for BTC’s price – $70,000 & $100,000.
He forecasted the prices that XRP could reach in various situations over different periods. For instance, if BTC reaches $70K, XRP could aim for $8.05 in Cycle 1, $21 in Cycle 2, and $2.45 in Cycle 3.
Also, if Bitcoin hits $100k, XRP could reach $11.50. In conclusion of his analysis, Egrag told the XRP Army to stay steady during short-term dips.
Check the in-depth price analysis below for more technical factors supporting a potential XRP breakout.
Bullish Indicators Suggest XRP Rally May Continue
XRP’s price is trading above the upper Bollinger band. This shows strong upward momentum. The price breaking out above the volatility band indicates buyers are in control.
The money flow index (MFI) sits at 70, showing that a lot of people are buying XRP. This also suggests there’s strong pressure to buy. This means the price could continue the upward movement.
The SuperTrend indicator also shows a buy signal, pointing to an uptrend. In addition, the relative strength index (RSI) is above 60. This signals bullish momentum is dominant right now.
Conclusively, the technical indicators suggest that the bulls have the upper hand.
Since XRP is gaining momentum upwards, it might reach the important $1 mark soon. However, crypto markets can shift quickly. Uptrends often face pullbacks along the way, too.
There are no guarantees of future price moves. Therefore, investors should implement adequate risk strategies to mitigate losses.
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Nick Dunn Crypto Journalist 
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