XRP Price Could Surge to $220, Analyst Predicts
Crypto analyst Crypto Egrag has made a bullish prediction about the price of XRP, stating that the cryptocurrency could soon reach three figures. As part of his analysis, the analyst identified several key price levels that XRP could achieve on its way to hitting $220.
Egrag highlighted the $220 price level as one of the targets based on his analysis of Fibonacci levels. According to the chart he shared, this price level could be reached within this year.
Based on his analysis, XRP would hit important figures such as $1.2, $2.2, $5.8, $11, and $33 on its path to reaching $220.
An XRP ETF Could Be on the Horizon
In a recent interview, Valkyrie’s Chief Investment Officer (CIO), Steven McClurg, hinted at the possibility of an XRP exchange-traded fund (ETF) launching in the future. McClurg suggested that the approval of Spot Bitcoin ETFs could pave the way for other ETFs focused on tokens like XRP and Ethereum.
Journalist Eleanor Terrett reacted to McClurg’s interview by sharing insights from conversations she had with industry stakeholders regarding an XRP ETF. She mentioned that there are differing views on whether or not the Securities and Exchange Commission (SEC) will approve a single-product XRP Spot ETF.
Terrett noted that bulls argue for the inclusion of XRP in future funds due to its regulatory clarity and referenced Grayscale’s decision to reintegrate the token into its GDLC Fund as a positive sign for an XRP ETF approval.
On the other hand, bears believe that an XRP ETF would require congressional intervention or a change in administration, as they don’t expect SEC Chair Gary Gensler to change his stance on cryptocurrencies other than Bitcoin.
Hot Take: XRP’s Potential Rise and ETF Prospects
Crypto Egrag’s bullish prediction of XRP reaching $220 this year has generated excitement among investors. If the cryptocurrency manages to hit key price levels along the way, this significant surge could be possible. However, it remains to be seen whether XRP will experience such a parabolic rise.
Regarding an XRP ETF, the possibility of its approval is still uncertain. While some stakeholders are optimistic about regulatory clarity and recent developments in the industry, others believe that congressional intervention or a change in administration would be necessary for SEC approval. The future of an XRP ETF hinges on these factors and the decisions made by regulatory authorities.
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