XRP Gains 3% as Market Optimism Grows
XRP has surged by 3% on 11 February, marking its strongest intraday performance in over a week. The rise comes amid increasing speculation over the approval of an XRP-specific exchange-traded fund (ETF) in the United States and Ripple’s recent partnership with Portuguese currency exchange provider Unicâmbio.
Growing Hopes for an XRP ETF Approval
Analysts suggest that the growing possibility of an XRP ETF approval is a key driver behind the latest price surge. On 10 February, Bloomberg ETF analysts Eric Balchunas and James Seyffart placed XRP among the top cryptocurrencies likely to receive regulatory approval for an ETF. They estimated a 65% probability of the US Securities and Exchange Commission (SEC) granting approval.
Several major asset managers, including CoinShares, Grayscale, 21Shares, Canary, and Bitwise, have already submitted applications for XRP spot ETFs, signalling strong institutional interest. However, the SEC has yet to formally acknowledge these filings.
The anticipation of an ETF approval has also led to a spike in XRP’s derivatives market activity. Open interest in XRP futures has increased by approximately $290 million in the past 24 hours, suggesting more traders are taking leveraged positions in expectation of further price movement. Furthermore, funding rates for XRP futures have turned positive, indicating that traders are paying a premium to maintain long positions, further reinforcing bullish sentiment.
Ripple Expands European Presence with Unicâmbio Partnership
Adding to the positive momentum, Ripple has announced a strategic partnership with Unicâmbio to facilitate instant cross-border payments between Portugal and Brazil. The collaboration aims to enhance the speed and efficiency of international transactions using Ripple’s blockchain technology.
“This partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. Portugal has developed a thriving crypto ecosystem, so we are delighted to introduce our payment solutions to partners there,” said Cassie Craddock, Managing Director, UK and Europe, at Ripple.
The move represents Ripple’s first payment solution in Portugal, reinforcing its presence in Europe’s evolving cryptocurrency landscape. The partnership is expected to provide a faster and cheaper alternative for remittances, benefiting individuals and businesses engaged in cross-border trade.
XRP Price Forecast: Analysts Predict Further Gains
Crypto analysts remain optimistic about XRP’s long-term price trajectory. Dark Defender, an anonymous analyst, has set a short-term target of $5.85 and a long-term goal of $8.76 based on the Elliott Wave Theory.
“XRP is close to finalising its consolidation on the daily chart, as shown by the RSI lows. Wave 3 is gearing up for a move towards the $5.85 mark. The short-term target remains $5.85, with a long-term projection of $8.76,” Dark Defender stated.
The analyst has been using this structural analysis since July 2023, when XRP traded between $0.40 and $0.50. More recently, they suggested that XRP could potentially rise as high as $18 during this market cycle.
Similarly, analyst CasiTrades observed that XRP is currently in the fourth wave of its intermediate cycle in the hourly timeframe. They anticipate a C wave that could push the price up to $2.92, provided a breakout occurs.
“We are at a crucial moment in the market, standing at the apex of consolidation. A breakout could lead to $2.92, while a downturn would test the support levels I’ve outlined,” CasiTrades explained.
A recovery above the 50-day simple moving average (SMA) at $2.63 would reinforce the return of a bullish market structure, potentially setting the stage for further gains in the coming weeks.
Conclusion
XRP’s latest price movement highlights growing market confidence, driven by increasing expectations of an ETF approval and Ripple’s continued expansion into international payments. As institutional interest rises and technical indicators suggest bullish momentum, investors and traders will closely monitor developments that could shape XRP’s trajectory in the near future.
