XRP Price Eyes Rally To $8 Amid Major XRP ETF Decision

The XRP price is eyeing a rally to the $8 price level, which will mark a new all-time high (ATH) for the crypto. This comes amid speculations that the US Securities and Exchange Commission (SEC) is set to acknowledge the XRP ETF applications.

XRP Price Eyes Rally To $8 Amid XRP ETF Decision

In an X post, crypto analyst Dark Defender predicted that the XRP price could rally to $8. This came as he assured market participants that the XRP structure hadn’t changed for 18 months. He added that the crypto has successfully followed this path during this period, which indicates that it could still reach this projected $8 level.

The crypto analyst also stated that Fibonacci levels are precise at $5.85 and $8.76, which also earlier hit $1.88, and XRP is now using this level as support. As such, Dark Defender advised market participants to ignore fear, uncertainty, and doubt (FUD) and focus on upcoming developments.

These developments likely include the XRP ETF applications, which the US SEC could acknowledge soon enough, paving the way for a potential approval. As Coingape reported, these XRP ETFs would significantly impact the XRP price, potentially contributing to the rally to the $8 target.

Meanwhile, the analyst’s accompanying chart showed that XRP would hit this $8 target on the Wave 5 impulsive move to the upside. The chart also showed that this rally to this price level could happen between May and September.

A Bullish Outlook For The Crypto

In an X post, crypto analyst Egrag Crypto provided a bullish outlook for the XRP price. He stated that XRP’s price action remains firmly positioned above the blue ascending channel, which he highlighted on the chart. The analyst added that this demonstrates both strength and momentum in its current trend.

Egrag Crypto then discussed XRP’s daily Stochastic Relative Strength Index (SRSI), which he revealed is on the verge of breaking above the critical 20 level, indicating a potential bullish shift. The analyst alluded to the Wave Trend Indicator, which he revealed has registered a bullish cross, a development that signals a favorable outlook for upcoming price movements.

Lastly, the crypto analyst also touched on the On-Balance-Volume (OBV), which he revealed remains in the green and is on the rise. According to him, this suggests increased buying pressure. This trend is also said to indicate that a significant price movement may be on the horizon.

It is worth mentioning that Egrag Crypto recently predicted that the XRP price could top at $13 in this market cycle. Meanwhile, he also predicted that XRP will reach $110 in the next bull cycle.

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