After the years-long legal battle between Ripple and the United States Securities and Exchange Commission (SEC) finally concluded largely in the blockchain company’s favor, it has triggered discussions regarding the possibility of a spot XRP (XRP) exchange-traded fund (ETF).
As it happens, the conclusion of the protracted courtroom standoff has acted as a bullish event, not just for XRP, but for the cryptocurrency industry at large, sparking a flood of rumors that the market could see another crypto spot ETF after Bitcoin (BTC) and Ethereum (ETH) welcomed theirs.
Indeed, taking into consideration the above factors, it would not be overly unreasonable to expect a launch of the first XRP spot ETF, at least according to the detailed analysis shared by pseudonymous professional crypto trader Doctor Profit in an X post on August 8.
Spot XRP ETF in the making?
Specifically, as the analyst pointed out, it would make sense that “the SEC and XRP might be working on an XRP ETF behind closed doors” and that, despite what some might believe, a Solana (SOL) ETF might need to wait for the time being, arguing that:
“This aligns perfectly with my ETF approval ranking prediction: first BTC, second ETH, and third XRP—not SOL, as some have claimed. Today’s [Ripple v. SEC court] decision is hugely bullish. Big Investors who been [sic] scared due to the lawsuit can now enter into XRP without fear.”
‘Extremely bullish’ indicators for XRP price
As Doctor Profit further pointed out, with the lawsuit pressure gone and the lack of a bull run in 2021, technical analysis (TA) indicators are “not just bullish – they’re extremely bullish for XRP with a very healthy chart!” referring to XRP as “a masterpiece for the long term.”
“No one dares to tell you that XRP exploded by a mind-blowing 60,000% in 2017, and no one has the guts to admit that XRP is the only coin, alongside Bitcoin, that has consistently held a spot in the top 10 crypto market cap rankings for the past decade!”
Moreover, the crypto expert has suggested that the current XRP chart patterns are “a 1:1 mirror image of 2017, right before the 60,000% breakout” and that breaking through the resistance at $0.72 would be an “extremely bullish scenario,” expecting a price “above $1 latest by Q1 2025.”
Factors playing into bullish XRP price prediction. Source: Doctor Profit
Finally, the crypto expert summed up the analysis into a best case XRP price prediction scenario of XRP between $16 and $20, the worst case range of $4 to $7, and a timeframe of one year from now for the currently seventh-largest asset in the crypto sector by market capitalization to reach those targets.
XRP price analysis
For the time being, XRP is changing hands at the price of $0.5832, recording a 5.02% drop in the last 24 hours but advancing 1.95% across the previous seven days, and adding up to the 32.80% gain on its monthly chart and reducing the year-to-date (YTD) loss to 5.10%, as per data on August 9.
XRP price 30-day chart. Source: Finbold
Ultimately, the crypto analyst’s predictions of an XRP ETF might come true, but imitating the 2017 patterns alone suggests it is preparing for a bullish breakout. That said, trends can easily change, so doing one’s own research and keeping up with any XRP news today and in the future is more important than exclusively relying on XRP price prediction.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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