Amid new XRP ETFs being filed, Ripple’s native cryptocurrency is beginning a sluggish reversal past its recent week-long slump. The cryptocurrency is up 8% in the last 24 hours, after being down nearly 20% in the past week. Several analysts are predicting a massive XRP price surge soon, with one looking long-term at a 1,500% pump.
According to popular crypto analyst Egrag Crypto, XRP price could see a trend reversal from the current sell-off with a target of $27 and above. Indeed, the market analyst suggests XRP price may see a “1,500% pump” into double digits within four weeks. Egrag Crypto cites the Bull Market Support Band (BMSB), a moving average support band that is used to tell whether the market is in a determining whether we’re in a bull run or a bear cycle. The current XRP price is above the BMSB, suggesting the market is still bullish.
Egrag Crypto goes on to say that this mirrors a 2017 fractal when the XRP price touched the Purple Foundation and nearly hit the BMSB, leading to an incredible 1500% surge in just 4 weeks. This rally targeted the 1.618 Fibonacci extension level from the cycle low. Currently, XRP has dipped to the Purple Foundation of this cycle and made contact with the BMSB, as shown in the chart.
If history repeats itself, Egrag says it may result in 1500% gains over the next four weeks, as in 2017. a 1500% surge would mean XRP hitting as high as $37.
Ripple XRP ETFs Fuel Price Climb
In a fresh new development spree, CBOE has pushed for four new XRP ETFs. The application has been filed by financial giants like Wisdom Tree, Canary, Bitwise, and 21 Shares. This development has created an incredibly bullish scenario for XRP, which is already gaining traction with each passing day.
Such bullish scenarios are helping the token gain significant momentum. With the US SEC acknowledging Litecoin and Solana ETFs, it’s about time that the regime noticed the pile of XRP ETFs and shared its approval. If this vision materializes, XRP could gain significant price momentum, soaring to new highs in no time.
Additionally, XRP could potentially skyrocket in value due to the US crypto stockpile developed by President Trump. There are set to be a shot of assets that are included in this stockpile, and XRP will be one of them. Its inclusion will place it in rarified air, and we should see it surge alongside tokens like Solana (SOL) and Cardano (ADA). However, with increased regulatory outlooks and the SEC legal troubles likely to come to an end, there is no doubt it should affect XRP a bit differently than it does its competitors.
